insurance for health and fitness centers
Westwood will work with you to ensure your Health and fitness centers clients have the best insurance coverage against every possible threat they could face.
General Liability Insurance
Professional Liability Insurance
Directors and Officers Liability (D&O) insurance
D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.
Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.
HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.
Workers’ Comp. Insurance
Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.
This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.
Employment Practices Liability
Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:
- Discrimination (based on sex, race, age or disability, for example)
- Wrongful termination
- Failure to promote and other employment-related issues
Environmental Liability insurance
Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals.
Property Insurance covers unexpected damage or loss to property. The policy can be purchased to cover both structures and contents, which are separate policies in many cases. Property Insurance covers physical structures, not land. Medical facilities and aged care facilities need property insurance to cover the real property and all fixed items such as furniture, medical equipment, art works and tapestries.
Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.
Auto insurance is a type of liability insurance coverage, usually mandated by law, for all mechanically propelled vehicles. It provides protection against losses resulting from traffic accidents and against liability that could also arise therefrom. A medical or aged care facility would typically have auto insurance on their fleet of vehicles as well as for any vehicles transporting patients to and from the facility.
Fully/Partially Funded insurance
Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is partially covered for specific risks.
Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.
Excess and umbrella coverage
Excess coverage provides an additional layer of protection over and above what an underlying policy provides. It applies to a single policy only.
An umbrella policy on the other hand, provides additional liability coverage over and above what is provided by a number of underlying policies.
health and fitness centers
Insurance is essential for health and fitness centers to protect them against every challenge they face. As they usually cater to a very specific type of clientele, they have unique needs that must be considered when running the business. It is important for them to create a welcoming and supportive environment for members, while also maintaining a high degree of professionalism.
One of the groups they may cater for are seniors, who bring with them a special set of risks. For example, seniors are more prone to slips and falls, so it is important to keep the center clean and well-lit. In addition, they may have health concerns that must be considered when planning the workout routine.
Another group that health and fitness centers often cater to are people who are trying to lose weight. This can be a difficult task, as it can be easy to become discouraged. It is important to have a variety of programs and services available, so that people can find something that works for them. Additionally, the staff must be encouraging and supportive, in order to help members reach their goals.
Health and fitness centers have special insurance needs. For one, general liability insurance is a must, in case someone gets injured on the premises. They also need property insurance to protect their equipment and facilities from damage. In addition, health and fitness centers may need business interruption insurance if they have to close down temporarily for repairs.
Individual trainers also need to be insured. They need liability insurance to protect themselves from lawsuits if a client is injured, and they may also need health insurance in case someone gets injured while being trained.