Today, gyms come in many different shapes and sizes. From small private gyms to fitness studios with multiple locations, it is more important than ever to make sure your equipment, your studio space and your professional expertise are protected.
Regardless of the type of fitness facility you own, insurance is a necessity to cover your business against all potential hazards and liability risks. At Fuse Insurance, we offer coverage for independent fitness studios and private gyms across Canada. Since the types of physical activity in your industry vary widely, your policy needs should be catered to your specific studio or gym to ensure all areas of your business are protected.
Who Needs Fitness Studio and Gym Insurance?
- Boutique fitness membership studios
- Health clubs
- Fitness centres
- Private gyms
- Pilates, yoga, boxing, barre, HIIT and spin studios
- Rock climbing centres
- 24/7 key access clubs
What Are Some Common Independent Fitness Studio and Private Gym Insurance Policies?
A combination of some of the policies below can form your Fitness Studio Insurance package and provide comprehensive coverage for your business. This is not an exhaustive list and it is best to speak with an insurance broker who can identify what policies would be beneficial for your business. Our brokers also work with you to find quotes from the top insurance companies in Canada who specialize in fitness risks.
Errors and Omissions (E&O or Professional Liability) Insurance
If you offer your professional expertise or advice, you could be held liable if something goes wrong or you fail to deliver a service as a customer expected. Errors and Omissions insurance can protect your fitness studio or private gym from allegations of error or oversight in your work. It can help cover the costs associated with court fees, administrative expenses and settlement costs.
Commercial General Liability
Commercial General Liability (CGL) protects you from everyday risks that happen in your studio such as a customer slipping and falling over equipment resulting in an injury. CGL covers claims of third-party property damage, bodily harm or advertising injury that occur on or around your business premises.
Commercial property insurance protects your business location and its contents (incl. equipment and inventory) if you suffer a physical loss such as fire, theft, water damage or vandalism. This insurance will help cover the cost of repairing or replacing your property so that you can get back to running your business.
If your business suffers a physical loss from fire, water damage or theft and you are forced to slow down your business or shut down altogether, Business Interruption insurance can help. Business Interruption can provide coverage for the income lost when your normal business operations are interrupted.
Equipment Breakdown Insurance
Depending on the type and amount of equipment your studio has, your Commercial Property policy may not be enough to cover your business. In this case, Equipment Breakdown Insurance can cover losses that result from the breakdown of your equipment, fitness machines, computers or HVAC systems.
Many fitness studios host special events in order to build community and bring awareness to their business. If you choose to hold events, this can increase your risk exposure due to having more people in your facility and by offering food and beverages to your clients. To avoid liability risks, it is best to speak with your broker about adding short-term event coverage to your policy.
Whether you own a boutique fitness studio or private exercise facility, these are some of the policies your business may require to help protect against the many risks that can occur in your industry. The expert brokers at Fuse insurance will help you determine what insurance your boutique fitness studio or independent gym requires. We work with the top-rated insurers in Canada to secure the best coverage possible. Get your free quote today on our online platform, or give us a call at 1-866-387-FUSE (3873).