As a business owner, it’s essential that you protect yourself, your business and your clients’ by taking out an adequate, industry-specific insurance policy. It is better to be safe than sorry and protecting your business with the right insurance allows you to guard against risk and claim compensation for any losses. This is an intelligent business decision and not an unnecessary cost. Make sure you have the right policies for your business and review them annually. Auto-renewal usually costs more and the natural or size of your business may have changed, which may impact the premiums or terms of the insurance.
Insuring your business
It’s not just fire or theft that you have to consider, insurance can provide coverage for many different situations. Such as accidents in the workplace, injuries to clients through oversight or error, stock or premises damage, data breaches and some even protect against business interruption and supply chain breakdown. So, insurance isn’t just about peace of mind, it can also be the difference between rebuilding your business or putting up the closed sign. This peace of mind allows you to concentrate your attention on what you do best, making an impact through health and fitness.
Importantly, you should be aware that it is a legal requirement to have certain insurances in the UK such as employers’ liability insurance if you employ people or commercial motor insurance if you have commercial vehicles.
Before you buy any policy, it’s important to take the time to understand the fine print. Be sure to provide accurate information to the insurance company as any missing information could invalidate your policy. Also, some insurance companies will not cover for certain activities, so it is important to check that you are covered for anything you foresee doing in your business.
Types of insurance and why you need them?
Due to the natural of the fitness industry, it is likely that no single policy will cover all your business risks
If you are providing tailored solutions to your clients, you are offering advice and like any exercise, handing out advice comes with risks. Professional indemnity insurance covers the cost of compensating your clients for financial losses which may results from negligent services or advice.
Public liability is vital to ensuring your business stays in good shape should an accident occur. It will protect you if any members of the public make an incident claim against your business such as if they fell down the stairs.
Facilities and equipment cost money and are valuable to the running of your business, so it is worth considering business insurance to protect you against loss, damage or theft. Business insurance can also provide cover for any consumables you stock. You should consider buildings insurance, contents insurance and business interruption insurance.
Product liability insurance
If someone is injured by a faulty product that your business supplies, designs or manufacturers, this insurance will protect you against the cost of compensation someone who is injured by that product.
Who to buy from?
Business insurance is available directly from an insurer, or from a specialist broker through the British Insurance Brokers’ Association (BIBA).
If you would like further business advice for your fitness business then please do get in contact with me.