Health & Fitness Business Insurance
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Alberta Fitness Insurance
Your Healthy Lifestyle Business Needs Insurance – Are You Covered?
If you run an Alberta business that is good for others, it may not always be good for you. You encounter a lot of risk factors when you do business with the general public, especially when it has to do with personal health and well-being. Whether it’s exercise, fitness training, or other services, fitness insurance is very important. Let’s take a look and Sidney and Mary for an example.
Mary and Sidney loved Eastern philosophy and fitness, and Mary had extensive experience with several types of yoga programs. In fact, she became certified as an instructor and decided to hold yoga classes twice a week at a local building. A gym there had recently gone out of business and Mary was able to rent the building for a reasonable price. Before long, she was in business with a lot of new students to teach. Sidney stayed in the background and handled all the business matters like keeping the books, and issues like fitness and gym insurance.
Things went well for over a year until a problem developed. A woman student claimed that she hurt her back while taking one of Mary’s classes. In fact, the woman said the pain became so bad she had to see a doctor and chiropractor and now she could no longer work and support her family.
There was some dispute as to whether the woman actually hurt herself or not, but she got a lawyer and sued Mary for a great deal of money. Mary asked Sidney if their insurance covered this problem and Sidney suddenly turned pale. He had forgotten to take out a liability policy on the business. Eventually the woman agreed to settle for $25,000 but Mary and Sidney didn’t have the money. This created a series of financial problems that eventually caused the couple to separate and divorce. This is only one reason why proper health & fitness business insurance is so very important, as is choosing the right insurance professionals.
What is Fitness Coverage?
The term fitness insurance or coverage refers to liability insurance for those that are in the fitness or health business. It protects you against claims that people make concerning injury or illness resulting from some aspect of you, your business, or employees.
Who Needs This Coverage?
Many businesses will benefit from this insurance, such as
- Personal trainers
- Yoga classes
- Fitness centers or gyms
- Boxing trainers and gyms
- Tanning salons
- Natural products and nutrition stores
- Spin classes
- Pilates classes
- Aerobics classes
- TRX suspension training services
Your Standard Gym Insurance Policy
Most businesses will want to have liability protection against law suits and general liability issues that any business may have. A standard insurance company cannot usually provide the kind of health & fitness business insurance you need, because there are so many discrepancies from one business to another.
Insurance Coverage Options
Depending on your business, you may need far more liability coverage than some businesses, but this can be hard to determine. For example, too much coverage will raise your rates, but on the other hand, too little coverage could result in financial disaster. It takes a trained professional to properly assess business risk factors to help you come up with the right limits and coverage options on fitness insurance for your business.
If you have business equipment, you will want to insure it and if you own a building, you’ll need commercial property insurance. Maybe you are renting a building. You may need to take out renter’s insurance to protect the contents. Other coverage options like umbrella policies and commercial auto insurance are also available.
The Advantage of Custom Tailored Coverage
Since an average insurance company may not be able to serve your needs, you should check with a professional insurance provider that can give you personal service. Leibel Insurance Group is not an insurance company. We are a full service insurance brokerage that partners with many companies. We have been serving Alberta for over 30 years and our insurance professionals have combined experience of over 250 years in the insurance business.
When you come to Leibel Insurance Group, you can be assured of a policy that is custom tailored to your needs. Our insurance specialists have the ability to audit and assess your company risks and we have access to more than 5 insurance companies that specialize in health, fitness, and gym insurance.
Our dedicated service team is there to take care of all your insurance needs. There is no reason to do business with several insurance companies when we can handle business, personal, and recreational insurance needs for you. Talk to an experienced insurance professional about your health & fitness business insurance needs.
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