Our Helpful Guide To Getting Insurance For Gyms

by | Mar 7, 2023 | Leisure Industry Insurance

Owning and operating a gym is an exciting career choice. It is a busy, fast-paced job that allows you to see first-hand the journey people go on as they endeavour to improve their overall health and well-being. However, given the heightened potential for injuries while working out, it can also be a nerve-wracking profession and this is why adequate and specific insurance for gyms is so vital.


What are the most important types of insurance for gyms?


Given the amount of equipment in use at a busy gym at any given time, certain insurance policies are crucial to secure.


Employers’ Liability Insurance


As an employer, you have a duty of care to your employees to do everything in your power to protect their health and safety while at work. However, accidents in the workplace do happen, and with bone, joint and muscle problems cited as the most common work-related illness, it would appear that gym owners are particularly at risk of recurrent employee claims.

For this reason, it is integral to have employers’ liability insurance to cover you for claims brought by employees regarding any illness or injury sustained during their work.


Public Liability Insurance


From slip, trip and fall hazards in a fitness room to extremely heavy weights and machinery, there are numerous threats to the safety of your clients if protective measures and strict health and safety policies are not adhered to.

Unfortunately, even if you put stringent measures in place, the nature of your work means physical injury or damage to your clientele remains a distinct possibility.

In the event of a claim made by a member of your establishment, who may decide to sue you for an injury they experienced while on your property or as a result of your business operations, public liability insurance will ensure you can cover the cost of legal proceedings and any compensation rewarded if you lose the case.


Property Insurance


Another vital way to make sure you are financially protected when the unexpected happens is by investing in property insurance.

An insurance policy such as this will cover loss or damage to property owned and operated by your business in the event of a fire, a storm, damage caused by flooding, theft and other such events.

With so much expensive equipment at stake in the majority of larger gyms, this type of cover is imperative.


Our Helpful Guide To Getting Insurance For Gyms - ERM Financial Services (2)


What other types of insurance policies should I consider as a gym owner?


As a business owner, peace of mind is everything. Equipping yourself with a range of insurance policies that cover all bases is a great way to achieve this.

Below are details of other types of insurance that should be on your radar.


Protect yourself with personal accident cover


The type of cover provided by personal accident insurance relates to your health and well-being, as its purpose is to ensure you continue to receive an income if an accident or injury stops you from carrying out your work as normal. Medical expenses may also be included, but this – along with how much income support you are entitled to – will be dependent on your policy.


Professional indemnity insurance: why is this an important type of insurance for gyms?


One of the big draws of a gym environment for those looking to get fit is the expert advice and mentorship that a personal trainer can provide. However, in a business where an advisory role such as this exists, you must be covered in the event a client deems the advice or instruction they received negligent in some way.

This is where professional indemnity insurance comes in. It is designed to cover you if you are found negligent or legally liable for a financial loss incurred by your former client due to any breach of your professional service.


Safeguard your business with insurance for gyms from ERM Financial Services


With over 30 years of experience, ERM Financial Services specialise in providing insurance for companies in the leisure industry, working with some of the best insurers to coordinate comprehensive coverage for our clients.

Our dedicated and professional team are on hand to help you with every aspect of your cover, providing a personalised service to every client and offering benefits such as a dedicated account manager to look after you and your business.

Protect your gym as it grows from strength to strength – get in touch with ERM Financial Services today and get all your insurance needs covered.

Also, don’t forget to head over to our blog and resources sections for answers to all your financial queries and concerns.