By John Healy of Healy Insurances

The most suitable insurer and product will depend on the size and activities of the gym or sports centre.

Ordinarily the types of covers would include:

Material damage cover for buildings, fixtures and fittings, machinery and other assets that your business owns. Covers will include fire, flood, and escape of water, theft, and storm among other perils. Cover extensions are available such as fire brigade charges, signage and goods in transit.

Employers, Public and Products Liability

All gym and sports centre policies should include liability cover. Employer’s Liability is covered up to a maximum of €13 million and can be based on employee numbers and/or wages. Public Liability can be selected within a range of €1.3 million to €6.5 million and covers your legal liability in the event that you are negligent and required to pay compensation for bodily injuries or damage to third party property. Projected turnover will determine the rate charged. Products Liability provides cover if a third party is injured by a product that you have sold.

Business Interruption covers consequential loss of gross profits following an insured event such as a fire. It is important to review your gross profits sum insured on an annual basis.

Professional Indemnity Insurance provides cover for claims against you or your company for the financial consequences of negligent acts, errors, omissions or breaches by you or your company when providing a professional service. If you advise others then you may be exposed to claims for breach of your professional duty of care.

Other covers can include glass breakage, cyber insurance, personal accident and many more.
A robust risk management structure can achieve more attractive rates and should include annual health and safety statement reviews, fire safety procedures, CCTV usage and risk assessments.

Your policy should be tailored to your individual needs, so it pays to get expert advice from professionals who take the time to understand your business.