How much does gym insurance cost? | Learn: Your Fitness Business Resource

How much does gym insurance cost?

How much does gym insurance cost? The average gym insurance cost ranges from $29 to $375 per month depending on size of gym and number of employees. Continue reading to learn more about the cost of gym insurance..

Schimri Yoyo is a writer for and educator in the Metro D.C. area who thinks in numbers but communicates in the narrative. Schimri is an avid sports fan, possessing an encyclopedic knowledge of all things Boston Celtics, Boston Red Sox, and San Francisco 49ers. In a past life, he earned personal trainer credentials and covered Villanova Men’s Basketball and Big East College Football ...

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UPDATED: Jun 11, 2021

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  • Gym insurance is essential for your business.
  • Gym insurance prices and policies are plentiful.
  • Gym insurance costs $29 to $375 per month on average.

Being a gym owner comes with a lot of responsibility. From managing your fitness business to business development and marketing, there are many operational duties for which you are held accountable.

But did you realize, as a fitness professional, that there are also many outcomes for which you are also financially responsible? From the maintenance and upkeep of the equipment in your building to the health and safety of the clients actively engaged in strenuous physical activity, the potential risk to which you are personally liable is monumental. That’s why it is important to be adequately covered with gym insurance.

But how much does gym insurance cost? In this article, we will look at various types of insurance for gyms, highlighting gym insurance prices and comparing the average gym insurance cost.

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Do you need gym insurance?

Yes. The main reason gym insurance is non-negotiable for your business is, of course, protection. As an entrepreneur, you need to first and foremost protect the viability and profitability of your business. Gym insurance will help cover the costs associated with injuries and any potential litigation.

Gym insurance is business insurance that can protect against costly claims like a customer’s injury or a claim of negligence against your business, any of which can be crippling for your finances.

And which fitness professionals should get gym insurance? That depends, but owners and operators of the following establishments should consider maintaining an active gym insurance policy:

  • Physical therapists
  • Fitness centers and health clubs
  • Pilates, yoga, and spin studios

Types of Gym Insurance

There are seemingly just as many different kinds of gym insurance policies as there are different kinds of gyms themselves. So which one is right for you? How do you go about selecting the best coverage for your gym?

Again, that depends. The size of your gym and the number of employees you have will greatly influence how much insurance you have. But at a bare minimum, any fitness professional should have the following two coverages:

  • General Liability: Standard liability insurance covers accidents that can occur in your facility, such as a client slips and sustains an injury. It also protects against lawsuits that can arise from such accidents.
  • Professional Liability: Also called Errors and Omissions (E&O) insurance protects against claims of negligence. For example, a member claims they were injured while performing a new exercise under the supervision of a gym employee and sues. E&O could protect your gym.

Depending on the size, culture, and professional ethos of your fitness operations, you may also consider adding these optional coverages: Workers’ Compensation, Commercial Property, Business Owners’ Policy (BOP), and Cyber Insurance.

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Gym Insurance Prices

Since it was established that all fitness professionals should at least purchase General Liability and Professional Liability coverage, the combined costs of those coverages will be the focus of this section.

To find the average gym insurance cost, quotes were taken with 10 leading insurance companies in the United States for $1,000,000/$2,000,000 General Liability Insurance policy with $0 deductible and $1,000,000/$1,000,000 Professional Liability (E&O) with a $1,000 deductible. These are the results:

  • General Liability: The quotes ranged from $350-$1,500 annual premium, which is roughly $29.17-$125 per month.
  • Professional Liability: The quotes ranged from $420-$3,000 annual premium, which is $35-$250 per month.
  • Combined: The quotes ranged from $700-$3,160 annual premium, which is roughly $58.34-$263.34 per month.

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