Cover Up: The Ultimate Guide to Gym Insurance

Are you a gym owner that’s looking to protect your business from any potential accidents? Do you fear that one day, your gym might experience a financial setback it can’t recover from? If so, then you need to be proactive by investing in the proper gym insurance.

There are many different elements to getting a gym insurance bundle that protects you from all sorts of potential accidents.

See below for an in-depth guide that you can use to learn more about how to choose the right gym insurance and cover all your bases in your business model.

What is Gym Insurance?

As the owner of a gym, you know how little room for error that there is in the business. One slippery floor or worn-down piece of equipment could be a disaster for your entire company.

That’s why it’s important to prioritize gym insurance: it provides you with the protection that you’ll need for different situations.

Here’s the important thing to know: no matter what type of gym you’re running, you need to have proper business insurance policies in place. That includes rock climbing gyms, yoga studios, fitness gyms, fitness centers, membership clubs, and so on.

Many gym owners think they’re saving money by not investing in gym insurance. But how will you come up with the money if a member of your gym experiences a significant injury at your gym and decides to sue to reclaim their out of pocket expenses? That’s the kind of money that will provide a huge setback for your business.

What Should My Gym Insurance Include?

How can you make sure that all of your gym’s bases are covered? What can you do to ensure your entire business model has the protection it needs?

There are a few essentials that should be included in any gym insurance package. See below for the essential insurance policies you’ll need, as well as a definition of each.

  • Workers’ Compensation: Provides financial protection for your employees. Covers any injury or accident to an employee that occurs on work property or while performing a task for your business.
  • Accident and Health Insurance: Provides financial protection for you and your members and volunteers.  Accident insurance covers everything from accidental medical and dental to accidental death.
  • Cyber Insurance: Protects your business from financial damages that occur due to data breaches and cybersecurity threats. This is important for gyms that have client credit card information.
  • Commercial Property: Provides financial protection for your business. Covers any unforeseen accident that’s detrimental to your property, such as fires, theft, vandalism, tornadoes, etc.

Consider these the four pillars of a strong gym insurance plan. But they aren’t the end-all-be-all. For example, you might decide to also invest in umbrella insurance to cover any other expenses in case the coverage on your policy is maxed out.

Why Is Accident and Health Insurance Crucial?

Imagine that one of your members gets injured while using a treadmill at your gym. Without a policy to cover it, you’re on the hook for any medical costs that are related to their injury.

Fortunately, we at Pomi provide you with the coverage you need. In that scenario (and others like it), we would pay the member’s out-of-pocket medical costs. Doctor visits, lab work, therapies and more.

Your business benefits from this in several ways. First, it will prevent claims being filed against your business general  liability insurance.  When that happens, you can usually expect an increase in the price.

With our accident insurance, an injury claim from a volunteer or participant would be made against the accident coverage – not general liability.  So your general liability insurance cost won’t increase.

Accident insurance protects your relationship with the members and volunteers at your gym. Since we cover the costs, your members won’t be suing you to cover their medical bills. It also eliminates legal fees for your company.

As we highlighted above, your gym insurance needs to ensure that all of your bases are covered during an emergency. The first step to that is making sure that your members are covered in the event of an accident.

What Dictates the Price of Gym Insurance Policies?

As you might expect, the price of gym insurance policies will vary from gym to gym.

While every insurance provider has different factors that they use to dictate price, there are a few universal factors that we can highlight here.

  • The level of services that you offer (and what they include)
  • Where your gym is located (and the riskiness of that location)
  • The size of your gym (the more people, the higher a risk for an accident)
  • How many employees you have (the more workers, the more likely you’ll use workers’ comp)
  • We here at Pomi pride ourselves on giving business owners a fast, easy, and friendly process for finding the insurance policies they need. We promise to do the same for you!

Invest in Gym Insurance Policies for Your Business

Now that you have seen an in-depth guide on why gym insurance is so important for your business model, get started today with a quote. Take the time to read this article for more information on how accident insurance can be a lifesaver for your rock climbing gym. For more inquiries, please be sure to reach out to us via phone at 1-800-475-2691, and we will be happy to assist you further.

These posts are for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this post may not be appropriate for your situation. Always consult your legal or tax professionals for specific information regarding your individual situation. In providing such information, Great American does not warrant that all potential hazards or conditions have been evaluated or can be controlled. The liability of Great American Insurance Company is limited to the terms, limits and conditions of the insurance policies underwritten.  © 2024 Great American Insurance Company. All Rights Reserved. Great American Insurance Group’s member companies are subsidiaries of American Financial Group, Inc. (AFG). AFG is a holding company whose common stock is listed on the New York Stock Exchange. Policies are underwritten by Great American Insurance Company, an authorized insurer in all 50 states and the DC. Please see Great American Insurance Company’s Legal Disclosures/Terms and Conditions here.

Follow us and share your stories


connect with us

Questions? Want to learn more? Connect with real people at pomi to learn all the ways we can help.