Whether you own a gym, fitness center, spinning, CrossFit, sports training, yoga, or any other business-related to fitness, you are, without question, an entrepreneur. The industry has long thought of owners in the fitness industry to be trainers that know their craft. And that’s true! You are experts in your work, but just like other entrepreneurs, building a business is a skill needed to have a stable company.
Now that you are thinking like an entrepreneur and getting the credit you deserve for wearing multiple hats, let’s talk about a piece of the business that should not be a line item on a list of to-dos. Business insurance does not prevent you from losses and risks. Business insurance is a way to help make you whole after a loss.
Let’s also get one more thing out of the way; business insurance does cost money. It’s time we start thinking about business insurance as a budget, as we do with taxes, accounting, rent, etc. Remember, the goals, mission, and long term vision for your business will be derailed by losses that could be covered by insurance. You can have the greatest fitness center, yoga studio, CrossFit program in the country, but your business may never reach its true potential without proper business insurance. It is that important.
Business insurance can make minimize your financial loss and give you peace of mind when something goes wrong. If a storm comes through and blows your roof off, if your gym is robbed or vandalized, if your client’s data is stolen from your computers, if you or one of your trainers gives the wrong advice to a client and they sue, business insurance will help you pay for those losses. More importantly, it will make it so you can focus on building the best gym in the country without worrying about insurance.
As a fellow entrepreneur myself, I understand the excitement of building a business and making a vision a reality. However, without a solid base and a sound business insurance program in place, those grand visions and dreams can turn into nightmares.