Gym Insurance

What Insurance Do I Need as a Gym Owner?*

Some of the major types of business insurance covers available to gym owners in Australia are explained below and include:

• Business Insurance Pack
• Public Liability Insurance
• Commercial Motor insurance
• Plant and Equipment Insurance
• Cyber Insurance

Business insurance pack for gyms *

Gym owners may be able to combine multiple covers in a single business insurance pack policy.

By ‘packaging’ their business insurance into a ‘business pack’ gym owners can potentially cover many of the risks their business faces in the one policy.

For example, a business insurance pack may provide cover for the gym’s buildings and contents if they are accidentally damaged by a defined event, such as fire, storm, impact damage, accidental damage, vandalism, or malicious damage.

Other typical inclusions for gym owners with a business insurance pack are Public Liability Insurance and Product Liability Insurance.

Optional inclusions for gym owners with a business insurance pack are General Property, Contents, Machinery Breakdown, Plant and Stock, Theft, Glass, Money, Business Interruption and Marine Cover.

For example, stolen equipment may be covered for theft , and loss of profits may be covered under business interruption if caused by a defined event.

Coverage under a business insurance pack for gym owners varies depending on the cover options gym owners select.

Multiple gym locations may be able to be covered on the one business insurance pack policy.

Contact a Smart Business Insurance broker for more information.

Commercial motor insurance for self-employed gym owners*

Commercial motor insurance should be considered for gym owners that drive their vehicle to pick up and deliver stock or equipment. Light trucks, vans and Utes may be covered.

Plant & Equipment Insurance for gymnasiums *

Plant & Equipment Insurance may provide cover for owners of gymnasiums that operate equipment such as treadmills, multi gyms, racks, benches, smith machines and cable machines.

Cover may provide gym owners with protection for theft, damage, consequential loss, liability, and machinery breakdown.

Cyber Insurance for gymnasiums *

Gyms typically hold confidential customer data in their computer system.

Your gym’s networked computer system and  credit card processing system is a target for hackers as is your online store if you have one.

If you are hacked and incur a data breach you may incur significant tech bills, be open to be sued by frustrated customers, and may be subject to thousands of dollars in government fines.

Help reduce the impact of damages from data hacking with cyber insurance – and keep your gym going.

Why do gym owners need product and public liability insurance?*

Public Liability Insurance coverage is essential for all self-employed gym owners.

In Australia, public liability insurance also typically includes product liability insurance.

People and property on site may be hurt or damaged due to accidents involving your gym business activities.

Protections offered to self-employed gym owners by public liability insurance in Australia generally include:

• Injury to other persons due to your gym activities –Where a gym owner business activity causes harm to a third-party person. For example, a client is injured when they trip and fall in your gym.
• Damage to others property due to your gym activities – Where a gym owner business activity causes damages to a third- party’s property. For example, a gym owner may accidentally cause damage to a supplier’s van when unloading.
• Harm to other persons or other persons property due to your gym business’s products – Where a gym owner business’s products and goods supplied causes harm to a third party -person or a third- party’s property. For example, the protein powder a gym owner has sold is spoiled and causes a client to fall badly ill.

Public liability insurance coverage may protect gym owners from claims that arise when others allege they are negligent.

A gym owner’s public liability policy may provide a defence against the ensuing lawsuit when needed and may pay the damages sought by the injured party.

Public Liability Insurance may provide gym owner with protection for slip-and-trip accidents, serious illness caused by products sold to clients.