What Studio Owners Should Know About Insurance


What Studio Owners Should Know About Insurance

A lot of people believe that auto insurance is to help cover the cost of repairing your car if you’re in an accident. While that’s one measure, the reality is that your insurance is for the disaster, not the ding. The same applies to fitness studio insurance.

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Protection Is Not an Option

It’s no different in the studio business.

When a drunk, uninsured driver drives through the front window of your studio, you want to be covered. But that’s not even the most important coverage you need. What is really important is spelled L-I-A-B-I-L-I-T-Y coverage. That’s the big one. The one that, if you’re not properly covered, not only endangers your business, but you and your personal assets as well. The headlines on AFS’ insurance page jump out at you:

  • Teen Raped by Personal Trainer Files Suit– if the trainer worked for you, are you covered?
  • Man Accused of Hiding Video Camera in Training Room – if that was your training room, are you covered?
  • Woman Awarded $980,000 for Gym Injury – if that was your gym, could you absorb that judgment (and the accompanying legal fees)?

These are real world examples, and every month we hear new ones. Protection is not an option; it is a necessity. If you’re not covered, you’re playing Russian roulette with your business, and possibly your financial life.

What Studio Owners Should Know About Insurance

Comprehensive Coverage Can Help Attract Better Trainers

According to Precor’s article, 5 Ways to Attract and Retain Good Trainers, one of your top priorities should be covering your trainers within your overall insurance policy.

Like you, personal trainers must juggle professional investments against their bottom line. If your gym provides the commercial-grade equipment trainers need – in sufficient quantities so that they’re not forced to battle other gym-goers – you’re automatically saving them a lot of money. Another substantial draw: providing private or semi-private spaces for training sessions helps trainers put shy clients at ease.

Small perks add up, too. Cover trainers under your gym’s insurance policy (as long as they’re training on your premises and abiding by company policies), offer the best possible pro deals on fitness clothing and equipment, and arrange discount deals with fitness- or health-minded area businesses.

Trainer insurance coverage is relatively inexpensive, so paying the premium or covering all of your trainers, while perhaps not being a huge financial obligation, sends the right message to your staff.

AFS Can Help: AFS has developed a special relationship with Sports & Fitness Insurance Corporation (SFIC) that provides a $50 discount for AFS members when they purchase an SFIC policy.

With the information in this guide, you are better prepared to drive your studio to success. We hope it will help you make informed equipment decisions, utilize your space with maximum efficiency, protect yourself legally, and most importantly, provide an exceptional member experience. To learn more about studio ownership, visit AFSfitness.com.

Download the full guide and learn what every studio owner needs to know about fitness equipment, including acquiring your equipment, cleaning and maintenance, utilizing your studio's space, building a brand experience, and insuring your studio.