The fitness business is booming – you only have to take a look at the popularity of the latest health and wellbeing names on Instagram and YouTube or catch up with the latest celebrity health and fitness trends to behold this phenomenon.
Such a trend can only be a good thing for everyone’s benefit. Whether it is physical fitness or health recipes, the industry has a sweeping popularity that looks set to continue to grow.
The health industry encompasses many jobs – from home-based complementary therapists to counsellors, massage therapists and gym instructors.
What does health, fitness and wellbeing industry insurance include?
Health, fitness and wellbeing insurance covers any risks within the industry, whether you own your own business or you are a self-employed professional within the health industry.
You can choose specific cover to suit your own business, but as standard you should include:
1. Professional indemnity insurance
Professional indemnity insurance is a crucial part of your health and fitness industry insurance, as this will protect you from any claims made against you by clients saying that advice you gave was negligent.
2. Employer’s liability insurance
All health businesses who employ staff are legally required to have employer liability insurance as part of their health, fitness and wellbeing industry insurance package. If an employee injures themselves or becomes ill while working for you then they could seek compensation – and employer’s liability cover will pay for the costs that would quickly mount up.
3. Public liability insurance
If a gym member is injured by a piece of equipment in your gym that is in need of repair, the gym member could sue you for compensation. Public liability insurance will cover those costs, plus any compensation, allowing you to carry on running your business without any negative financial impact.
Public liability cover should be at the top of the health, fitness and wellbeing industry insurance agenda, as the majority of health professional are in regular contact with clients.
4. Product liability insurance
Product liability is essential if you supply health products to consumers. The very epitome of the health industry is the image that products are good for you, clean, safe and natural – whether that be food items, drinks or fitness equipment that is being produced and sold. Any financial costs that result from compensation and legal costs can be covered by your product liability insurance.
5. Business contents insurance
Business contents cover can be included in your fitness, health and wellbeing industry insurance to protect items such as gym equipment and furnishings and fixtures and fittings.
If you work from home as a therapist, check your home insurance small print as the policy is likely to exclude your work equipment and tools.