Gyms pose numerous threats, not only to their patrons, but also to their owners. With so much moving equipment, it’s all too easy for someone to get injured and sue your business. But lawsuits are far from the only thing gym owners need to be worried about. Fortunately, gym insurance offers critical protection.

Even better, a Florida independent insurance agent can help you find the right kind of gym insurance for your unique business. They’ll even get you equipped with that coverage long before you ever need to file a claim. But first, here’s a deep dive into this crucial insurance.

What Is Gym Insurance?

Gym insurance is essentially a special form of Florida business insurance customized to meet the needs of gym owners. Coverage will come as a package assembled with the basics of business insurance topped off with special coverages designed just for gyms. Your business’s specific operations and risks will determine which coverages you need. A Florida independent insurance agent will work with you to assemble a comprehensive gym insurance package.

What Does Gym Insurance Cover in Florida?

Gyms are a business like any other, and therefore must begin with the core coverages provided by business insurance. The basic coverages your gym will start off with include:

• Workers’ compensation: Protects your gym’s crew from injury, illness, or death on the job.
• Commercial general liability: Protects your gym against lawsuits filed by third parties like patrons or other guests for claims of property damage or bodily injury.
• Business income: Protects your gym’s revenue and employee wages against temporary suspensions of operations or shutdowns due to covered perils.
• Commercial property: Protects your gym’s physical property against numerous perils like natural disasters and fires.

A Florida independent insurance agent is your greatest ally when it comes to finding the right gym insurance for you.

Recommended Additional Coverages for Gyms in Florida

After your gym gets equipped with the coverages needed by all businesses, it’s time to handpick the specific additional coverages it needs with the help of your Florida independent insurance agent. According to insurance expert Paul Martin, gyms can choose from the following additional coverage options and more:

• Glass breakage coverage: Covers the glass windowpane of your gym from things like vandalism and car crashes.
• Employment practices liability: An important coverage for gyms, this covers fees for lawyers and other financial ramifications if any of your employees are involved in harassment cases against coworkers or patrons.
• Hired and non-owned auto liability: If your gym employees perform company operations on the road but you don’t have company vehicles, or if you hire outside help to offer mobile services, you need this coverage.
• Sign coverage: Protects your gym’s signage from vandalism, storm damage, and more.
• Cyber liability: Protects your gym from cybercrimes, including the theft of your sensitive electronic data.

This list of additional coverage options for gyms is far from exhaustive. Your Florida independent insurance agent will recommend other coverages if they feel your gym needs them.

Gym Stats

Reviewing how frequently gyms are visited can help demonstrate the importance of gym insurance. Check out some recent stats for gyms in the US and see for yourself.

With such a large percentage of Americans hitting the gym roughly one-third of the year, it’s imperative for gyms to be set up with adequate coverage to protect these patrons, as well as themselves. A Florida independent insurance agent can help your gym get equipped with all the coverage it needs.

What Doesn’t Gym Insurance Cover in Florida?

Martin says that while gym insurance provides a lot of critical coverage for its owners, it also comes with its own set of exclusions, like:

• Breakdown of appliances
• General wear and tear of equipment, etc.
• Nuclear reaction, war, or pollution
• Power failure (unless it damages computer systems)
• Robbery
• Earthquake or flood damage*

In a state like Florida, which can frequently get hit by flooding events, it’s important to look into adding a separate flood insurance policy. Business insurance does not cover natural flood damage. Your Florida independent insurance agent can help you find flood coverage and others that may benefit your gym.

How Much Does Gym Insurance Cost in Florida?

The cost of your gym insurance will depend on several different factors. Smaller gyms with relatively few patrons and low risk levels might only pay a few hundred or a couple thousand dollars annually for coverage, whereas huge chains that generate tons of business might pay into the tens of thousands or even more.

Factors that influence the cost of your gym insurance include:

• The size of your crew
• Your gym’s specific risk level
• Your gym’s exact location
• The size of your gym
• The amount of revenue you generate

Your Florida independent insurance agent can help you find exact quotes for your area, as well as scout out any discounts you may qualify for. 

Will My Location Impact My Rates?

Likely, yes, your gym’s location will impact your premium rates. Gyms located near the Florida coast might pay up to 15% more for their coverage, Martin says. This is due to the increased risk of storm damage, like from hurricanes.

Gyms located in larger cities, like Miami, might also pay quite a bit more for coverage. Larger cities tend to have higher property values along with an increased risk of crime. Gyms in smaller cities in central Florida could pay quite a bit less for their coverage. Your independent insurance agent will help you find exact quotes for your area.

Here’s How a Florida Independent Insurance Agent Can Help

When it comes to protecting gym owners against liability risks, property damage, and all other disasters, no one’s better equipped to help than an independent insurance agent. Florida independent insurance agents search through multiple carriers to find providers who specialize in gym insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.