If you’re unfamiliar with liability insurance and looking for answers, you’re in the right place! We’ve set up a helpful guide to show you the basics. Discover how insurance is a small investment that can make a big difference when it comes to protecting your business.
Pprofessional liability insurance is a form of risk management in which the insured fitness professional can be protected from the financial responsibility of a potential loss.
It is designed to protect fitness professionals from claims that could threaten your business. This includes claims resulting from injuries suffered by clients during supervised training, as well as any injuries suffered by a person on your property.
According to the U.S. Consumer Product Safety Commission, there are approximately 460,000 reported fitness injuries per year. The average claim is approximately $5,500 – which would come out of your own pocket if you were uninsured.
In any industry, accidents are inevitable and unpredictable. This risk factor is amplified for fitness professionals, considering the physical nature of their work.
By carrying professional liability insurance, any risk of monetary loss is deferred to your insurance provider instead of you. One policy protects you across the board – no stressing over how you’ll pay off claims or having to defend yourself. Unfortunately, without coverage, it only takes a single lawsuit or claim to seriously threaten your business and livelihood. Even baseless claims can be costly if you’re uninsured.
Generally speaking, there are two types of liabilities when it comes to claims you may face: professional and general.
General liability claims arise from third-party injuries or property damage that occurs from broadly accepting clients and providing your service. Often referred to a “slip and fall,” an example could include a situation where a client is walking out of their appointment and misses a stair on their way out, causing them to fall and get injured. Their medical expenses would fall under your personal trainer general liability insurance provisions.
Professional liability, also commonly referred to as malpractice insurance, relates specifically to a claim against the professional service you provided during a session. This could include a claim that your training was too intense and led them to overly exert and injure themselves. Just like with general liability, your insurance policy would cover this case, providing you with peace of mind.
Business owner’s insurance provides protection for a business itself, as well as all its property and assets. Personal liability insurance covers individuals against legal action from third parties. Personal liability policies typically focus on providing coverage for incidents caused by an individual’s negligence.
When shopping for insurance, there are a multitude of factors to consider. It’s important to find the right balance of coverage you need within your budget. Here are a few major things to look out for:
Unfortunately, it doesn’t. Your policy is purpose-built to protect you – the policyholder listed on the insurance certificate.
It’s easy! Just call us Insure Fitness Group at 800-379-7799. A representative can start your claim process over the phone or email you a form to complete.
We don’t! Insure Fitness Group strives to make the application process as easy as possible. All we need to get started is some basic information about you and your company. Our application can be completed in less than five minutes.
You can apply right now through our easy-to-use insurance application. Your policy takes effect immediately, no hoops to jump through or long wait times!
Call Insure Fitness Group at 800-379-7799. A representative can start your claim process over the phone or email you a form to complete.
Still have questions about our program or personal trainer insurance in general? No worries! Insure Fitness Group is available Monday through Thursday from 8 AM to 7 PM ET. On Fridays, we’re open from 9 AM to 7 PM ET. Leave us a message after-hours and we’ll get back to you ASAP! Contact us via online chat, telephone, or email, and we’ll get you the answers you need.
PROFESSIONAL LIABILITY: Professional liability insurance, commonly referred to as malpractice insurance, provides protection for professional advice and services rendered. It covers the cost of defending against such claims as well as any damages awarded as a result of the claim.
GENERAL LIABILITY: General liability insurance provides protection against claims alleging bodily injury, property damage, personal injury and advertising injury that may occur in the course of your business operations. This insurance is commonly referred to as slip and fall insurance. General liability insurance covers court costs and judgments resulting from legal proceedings, as well as settlement costs associated with covered losses.
PRODUCT COVERAGE: Type of insurance that safeguards professionals against claims of bodily injury or property damage resulting from the use of their products.
STOLEN EQUIPMENT COVERAGE: Stolen equipment coverage is protection for your business against loss or damage to equipment that has been stolen. If you own mats and blocks for your classes and they are stolen or damaged due to theft, your liability insurance policy will provide coverage for the cost of the replacing or repairing the equipment. beYogi covers equipment up to $1,000 with a $250 deductible.
OCCURRENCE FORM COVERAGE: Occurrence form coverage is a type of liability insurance policy that covers claims arising from incidents that occur during the policy period, regardless of when the claim is filed. This means that if an incident occurs while the policy is in effect, but the claim is not filed until after the policy has expired, the occurrence form coverage will still apply. The coverage is based on when the event took place, rather than when it was reported or when a lawsuit was filed. Occurrence form coverage provides long-term protection for teachers and can help protect against future claims related to past events. It’s important to review your policy carefully with your insurance provider to understand what type of coverage you have and how it applies to your business needs.
AGGREGATE VS. ANNUAL AGGREGATE: Annual aggregate and aggregate are both terms used in liability insurance policies to describe the maximum amount of coverage available for claims during a policy period. However, there is a key difference between the two. ANNUAL AGGREGATE refers to the maximum amount of coverage available for all claims made during a single policy year. Once this limit is reached, no more claims can be made under the policy until the next policy year begins. AGGREGATE, on the other hand, refers to the maximum amount of coverage available for each individual claim.
DAMAGE TO RENTAL PREMISES COVERAGE: Damage to Rental Premises coverage in a liability insurance policy provides protection for damage caused by the policyholder or their students to a rental property they are occupying. This type of coverage can help pay for repairs or replacement of damages caused to the rental premises. Examples of incidents that may be covered under Damage to Rental Premises coverage include accidental fires, water damage from burst pipes, and accidental damage caused by the policyholder or their guests. However, intentional damage or damage caused by illegal activities would typically not be covered.
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