How To Compare Business Insurance Quotes.
The Right Choice. The Right Way.
Comparing quotes? We get it, we all want to make sure we are getting the most bang for our buck! But, before you just go with the cheapest option you have, here are the right ways to compare your gym insurance quotes to get the best offer for you!
The Six Parts Of A Quote To Understand
Policy Limits
Customize policy to lower its cost
Company Ratings
Ask to add rating to the quotation
Employee Coverage
Verify all who are covered in the policy
Operations Coverage
Let agent know about your daily operations
Extra Coverages
Remove coverage that aren’t needed
BI & BPP Amounts
Insure close to your income & property
Compare Insurance Policy Limits
You always want to compare apples to apples when it comes to insurance policies and these limits alone have a large effect on the insurance premium you have been given. It is most common to see $1M/$3M or $1M/$2M limits for a gym.
General Liability
Insurance coverage that protects you and your business from claims involving bodily injuries and property damages.
Details
The two main limits you want to look at regarding General Liability are the Per Occurrence (the max amount paid out by the insurance company per incident) and Aggregate (the max amount paid out by the insurance company during the policy period).
Professional Liability
Insurance coverage that helps cover you and your business if you or your employees make a mistake in your professional services.
Details
Professional liability insurance helps cover claims of negligence, misrepresentation, and inaccurate advice made by you or by your employee.
Compare Company Insurance Ratings
This is a big one! The rating tells you the insurance company’s ability to meet its ongoing insurance obligations and payout your claims.
Don’t Know How To Compare? Check These.
1.
Know every company has a rating.
Insurance Companies have ratings from the credit rating agency AM Best. AM Best rates the credit of insurance companies on a scale from A++ (superior credit) to D (poor credit).
2.
Only work with A ratings.
AffiliateGuard personally works with A++ to A-rated carriers that have an outstanding ability to pay out your claims. This rating should be included in your quote, if it is not, ask for it!
3.
Confirm company’s financial stability.
Confirm financial stability of companies by looking through Risk Retention Groups’ balance sheets. However, rarely the full document is released as the company is entirely owned by members.
Verify What’s In The Insurance Coverage
When deciding on the best insurance policy for your gym, carefully check that all the aspects of your business will be covered. Ask if you can customize it according to your needs and what applies most to your type of business.
YOUR COVERAGE
Your People
This includes employees, coaches, admin, and more.
DETAILS
As a gym owner, you most likely have a few employees. Verify that all types of employees; W2s, 1099s, volunteers, contractors, etc. are covered under the policy.
Also, keep in mind that many policies specific for gyms require coaches to be certified. Verify what certifications an employee can hold to be covered under the policy. Some only cover CrossFit certifications, so be cautious of that.
Your Daily Operations
Be covered for ALL of your daily operations.
DETAILS
Not all gyms operate the same, so be sure you outline your operations like childcare, kid’s classes, 24-hour and unsupervised access, etc. The more your insurance agent knows about your operations, the better. That way, you can be sure you are covered for all your daily operations.
Your Extra Needs
This covers accident insurance, hired and non-hired auto, and more.
DETAILS
Be on the lookout for extra coverages that are added to the policy by your insurance broker. You may be paying for coverages that you may not need or do not apply to your type of business. Some examples of these may be participant accident insurance, hired and non-hired auto, property extension endorsements, and more.
Property Coverage:
Confirm BI & BPP Amounts Are Spot On
This could be a huge issue in the future if you are underinsured and a claim comes about.
Some insurance companies will add standard limits of Business Income (BI) and Business Personal Property (equipment coverage) to your policy.
Essentially, if you are not insuring close to full value, you could be hit with huge co-insurance penalties, so be sure to chat with your agent to include correct values based on the co-insurance limit.
“Understand that the insurance price isn’t the whole story. You are paying to protect your business. The best isn’t necessarily the cheapest, but the cheapest doesn’t mean you’re not getting what you need either.”
“Understand that the insurance price isn’t the whole story. You are paying to protect your business. The best isn’t necessarily the cheapest, but the cheapest doesn’t mean you’re not getting what you need either.”
Walk Through The Know-Hows Of Business Insurance With
AGuard Founder, Vaughn Vernon
With 22 years of experience in the industry, learn more about finding the best gym and fitness insurance for your business in this series of info-packed videos with Vaughn Vernon:
What’s Next?
AffiliateGuard has connections with multiple insurance carriers that allow us to shop around for the best coverages for your business.
We hope this has helped you compare your gym insurance quotes. If you have additional questions, we’d be happy to discuss any insurance inquiries you might have or fill out our Client Application form!
