Gyms face a number of risks that many other businesses will never have to think about. For 24 hour gyms, these risks can be particularly pronounced.
In this post we will outline the insurance products you should consider if you are running a 24 hour gym.
What Insurance Do 24 Hour Gyms Need, By Law?
If you have any employees, then you have a legal obligation to get employer’s liability insurance. This covers your staff for any accidents and injuries they may sustain in their line of work.
However, some 24 hour gyms run unsupervised round the clock. In this case, you may not have the legal requirement to get employer’s liability insurance.
Yet even if you have no legal responsibilities to get cover, you should still consider getting comprehensive insurance for your 24 hour gym. If anything goes wrong, you could incur significant costs. And without adequate cover, you will be responsible for meeting these costs yourself.
Common Risks For 24 Hour Gyms
Some 24 hour gyms are unsupervised and unattended throughout the night. Others are unsupervised 24/7. This can expose the gym to a number of risks:
- Thieves or vandals could target the gym when they know there are no staff on the premises. They could cause thousands of pounds worth of damages, or steal a large amount of valuable equipment.
- A customer could injure themselves on the premises. If this injury was caused by faulty equipment, they may make a claim of negligence against you.
- Fire, flood, theft, or a similar occurrence could temporarily prevent access to your gym, forcing you to close. If you are open round the clock, every hour your gym is closed will eat into your profits. Some members may request refunds, too, if they cannot access your gym when they need to.
Reducing Risks for 24 Hour Gyms
You will need to find ways to keep your business and your customers safe for any period during which your gym is unsupervised. Security systems, remote support systems, ongoing cleaning, maintenance, and repairs, along with thorough onboarding processes for both staff and members can help reduce some of the above risks from occurring.
But if something does go wrong, the right insurance can cover you for any losses you may experience, or costs you may incur.
What Insurance Do 24 Hour Gyms Need?
Public Liability Insurance
This will cover your members, as well as any other members of the public, for any accidents and injuries they may sustain while using your gym, as well as any damage to their property. If they make a claim of negligence against you, your liability insurance can cover your legal fees, as well as any compensation that may be due.
Buildings and Contents Insurance
You may be required to get buildings insurance as part of your leasing agreement. But even if not, this is essential cover to consider. It can cover you for the risk of damage from fire, flooding, break-ins, and vandalism.
Contents insurance, on the other hand, can cover your gym equipment for loss, theft, or damage. Contents insurance can also cover any additional fixtures, fittings, or furniture, whether they are located inside or outside your gym.
Business Interruption Insurance
As we mentioned above, if you are temporarily unable to open your gym, you may incur significant costs through lost income, and as a result of refund requests from your members. Business interruption insurance can cover any loss of profit you might experience if you need to close your premises due to an unexpected event.
Get Specialist 24 Hour Gym Insurance From James Hallam
James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you understand the unique risks you face as a 24 hour gym, and we can also tailor a comprehensive insurance package to cover you for these risks at the best price.
Find out how we can help you today.