Gyms, health clubs and fitness centers in Massachusetts are exposed to a variety of liability and property risks. Sports and fitness insurance policies can help clubs protect themselves from many of the risks they face.
Sports and fitness insurance is a highly specialized type of commercial insurance coverage. Policies are specifically crafted to meet the risk mitigation needs of health clubs, and they typically come with multiple coverages in order to provide robust protection.
Gyms, health clubs, fitness centers and sports complexes may all benefit from having a health and fitness insurance policy in place. These policies are generally the most well-suited form of insurance for these businesses.
Any business that’s unsure whether this or another type of insurance is right for their situation should speak with a specialized agent. An agent who regularly assists businesses with health and fitness policies will be able to determine whether this is the right form of coverage for a particular business.
Businesses can usually customize the coverages contained in health and fitness insurance policies, so the exact mixture of protections provided can vary from one policy to the next. Nevertheless, there are a number of liability and property protections that many clubs choose to get.
Some commonly chosen liability protections are:
General Liability Coverage, which may cover common accidents and some lawsuits
Professional Liability Coverage, which may cover errors made by salaried instructors and trainers
Participant Liability Coverage, which may cover injuries sustained by activity participants
Spectator Liability Coverage, which may cover injuries sustained by spectators
Product Liability Coverage, which may cover damage and harm caused by sold products
Umbrella Liability Coverage, which may afford extra liability protection
Some of the more commonly selected property protections include:
Tenants Betterment Coverage, which normally covers improvements made in a leased space
Building Coverage, which normally covers company-owned buildings
Contents Coverage, which normally covers equipment, supplies and gear
Equipment Breakdown Coverage, which normally covers equipment malfunctions
Although most health clubs and similar businesses in Massachusetts have employees and need workers compensation coverage, this protection frequently isn’t found in health and fitness policies. Instead, it’s often purchased by itself through a separate policy. Insurance agents who assist with health and fitness policies usually can also help with workers compensation policies.
Gyms and other businesses that have members participating in high-risk activities ought to speak with a knowledgeable insurance agent. An agent who’s familiar with these types of policies will be able to recommend an appropriate way to insure against the perils that offering a particular high-risk activity presents.
Insurance companies take into account multiple factors when setting rates for sports and fitness policies, so premiums range from one policy to the next. A business’ location, the value of its physical assets, the number of members it has and the activities it offers all might influence how much insurance costs.
An independent insurance agent can provide an accurate overview of how much insurance will cost a particular business. Independent agents are able to request quotes from multiple insurance companies, which makes it easy to see how much different insurers would charge a business for various combinations of coverages.
For help finding a sports and fitness insurance policy that suits your Massachusetts business, contact the independent insurance agents at The Feingold Companies. Our agents have helped many health clubs and similar businesses secure insurance, and they have the expertise necessary to find the right policy for your business as well.