Pumping iron is great but getting pumped for thousands of dollars in legal costs? Not so great!
We explain some of the more common types of business insurance for personal trainers and fitness instructors that are designed to help keep you in business and profitable.
Let’s begin!
What happens if one of your clients sues you for damages, injury or loss? Could your business survive a legal case resulting in significant out-of-pocket expenses?
Here are three reasons why a personal trainer needs to carefully consider business insurance:
1. Protection of assets and income. Stolen equipment, a negligence claim or an injury that prevents you from working could leave you floundering. That’s where suitable types of business insurance could cover your tail.
2. Protecting daily operations. If you’re the owner of a gym or fitness club, your business could be a claim away from financial disaster. If you’re covered, then insurance can help keep everything ‘business as usual’.
3. Peace of mind. No matter who you are, an unexpected event or honest error can throw your life into disarray. With a suitable level of business insurance, you can focus on helping your clients without that nagging worry that you’re not protected.
If you’re a personal trainer or fitness professional operating in Australia, then consider the following types of insurance:
Public liability insurance is an important consideration for all personal trainers and fitness instructors and may be required by your lease, local council (if you operate in public spaces) or pursuant to your contract. If you’re a contractor or own a gym or fitness club, then this type of insurance will help to protect you financially if a third party (clients or members of the public) injures themselves on your premises or where you conduct business.
Example: You’re running a group exercise session and one of your clients trips over some cracked tiling. Subsequently, they sue you for providing an unsafe exercise space. Public liability insurance will cover legal costs and any compensation you’re required to pay.
Professional indemnity insurance helps to financially protect professionals who provide advice or services to individuals or businesses if they’re found negligent or in breach of their professional duty. It will also respond to allegations of negligence.
Example: You design a workout plan for Cindy. However, Cindy ruptures her anterior cruciate ligament (ACL) and blames you. She claims the workout plan was too strenuous and takes legal action. Your insurance will cover legal costs and a compensation payout (if required).
As a fitness coach, your body is your paycheck. So, what would happen if you fell ill or got injured and were unable to work for a large chunk of time?
Example: You’re spotting the local bodybuilder, Sven, and you throw your back out. In agonising pain, you’re bed-ridden for three weeks. Personal accident insurance is a form of insurance that can provide cover for loss of income, permanent disablement and even death.
Additionally, you may want to consider the following types of insurance:
Handy tip: A number of these covers can typically be combined with public liability insurance.
N.B. Insurance is subject to terms and conditions. Always read your policy’s Product Disclosure Statement (PDS) or policy wording for a complete overview of what’s covered and excluded by your insurer.
Public liability insurance is often required if you own a gym or fitness studio or operate as a contractor. You’ll also need this type of cover to receive a council permit to conduct classes in public areas.
Professional indemnity is also an important consideration as personal trainers provide services and give advice that could potentially harm their client despite all your best efforts.
No. Cover amounts, inclusions, exclusions, excesses and more will vary from insurer to insurer and policy to policy. What’s more, some insurers may offer the same level of cover but at a different price. It’s also important to remember that your premiums will vary depending on the level of excess you choose when taking out your policy.
This will depend on how much you can afford to pay in the event of a claim. Choosing a lower excess amount will increase the price of your premiums, however.
The amount of cover you should take out depends on the type of insurance and your unique situation. Are you an employee, contractor or owner? Most policies come with options and provide a standard amount appropriate to your industry.
If you’d like more information and help finding a great-value business insurance policy, either compare policies or speak with one of our friendly team members.
Your premiums will depend on a range of variables, including the type of insurance you take out, the size of your personal training business, your past claim history (if any) and your business’s location.
To find out how much cover could cost you, compare business insurance quotes with our free service.
You love your clients and you want the best for them however, sometimes things go wrong, despite all your careful workout planning and safety measures – it can happen to anyone! That’s why business insurance can be an invaluable safety net.
To find great-value cover that helps to protect your livelihood, compare quotes from some of Australia’s leading insurers through our free online comparison service. With our handy tool, you can compare your cover options side-by-side in minutes.
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