Gild Insurance Blog

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

When you think about scaling your small business, what is the first thing that comes to mind? Automating systems? Expanding your marketing efforts? Increasing your workforce? Redesigning your business’s logo? What about business insurance as a growth tool?

Well, if insurance is at the bottom of your to-do list, you may want to reconsider. Having cohesive business insurance is fundamental to any successful business, yet many business owners often neglect it. Of course, we understand that business insurance might not be the most tantalizing aspect of your business growth plan. Just getting sound advice on business insurance can sometimes be challenging. Take a deep breath and relax. At Gild Insurance, we can give you the help and guidance you need and deserve.

Why Business Insurance as a Growth Tool?

1. Business Opportunities

Let’s say you’re the owner of a small-scale home improvement business, a painting company for example, and you’re operating without insurance. If the bulk of your business comes from private homeowners, it’s entirely possible that your clientele won’t give a second thought as to if your insurance coverage is sufficient. But what would happen if, through word of mouth, you’re offered a contract on a much larger painting project at an apartment complex? Will they want to see your policy? Will the contract have an insurance requirements section?

You already know that your business can handle the job, and your prospective client is also confident because they trust the person who referred you. And best of all, the job would double your monthly income. It looks like a win-win all around, and you find yourself very excited to take on the job. There’s just one little thing: the company asks to see a certificate of insurance (COI) before signing off for you to begin. 

Now, do you think the company is willing to wait while you purchase business insurance? Of course not; they’ll just find someone else to do the job. Now, you’ve not only lost the job, but any other jobs you may have gotten through referrals. Plus, your business’s reputation has now been tarnished. 

2. Business Financing Options

If you have plans to scale your business that require additional financing, that is another reason you need adequate business insurance. If you are considering a Small Business Administration (SBA) loan you’ll quickly find out there are insurance requirements needing met. What coverage you need depends on your type of business and the loan you choose.

As you might imagine, grants and venture capital funding are likely also to require insurance. This is necessary for basic risk management and protection on the investment. Any organization that is providing private equity financing will obviously have different criteria but the chances are very slim that they will shell out a penny without the proper assurances. 

3. Personal Protection

Many people assume that the only reason to have business insurance is to be protected in the event they get sued, and while it’s true that this is one aspect of it, lawsuits are far from the only way a loss can occur. 

Losses can occur from natural disasters like flood or fires or things like theft, or cybercrime. Should an event like this occur, you might have to shut down your business for a period of time, resulting in a loss of business income which is also another aspect insurance can cover. The right insurance plan can help you limit or eliminate many out of pocket expenses for you and your business.

Business Insurance as a Growth Tool: Types

If you’re looking for a roadmap of all the different types of business insurance plans that are available, check out the Gild Insurance Map for a brief overview.

To ensure the growth of your business, you need to insure it. And if you need help figuring out how to do that, remember that help is just one click away. The team at Gild Insurance— along with Gildber the husky, our friendly but incredibly knowledgeable mascot — are always standing by, ready to help you with whatever you may need.

Don’t hesitate to contact us so we can help you take your business to the next level! You can always check out our Gild Guide to the most common small business insurance questions to get started!