Info & Resources
General Liability - Bodily Injury and Property Damage covers third-party losses the insured (gym) becomes legally obligated (negligent) to pay as damages for. Bodily Injury includes bodily injury, sickness, or disease sustained by a person. It only pays for injuries to others.. not the insured (gym owner) or your employees (this would be Worker’s Comp insurance). Property Damage is physical injury or loss of tangible property, it only pays for damage of others personal property – not the insured’s property (this coverage would be BPP or Equipment Coverage). For Bodily Injury, most gym owners think about their members, but what about mailmen, landlords, and anyone who walks near or in your gym? No matter how big or small your gym is, you will definitely need General Liability!
General Aggregate – The General Aggregate Limit is the total amount of money the insurance company will pay out within the policy period. It is important to carry the right amount of insurance so that you are not having to pay money out of pocket when a claim arises.
Products Complete Operations Aggregate - is a form of insurance coverage that protects you from customer lawsuits claiming property damage or injury due to your product or completed services.
Each Occurrence - The Each Occurrence Limit is the max amount of money the insurance company will cover for any one incident.
Personal and Advertising Injury - pays for damages the insured is legally obligated to pay because of personal and advertising injuries such as false arrest, detention, wrongful eviction, defamation of character, and invasion of privacy.
Medical Expense / Any One Person - Medical Expense Limit covers reasonable medical expenses for bodily injuries of third parties occurring on or next to the insured ‘s premises or because of the insured’s operation’s, regardless of fault. Many bodily injury claims are covered under the Each Occurrence Limit, but taking this approach is thought to reduce the likelihood that injured parties will bring a lawsuit against you and avoid costly litigation.
Damage to Rented Premises – this is a coverage used if the insured business is negligent for causing damage to a building rented or occupied by them. Since many gym owners rent spaces, this is important coverage to have!
Sexual Abuse and Molestation Occurrence - Sexual Abuse and Molestation acts can occur at high costs, so they written as separate coverage limits. The Occurrence limit will be the amount of money the insurance company will pay in regards to Sexual Abuse and Molestation for any one incident. A broad definition of abuse would be physical abuse, such as sexual or other bodily harm and non-physical abuse, such as verbal, emotional or mental abuse, errors, omission, or misconduct.
Sexual Abuse and Molestation Aggregate - total amount of money the insurance company will pay out within the policy period in regards to Sexual Abuse and Molestation.
Professional Liability Occurrence - Professional Liability insurance helps cover you and your business if you or your employees make a mistake in your professional services. Professional liability insurance helps cover claims of negligence, misrepresentation, and inaccurate advice. The occurrence limit would be the max amount the insurance company will pay out for any one Professional Liability incident.
Professional Liability Aggregate - The Aggregate Limit is the total amount of money the insurance company will pay out within the policy period for Professional Liability.