What Personal Trainers Need To Know About Insurance

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  In this presentation we are going to discuss what you need to know about purchasing personal trainer insurance, including the different types of personal trainer insurance, how much it costs, and where to purchase. - See more at: http://fitsmallbusiness.com/personal-trainer-insurance/
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  • 1. Personal Trainer Insurance The Ultimate Guide
  • 2. Lets discuss what you need to know about purchasing personal trainer insurance, Including the different types of personal trainer insurance, how much it costs, and where to purchase.
  • 3. Types of Personal Trainer Insurance There are five primary types of insurance that personal trainers with no employees, who do not own their own facilities should have.
  • 4. Type What It Covers Professional Liability Insurance Cost of legal defense and settlement up to a max payout for injuries directly related to the service you are providing. Product Liability Insurance Cost of legal defense and settlement up to a max payout for injuries related to products used when providing your service. General Liability Insurance Cost of legal defense and settlement up to a max payout for injuries which are not directly related to the service you are providing. Damage To Premises Cost of repair for damages caused to the space where you train clients. Sexual Abuse Liability The cost of legal defense if you are falsely accused of sexual harassment, abuse, or molestation by one of your clients.
  • 5. Most insurance companies that specialize in providing personal trainer insurance will combine all of these into one package, so you do not have to purchase each separately. ! Here is a more detailed overview of what each type of personal trainer insurance covers:
  • 6. Professional Liability Insurance Designed to cover the costs of legal defense and settlement for injuries (or alleged injuries) to clients while you are training them. In order to be covered under your professional liability policy, the injury (or alleged injury) must have happened as a direct result of the service you are providing.
  • 7. Example: Someone is hurt during a workout and claims that it was because of your incorrect advice. Whether or not the client is correct, your Personal Trainer Professional Liability insurance should cover your legal defense, and any award made to the client, up to the limit of your coverage (generally $1 Million).
  • 8. Product Liability Insurance Product liability insurance is designed to protect you against injuries caused by products (such as faulty gym equipment) used when training clients. Even if you did not make the product, you can still be sued since you advised the client to use a faulty product.
  • 9. Example: A cable on a new piece of gym equipment snaps and injures the client you are training. Your product liability insurance should cover your legal defense, and any award made to the client for your involvement in the accident (or alleged accident), up to the limit of your coverage.
  • 10. General Liability Insurance General liability insurance is designed to cover the costs of legal defense and settlement for client injuries (or alleged injuries) that happen while they are training with you, but which are not directly related to your training.
  • 11. Example: While working out at the gym with you, a client slips and falls on a wet floor, and sues you for their injuries. Whether or not the client is correct, your General Liability insurance should cover your legal defense, and any award made to the client, up to the limit of your coverage (generally $1 Million).
  • 12. Sexual Abuse Because of the nature of the personal trainer profession, many policies will also include protection against a false accusation of Sexual Abuse. Insurance does not cover you against illegal acts however, so if you are guilty your insurance will not pay. Our recommended policy includes up to $300,000 ($100,000 per incident) in payments for court costs to defend yourself.
  • 13. How much Personal Trainer Insurance Costs & Where To Purchase
  • 14. You can save a significant amount of money By purchasing personal trainer insurance from a firm that specializes in this type of insurance. Our recommended provider (Philadelphia Insurance Companies) charges $172 per year for certified personal trainers and $232 per year for non certified trainers.
  • 15. That is the least expensive quote we were able to find for a high quality comprehensive package. To give you an idea of how much you could end up paying if you do not work with a specialist GEICO quoted us $850 a year for a similar policy.
  • 16. They are the preferred provider of IDEA Health and Fitness (the largest association for Fitness and Wellness Professionals), and offer very competitive value for the money. ! If you hold a personal trainer certification then the cost of their standard package is $172 per year. If you are not certified then the cost $232 per year. Philadelphia Insurance Companies’ Fitness and Wellness program.
  • 17. Their standard package for individual trainers includes: • $1,000,000 in General and Professional Liability Insurance Per Occurrence ($3 Million in aggregate). • $1,000,000 in Product Liability Insurance Per Occurrence ($3 Million in Aggregate. • $100,000 in Sexual Abuse Liability per occurrence ($300K in aggregate). • $100,000 for damages to premises (this only matters if you temporarily rent space). • $2500 in no fault medical coverage (for minor injuries, no claim needs to be filed).
  • 18. You can purchase online and it is quick and painless. Purchase Personal Trainer Insurance Here
  • 19. Structuring Your Business Correctly Is Also Important From a legal standpoint. If you have not done so already, you can form an LLC online with LegalZoom for around $300. LLC’s are designed to shield your personal assets if your company is sued.
  • 20. Join The Community: www.FitSmallBusiness.com Click here to tweet this presentation. See the full article here
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