Let’s talk about insurance. Don’t click to the next article! You need to read this. Having the right level of insurance is the most important part of your work in the fitness industry.
Firstly, the basics. Your policy must cover both public liability and professional indemnity. Public liability insurance protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business activities. Professional indemnity protects you against legal costs and claims for damages to third parties which may arise out of an act, omission or breach of professional duty in the course of your business.
Once you have your policy, that’s all you need to worry about, right? In a word, no. You’re responsible for ensuring your policy is still relevant to you and your qualifications throughout the life of the policy. Before incorporating a new form of fitness training into your business, you need to ensure it falls within your scope of practice and more importantly, whether it’s covered by your insurer. Additionally, when you receive a new qualification, such as boxing or TRX, you need to let your insurer know to make sure you’re covered under your current policy. If a specific fitness activity isn’t covered under the general fitness policy, you may be able to pay an additional loading on top of your premium to ensure that you are covered.
Still studying? Sign up for a Student Membership and receive complementary insurance. This covers you while you’re doing work experience / practical hours, as long as you are supervised by a qualified trainer.
Insurance may not be a subject you choose not to chat about very often, but it is something you need to understand and keep on top of. We recommend you take a deep breath and reassess your insurance situation annually. Ensuring your policy meets the needs of your business rests solely with you.
Unsure about what your policy covers? Give us a call on 1300 784 467 and we can help.
If you’re shopping around for a new policy, we have negotiated some great deals with $0 excess, with our preferred partner, Marsh Advantage. Download an
application form and give them a call on 1300 137 016.