Category: Insurance

Picture this: you are leading a Pilates session. Sarah, one of you clients is trying out a new exercise. You recommend she adjust her front leg and she takes your advice. During this she yells out in pain. Ouch! Now she needs to make a trip to urgent care to be evaluated. Was it your advice that caused the injury? Consequently, your advice could be the difference between doing something right or wrong. You are the professional and your clients trust you. In this blog, we will discuss professional liability claims for fitness studio owners.

The Most Common Professional Liability Claims

What are the most the most common professional liability claims?

• Negligence – In the fitness industry, professionals can make an error that harms someone. Surely, you remember our story about Sarah?
• Misrepresentation – Did you advise a client that a certain diet would help them gain muscle and lose weight? Subsequently, what if that recommendation caused a serious health issue?
• Incorrect advice – You shout, “Line up on the wall for handstands!” Closer to each other!” Albeit, one client falls which causes everyone to fall. Now there are numerous injuries. Did you tell them to get too close? Specifically, is that what caused the injuries?

Which Fitness Professionals Need Insurance

If you are a studio owner it goes without saying that you need insurance. Chances are you might already have some coverage. So, what about personal trainers and instructors? Do they need insurance too? The answer is yes. AdvisorSmith reported that 3 in 4 small businesses encountered an insurable event in the year 2020. Whenever those sorts of odds exist, you want to make sure everything you have worked for is protected. Maybe you have even established a concussion protocol in the event of an accident. Likewise, you may even have liability insurance to help you with other claims.

Business Insurance is Your Friend

Feeling overwhelmed now? Nevertheless, there’s no need to panic. Everything we listed above was simply meant to outline the most common professional liability claims we see in the fitness industry. Our job is to best protect you from them.
 
To get the help you need and deserve, your friends here at Gild Insurance are a click away! We combine the latest technology with experience to provide business insurance options that fit your business.

To learn more, check out:

A Guide To Developing A Concussion Protocol

The Most Common Liability Claims For Fitness Studio Owners

Whichever your focus, a fitness instructor, studio owner, or personal trainer, Gild is here to help fitness professionals like yourself find the insurance products you need!

Sources

• Chen, Patrick. “Survey” 3 in 4 Small Businesses Faced an Insurable Event in 2020,” 26 Apr 2021, https://advisorsmith.com/data/small-business-claims-statistics/

There is a growing desire among clients for improved privacy and security in coworking spaces to protect against cyber risks. Therefore, it is crucial for coworking spaces for small business owners to prioritize data security. This includes cyber insurance as a fundamental component of their security strategies.

Safeguarding Sensitive Data: A Priority for Coworking Spaces for Small Business Owners

Collaboration and innovation thrive in coworking spaces. However, the risk of data breaches looms large. Shared networks and the use of smart tech services put personal and confidential information at risk. This includes the data of your clients and the businesses they operate. Furthermore, be sure to review the privacy and security operating procedures of any smart tech service providers.

Using a third-party provider typically does not release a coworking space from privacy and security obligations to its clients. Therefore, due diligence is a must when hiring IT professionals to install shared networks.

Ensuring Uninterrupted Operations: Mitigating Business Disruptions

Cyberattacks and data breaches can severely disrupt business operations. Thus, leading to downtime, productivity losses, and reputational damage. To address these challenges, coworking spaces should prioritize cyber insurance coverage for business interruption. Cyber insurance can minimize the impact of cyber incidents. Additionally, it can ensure easier resumption of operations, meeting the expectations of privacy-conscious clients.

Ensuring Compliance with Data Protection Regulations

Complying with data protection and privacy regulations is essential for businesses in coworking spaces. Stricter regulations like the California Consumer Privacy Act impose rigorous requirements on handling personal data. To adhere to regulations, coworking spaces should consider cyber insurance coverage that includes protection against regulatory fines and penalties. Likewise, this proactive approach helps businesses effectively manage compliance risks – meeting the expectations of privacy-focused clients.

Strengthening Financial Resilience: Transferring Cyber Risks for Coworking Spaces for Small Business Owners

Cyber insurance acts as a crucial risk transfer mechanism for coworking space operators and businesses. Subsequently, cyber coverage can mitigate the financial burden. Costs associated with data recovery, legal fees, customer notifications, and potential lawsuits can addressed. Moreover, this allows operators and businesses to effectively safeguard sensitive data. These protections allow businesses to focus on their core operations without the fear of significant financial losses.

Building Trust – Builds Market Share

Embrace strategies, including, investing in cyber insurance, addressing business interruptions, and ensuring regulatory compliance. Undoubtedly, together this allows coworking spaces to build a trusted environment for their clients, a major differentiator in today’s market.

To learn more check out:

“The Gild Guide: Most Common Small Business Insurance Questions”.

Lastly, protect your business and look at what Gild Insurance offers! For a consultation with one of our Agents click HERE!

Did you know that concussions are a common result of liability claims for fitness businesses? Additionally, head injuries happen in sports and fitness studios, making it crucial for fitness businesses to be prepared. In fact, many of Gild Insurance’s partners now require business owners to have a concussion protocol in place. Without one, you might not be able to get insurance.

According to the University of Pittsburgh Medical Center, between 1.7 and 3 million sports-related concussions happen each year. Shockingly, 5 out of 10 of these concussions go unreported or undetected. Certainly, as a fitness business owner, it’s important to understand the risks of concussions.

What is a Concussion?

The CDC defines a concussion as, “a type of traumatic brain injury”or TBI. A TBI is caused by a bump, blow, or jolt to the head. It is a sudden movement causing the brain to bounce around or twist in the skull. Basically, this movement creates chemical changes in the brain and sometimes stretches and damages brain cells.^[2] A forceful impact to your face, neck, or even other parts of your body can be involved. Therefore, this broad definition makes more understandable why concussions may be likely in a studio or fitness facility!

Concussion Protocol for Small Businesses

So, what can you do to protect your business and your clients? A concussion protocol is a set of rules and tools used to care for someone who might have a concussion. Comparatively, it includes assessments and guidelines to ensure proper care. For example, the NCAA offers a detailed concussion protocol that fitness businesses can use as a model. is an actual concussion protocol from the NCAA for a real world example.

Additional Resources

Furthermore, here is more information on concussion protocols for small businesses, prevention, and care:

• DC’s Heads Up – The Centers for Disease Control comprehensive list of the signs, symptoms, and dangers of a concussion. Undoubtedly, an excellent resource to use while establishing your own protocol.

• American Academy of Neurology – The world’s largest associated of neurologists is a trusted authority on concussions. Markedly, a concussion checklist is available to evaluate the possibility of a concussion and the need for a doctor.

To learn more about the risks of fitness businesses, check out: “The Most Common Liability Claims for Fitness Studio Owners“. “Professional Liability And The Fitness Studio Owner”.

Certainly, it is best to have an end-to-end insurance plan in place. Take steps to cover your business or organization in a worst-case scenario. At Gild Insurance, get the right insurance for your business’s unique needs!

Fitness instructor, studio owner, or personal trainer, we help fitness professionals like yourself find the insurance products you need!

Sources:

• [1] Concussion Facts and Statistics” University of Pittsburg Medical Center, 2023, https://www.upmc.com/services/orthopaedics/conditions/concussion#:~:text=Between%201.7%20and%203%20million,get%20a%20concussion%20this%20year..

• [2] Heads Up. Safe Brain. Strong Future.” Center for Disease Control, 25 Feb 2022, https://www.cdc.gov/headsup/index.html
  
• Disclaimer: The content in this article is informational and educational. It is not medical or legal advice. All information provided in this article is for general purposes only.

Insurance can be an overwhelming and complicated topic which can leave both new or seasoned small business owners intimidated. Unsurprisingly, the internet is full of questions regarding small business insurance. Here are some of the most common questions you and other business owners have. So let’s get you some answers!

Q: What determines insurance premiums for small business insurance?

A: The more risks associated with your business (in the eyes of the insurance carrier), the higher your premiums. Generally speaking, four main variables determine how much you will pay for your insurance.  

• The number of employees you have and the revenue size of your company.  
• The value of the assets you wish to insure.
• The specific risks associated with your business.  

Q: Does general liability insurance cover all risks associated with running my business? 

A: General liability insurance protects against the most common risks associated with running a business. It is in no way comprehensive. It covers things like physical injuries to others, damage to others’ property, or advertising injuries. Damage to your property, injuries to your employees is not covered. Professional services and advice is also excluded.  

When you’re first starting your business, general liability insurance may suffice for your needs. But as your business grows, so too will your risks. Upgrading to a BOP or business owner’s policy is a great option. For more information regarding why business insurance may be the missing piece to your growth plan click here. 

Q: How do I prove I have insurance? How do I show my landlord, for example?  

A: A certificate of insurance (COI) is the easiest way to prove your business is insured. If you drive a vehicle and pay insurance on it, you already have experience with certificates of insurance (COI). Your insurance cards are a COI!  

For a small business, certificates of insurance (COI) function basically the same way. COIs are available through your agent. Many times, a COI is available online through your insurance provider. Once you have your COI, you can email it to your client or business partner!

Requesting your COI is easy with Gild Insurance just contact us!

Q: Should I include insurance in my yearly budget or growth plan?

A: Absolutely! Insurance is something that is going to be with your business for the long haul. You will need to scale it accordingly as your business continues to grow. Remember, business insurance isn’t just protection against a catastrophic event!

While accident protection is an aspect of business insurance, another part directly relates to scalability. If you don’t have proper business insurance, you’ll limit your business’s capacity for growth. Landlords and other outside parties look at business insurance as an indicator that the business owner is reliable and trustworthy.

Q: Do I need business insurance to secure a loan? 

A: A loan from the Small Business Administration requires proof of proper insurance. The insurance coverages you need will vary depending on your business and the associated risks. You may need to show proof of several types of insurance before securing funds.

If the lender believes you’re operating a business in a risky manner, they will be less willing to lend your business money. In general, having the right business insurance is a great way to show lenders and other business partners that you are a professional business worthy of partnering with.

Q: Will outside factors affect how much I have to pay? Will the crime rate in my area affect the price of my insurance?

A: As mentioned above, your insurance provider uses many factors to gauge the risk of your business. These factors determine how much the insurance will cost you. Remember, business insurance is a for-profit business. It’s only natural that your insurance company wants to safeguard itself from suffering any losses. If you want to know what specific factors are driving your premium prices, contact your insurance provider directly.

Q: Will my homeowner’s insurance cover me if I run my business from my home?

A: It depends. Usually, the coverage afforded to you by homeowners’ insurance isn’t enough to properly protect your business. For example, many standard home insurance policies only cover up to $2,500 worth of business property. Businesses that sell goods shipped from home likely have more than $2,500 worth of inventory in their living room right now!

Q: What’s the deal with worker’s compensation insurance? How do I get it?

A: Worker’s compensation insurance provided benefits to injured employees that occur due to work. Worker’s compensation insurance is legally required for many small businesses!.

What’s confusing about worker’s compensation insurance is that the legal requirements to have it vary from state to state. This also includes how businesses go about getting it in the first place.

Q: What’s the best way to find insurance?

A: Insurance agents are a tried and true method for finding the most comprehensive insurance coverage. Thanks to the rise of recent technological advances, you can now also get quick quotes online through insurance aggregator platforms.

That’s where Gild Insurance comes into the picture. We offer free online quote functionality, backed by small business insurance agents! A personal, fast, and hassle free process.

If you need help navigating the world of small business insurance, remember that help is always just a click away. Gild Insurance can help you find the right insurance options that fit your business.

If you have questions or simply want more info, reach on out! The Gild Team, along with Gildber the husky, are always standing by, ready to help.

Sources

Kilroy, Ashley. “Home-Based Business Insurance Explained.” Forbes. 2 Nov 2023. Accessed 13 Dec 2023. https://www.forbes.com/advisor/homeowners-insurance/home-based-business-insurance/

Have you been working out lately? If not, your friends sure have been. Fitness enthusiasm and a drive for healthy living are dominating social media. The market value of the global fitness industry is currently over 87 billion dollars. In 2021, the United States saw revenue growth of over 33 billion in this industry alone. Beyond that, the expected growth of the fitness industry is 171.75% though 2028. This puts the total value around 435 billion dollars.^[1]

Now is a good time to bulk up your bank account whether you already own a fitness studio or are looking to start one. Before you do, warming up first by learning about the most common liability claims for fitness studio owners, is imperative.

The Most Common Liability Claims for Fitness Studio Owners

A liability claim occurs when a gym client is harmed physically or otherwise due to the fault of the gym. What If you don’t wipe the sweat puddles that formed from the previous class and one of your yogis slips and falls while doing a handstand? Did they hit their head? Good thing you are prepared for that.

• Slips, Trips and Falls – This is one of the most common injuries that occurs in a fitness studio. Undoubtedly, slips and falls can happen during training or your practice. They can also have nothing to do with the exercise being performed. They can be just as common while people are simply walking around the gym. Look out for that sweaty floor!

• Falling Objects – Anyone who has been in a gym or studio can tell you that sometimes objects seemingly fall for no apparent reason. Maybe in-between classes your clients didn’t stack their yoga blocks level or secure their weights correctly. Watch out below!

• Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Which Fitness Professionals Need Insurance

If you are a studio owner it goes without saying that you need insurance. Chances are you might already have some coverage. Maybe you have even established a concussion protocol in the event of an accident. Remember that head injury? Additionally, you must ensure you are protector as a personal trainer or instructor that operates on the go.While you might not have as many liabilities as the person who owns a studio, you are still conducting physical activities which leads to a risk of injury.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential losses, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the fitness industry so that you can do your best to prepare yourself for them.

Remember, if you need help preparing yourself, your friends over at Gild Insurance are only a click away. We combine the latest technology with old-fashioned experience to provide business insurance options that fit your business. We are here to help you understand the unforeseen circumstances that could arise and protect your peace of mind.

To learn more, check out:

Professional Liability Claims For Fitness Studio Owners

A Guide To Developing A Concussion Protocol

At Gild Insurance, get the right insurance for your business’s unique needs!

Fitness instructor, studio owner, or personal trainer, we help fitness professionals like yourself find the insurance products you need!

Sources

[1] Kolmar, Chris. “22 Fulfilling Fitness Industry Statistics [2023]: Home Workout and Gym Statistics” Zippia the Career Expert, 4 Jul 2023, https://www.zippia.com/advice/fitness-industry-statistics/#:~:text=The%20US%20fitness%20industry%20revenue,growth%20of%2033.10%25%20per%20year