What is Gym and Fitness Studio Insurance?
With the number of gyms and fitness studios in Australia having reached 5000 and counting, the opportunity for Australians to reach their fitness and wellness goals continues to rise. However, with more gym-goers coming through your business doors, the last thing any gym owner needs is an unforeseen accident or event to halt business operations and ultimately, growth.
At Marsh, we can help gym and fitness studio owners by arranging insurance solutions that help cover the distinct risk exposures of the fitness industry.
Public Liability Insurance
There are floor mats, kettle bells, weight plates and a whole range of gym equipment that can cause real havoc if misplaced. It only takes one gym user and a left out skipping rope to injure an ankle and potentially create a negligence or breach of duty allegation.
Public Liability insurance can help cover your business against financial losses if a third party claims that they’ve sustained an injury or their property has been damaged due to your negligent business activities.
Even when you are not at fault, you may still incur significant legal costs when defending such claims.
Helps cover your gym or studio and it’s contents, including gym gear, from unexpected specified events, such as accidental damage, theft, fire and other perils.
Business interruption Cover
Helps businesses recover and get back on track after an unexpected significant property loss, including temporary shutdown. Cover inclusions may vary.
This insurance option can help cover the replacement costs for accidental damage to internal or external glazing.(e.g. gym mirrors)
This insurance can help cover the content and stock housed at your gym from theft.
Can help cover your business money held on premise or in transit.
General Property Cover
Designed to cover loss or damage to portable property (e.g. laptops and mobile phones).
Machinery Breakdown Cover
Designed to cover mechanical breakdown of machinery at your gym (e.g. air-conditioning unit and refrigeration equipment).
Electronic Machinery Breakdown Cover
Helps cover breakdown of electronic equipment at your premises, including computers, POS or electronic fitness equipment.
We can arrange cover for
Home Gyms & Studios
Barre & Pilates Studios
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Personal Accident Insurance
Personal accident insurance is designed to pay out compensation if a person suffers a serious injury or death as the result of an accident. It can also extend to cover sickness.
I run a gym from my home, doesn’t my home and contents insurance cover me?
Even if you run your gym or fitness studio from home, the risk of an accident occurring is still just as prevalent as if you were running it out of commercial space. The scope of cover, inclusions and limits of a home and contents insurance policy might not offer the same coverage as what specialised gym insurance solutions include.
To learn more about the cover options included as part of gym and fitness studio insurance, contact us on 1300 130 373.
What policy do I need if I train clients from my garden at home?
If you are training clients from your garden, carport, or a home studio on your residential property – these all fall under the home studio insurance policy which Marsh arranges. As soon as you start training people from a location that you are responsible for, you are taking on that liability risk. As such, you need to make sure you take out the correct policy to help ensure you are protected should an incident occur.
Why is the home studio policy more expensive than the fitness professional policy?
The fitness professional policy covers your activities on more of a ‘walk-in-walk-out’ basis, where you are training your clients from locations that you are not responsible for (e.g. local parks where the council is responsible for the space, or gyms/studios that are owned by a third party).
This is why the fitness professional insurance policy comes with a lower premium. Once you start training clients from a location that you are responsible for, the risk exposure to you and your business increases greatly, which is why the premium is greater for a home studio policy.
What is the difference between a home studio policy versus a fitness professional policy?
As mentioned in the above answer, a fitness professional’s risk exposures greatly increase when they provide a gym space for clients to workout in, on top of the fitness services already offered.
A key difference to note between the two covers is that a home studio policy will help cover a fitness professional if a third party claims injury or damage to their property was caused due to negligent business activities performed at the home studio. Imagine if your client was training in your home studio and they tripped over a loose tile on the floor. Following this incident the client may allege that any subsequent injuries sustained were as a result of your negligent behaviour in not maintaining a safe space for your clients to train from.
A home studio policy can help cover public liability claims that have occurred at the fitness studio or gym stated in the insured policy. However, if you had the fitness professional policy – it may not cover this, as these policies generally do not provide cover for training spaces that the fitness professional is responsible for.
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“MAI”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) which is a related entity of MAI. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh Advantage Insurance on request.