While we cannot always prevent things from happening, there are specific steps we can help you take as a gym owner that will attempt to decrease the chances of insurance losses. Being a fitness business owner, you understand there are risks and that any number of risks could be very distracting from the fitness itself.
Today, our goal is to share some tips on how to minimize or mitigate future insurance losses by implementing various processes and procedures.
First, any client of ours will receive a free loss control inspection upon request! That means, if you are a client of INSocial, we work with a specific insurance carrier who specializes in insuring the fitness industry. They will conduct the loss control inspection for free!
Here are a few examples of recommendations:
- To improve the condition of your liability exposures, we might recommend a process for maintaining the exercise equipment, spas, etc. As well as create a schedule and calendar to help manage the process.
- Use “wet floor” signs wherever there is a possible wet spot or slippery spot.
- Take precautions and post signs that ensure fields, courts, and areas are clear of any hazards.
- Use a hiring process and especially for employing anyone who will be handling money to prevent theft and embezzlement.
- Keep chemical containers closed and in a safe place when not in use.
- Follow all recommendations for testing and maintenance on sprinkler systems.
- Implement a written safety program and stress the seriousness of being safe. We will help you identify the risks and exposures so employees can be aware of them.
- Establish procedures that require employees to sign off that they have read and understand how to use tools, chemicals, equipment, etc.
- Every so often, review your contracts to ensure that any additional insureds are updated, vendors, and independent contractors have the proper risk transfer.
- We will help you find a specialist to secure your data and information to prevent cyber theft.
The point being, there are many proactive things to do to minimize the risk of insurance loss. It’s important to understand that even the best proactive measures can still not be enough. However, the effort put forth will ease headaches down the road. Through a straightforward phone call, my team will be able to provide some of these recommendations, and when you become a client of ours, we will have a more formal loss control team to provide suggestions!