The fitness industry is booming in the United States. In fact, there are now thousands of gyms nationwide. From independent fitness centers to community centers, most towns and cities have at least one dedicated area for getting active.
As a fitness center owner, you provide an important space for individuals who want to stay healthy and reach new fitness goals. Whether your members are training for a first 5K run or attempting to set a new personal record for deadlifting, your fitness center provides them a space for staying motivated to achieve their goals.
The Business of Fitness
The number of fitness center members is projected to continue to grow, especially as Americans become increasingly health conscious and try to ward off heart disease, diabetes, cancer risk, and other health problems. The U.S. Bureau of Labor Statistics projects that the number of jobs in the fitness industry will continue to grow in the next decade. As the fitness industry continues to grow, so do the risks involved with owning an independent fitness center. These risks may include:
- Treadmill injuries
- Member information data breach
- Storm damage
- Equipment breakdown
- Slip and fall injuries, especially in the locker room
- Equipment theft
Fitness center insurance can help you keep your business running smoothly despite these types of hiccups.
Equipment and Property Protection
Fitness center equipment is not cheap. In fact, it’s likely one of the biggest investments you’ve made in your business. After all, a commercial grade treadmill can cost more than $5,000 and strength training machines are equally expensive.
Regular use breaks down your equipment as expected, but unexpected events such as fires, vandalism, or severe weather can cause major damage. Repairing or replacing gym equipment is an expensive process. As an independent fitness center owner, one of the most important things you can do is purchase insurance that covers your equipment as well as your property to help mitigate risks to your business.
Coverage for Clients and Employees
There is always a risk of injury in a fitness center. Sports injuries are very common, especially if individuals try to push themselves too much too quickly, but equipment-related injuries as well as slip and fall accidents are also common. Dropped weights can break fingers and toes. Both your clients and employees are susceptible to injuries. Liability coverage will protect your business and help cover medical bills if a client is injured on your property, while workers’ compensation coverage will protect your employees.
Of course, there is some inherent risk that comes with working out, so you’ll want to have your clients sign a liability waiver prior to using your fitness center (be sure to speak to a qualified attorney).
Find an Independent Insurance Agent
The independent insurance agents at Kincaid Insurance understand your business and can help you find the best coverage for your fitness center and your budget.
Headquartered in Rockport, Indiana, Kincaid Insurance works with gym owners throughout the Tri-State area of Indiana, Illinois, and Kentucky, including: Evansville, Owensboro, Vincennes, Louisville, Newburgh, and Mt. Vernon.
Get in touch with Kincaid Insurance today by calling 1-877-888-5506. Our independent insurance agents will help you assess your fitness center’s needs and provide you with a free no-obligation quote.Request a Free Quote