The fitness industry in the UK is worth a whopping £5.9 billion as of June 2024. While the number of gyms is still slightly below the 2019 mark, odds are high that it’s going to catch up in the near future.
If you’re looking at starting your own business trip into the land of health and fitness, or if you’re reviewing your gym insurance, this blog is for you.
Gym users come in all shapes and sizes
There’s the dedicated gym rat, who’s only focus is their FITT and reps and how much they can rip in their personal time frame. The influencer, who sets up their camera, disrupting the user flow and screeching if someone else enters their frame or looks at them.
The Yoga and Pilates enthusiasts, who are usually very chill and zen right up until someone nicks their mat, and the quiet, desperate to lose-weight-and-get-fit-without-drawing-attention user who starts coming in at the quietest times, so they aren’t faced with a judgemental crowd.
You might have decided to stick to a small weights-only gym, or you may have gone for the bells and whistles of spin classes, instructor led classes, martial arts, climbing walls, pool, sauna and steam room and a juice bar. Or you decided to start a health farm.
Whichever way you went, you need insurance. Unlike spandex, gym and health club insurance is not a one-size-fits-all solution. However, there are a few different insurance policies that you should be aware of.
Your broker knows that each gym has its own specialities, peculiarities, and necessities. You want a package that covers all of these, and your broker will talk you through your options so that you don’t miss anything.
Employers’ liability insurance is a legal requirement if you have staff in the UK, whether full-time or part-time. The odds are high you’ll have at least one staff member, especially if you have long opening hours.
Public liability isn’t a legal requirement. But if you have a business loan or a mortgage, it is likely to be a requirement from your lender. If you keep in mind that something 40% of gym goers have been injured while working out it becomes a vital part of your portfolio.
If you’re running a health farm, often called a wellbeing and fitness retreat, you will have the added risks of overnight guests. If someone has a reaction to one of the meals or falls out of bed, you are really going to want a good public liability policy.
Popular gym items like saunas, pools, steam rooms and climbing walls will up your risk factor. Make sure you mention all of your facilities and customer areas to your broker.
Buildings insurance will cover you for the care and repair of your buildings. If you own the building outright, it makes sense to have this coverage. It may also be a requirement on your lease, so make sure you check it.
Equipment and sports equipment like exercise machines and weights would fall under an all-risks insurance policy.
Contents insurance covers all of your office equipment. Not even a life in the gym is free from paperwork, and you’ll need an office space.
A lot of health and fitness providers have expanded into the beauty and supplements industry.
Lotions, ointments, and supplements are all nice additions to the front desk, and some offer everything from massage therapy to aromatherapy in a dedicated area, blurring the lines between a fitness centre and a spa.
If you go this route, a health and beauty insurance policy will cover you just in case one of your customers has an adverse reaction to or is injured during a treatment they receive on the premises.
While Covid shuttered a lot of gyms that never re-opened, it made business interruption insurance one of the top items for new and existing businesses to look for. If you cannot run your business for a period of time, this insurance will ensure that you can still cover your overheads until you’re back up and running.
It might not be anything as drastic as a world-wide pandemic, but even a couple of months out of business due to something like a flood or fire can cause you problems.
Overall, a good gym and health club insurance policy will let you worry about how to schedule your next spin class rather than worrying about someone dropping a kettlebell on their foot.