Congratulations on starting your new business! When starting any new business there is a lot to think about.
Your fitness facility is a unique type of business that needs a unique type of insurance. Many times insurance can be overlooked or an afterthought. All of a sudden you find yourself in hurry to find the best priced policy with the best coverage, and unfortunately you may not get that unless you plan ahead.
Below we’ve complied a time line along with some helpful advice to assist you in the smooth opening of your facility.
- Insurance will be needed to occupy/lease your space, and most landlords will require it. Give us at least 15 days notice once you have selected your location. Why? By beginning the insurance process early we’re able to search multiple carriers therefore ensuring you’re getting the best possible price and coverage available for you and your business.
- Insurance markets are an extremely important asset. With our expertise, and experience, and because we write a high volume of fitness insurance we have access to many specialty insurance carriers who have programs designed specifically for the fitness industry. We know what appetites each insurance market has for any fitness related business. We are knowledgeable and passionate about what we do and we know what coverages are important to have on your policy.
Some other helpful tips:
Have your wavier of liability ready to go. All of our insurance carriers will require one on file. (We have some example waivers available if you would like to see them.)
Have employees and/or 1099 trainers check with us to see if you need to have workers compensation. This might not always be as clear cut as you would think. Several states require you to have workers compensation even if you only have 1099 employees.
Also, if you have employees you will need to have an abuse and molestation plan in place. As a part of your hiring process make sure potential employees vetted. It’s always a good idea to follow up on the potential employee’s references as well!
Finally, if you’re opening a 24/7 key club please think about a panic system, AED, and digital surveillance. All 24/7 facilities should have these items for your protection, your members protection, and to facilitate the proper coverage for your business.
Always remember as your insurance experts we are here to guide you through the process, and answer any questions that may arise. Please don’t hesitate to call or email us! Thank you for the opportunity to earn your trust and business!
Here is a checklist of information we need to quote your established facility.
- All legal entities, names, and ownership breakdown along with applicable FEIN numbers.
- Addresses of locations to be insured.
- A copy of each of your policy’s would be very helpful and cut down on the back and forth if you can send them via PDF. (Package, Umbrella, EPLI coverages)
- Approximate member count per location or total.
- Approximate gross
- It would be helpful if you provide us with a spread sheet with the statement of values for the business property.
- How many part time, and full time employees, as well as how many 1099 contractors per location or total?
- A copy of your membership agreement with the waiver of liability you have your members sign.
- Eventually we’ll need three years of loss history but for now we need to know if you have had any insurance losses in the past three years. (You may email your current company and ask for loss runs. Ask them to email it to you and you can forward it to me)
- A list of your additional insureds. Be advised I already have a list of GGI on file.
Once we have the above information we will provide you with an accurate and affordable quote.
Should you have any questions or concerns please feel free to call or email us any time.
Thank you for the opportunity to earn your trust and business.