Gymnastics Class Business Insurance
Getting insurance for your gymnastics class business is essential.
Gymnastics class businesses need to be protected against things like claims of personal injury, breach of contract, and premises liability.
For example, a customer is injured as a result of one of your instructor’s negligence, or your building’s owner claims that you have caused excessive damage to the property.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Gymnastics Class Business
General liability insurance is — generally speaking — one of the most important insurance policies for gymnastics class businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
General liability will likely be insufficient in providing your gymnastics class with the full protection that it needs. For this, a selection of the following policies will be needed:
- Commercial property insurance: This is a great tool to protect the large investment your business made into the required equipment to get started.
- Professional liability insurance: This provides your business with protection from claims that its negligent instruction caused a customer to injure themselves.
- Workers’ compensation insurance: Ensures workers are adequately compensated if they are injured or fall ill while working.
The providers you can buy coverage from are typically grouped into two broad categories:
- Traditional brick-and-mortar insurers — Describes firms with physical premises, such as The Hartford or Nationwide.
- Online insurers — Describes firms without a physical premise, such as Tivly or Next.
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Cost of General Liability Insurance
The average gymnastics class in America spends between $400-$1,100 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a gymnastics class business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Gymnastics Class Business
Example 1: A new student is practicing when she over rotates and falls, breaking her wrist. Her mother decides to sue your business. While your company may ultimately be exonerated because participants assume a certain amount of risk, you still need to defend yourself with an attorney. Your general liability insurance will pay for your legal fees, including the cost of a settlement if one is necessary.
Example 2: The competing gymnastic business across town has sent you a letter, telling you that they are suing you for libel. The general liability insurance you have will cover your legal defense fees.
Example 3: You are throwing a welcoming party for a group of new students. One of the parents decides to get up on the balance beam and demonstrate his skills. He slips, falls, and breaks his leg. He asks that you pay for his medical treatment. Your general liability insurance will likely cover this expense.
Other Types of Coverage Gymnastics Class Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Commercial Property Insurance
It took a considerable financial investment for you to acquire all of the gymnastic equipment and supplies necessary to open your studio. If you were to lose most or all of that equipment in an unexpected event like a fire, you might struggle to replace it all. But if you have commercial property insurance, you can file a claim with your insurer and likely get compensation for replacements if the damage was caused by a covered event.
Professional Liability Insurance
Professional liability insurance is designed specifically for businesses to protect against liability based on mistakes or failure to perform. For example, if one of your students hurts herself performing gymnastics at school and claims that your instruction was responsible for her injuries, your professional liability insurance will cover your legal fees. It will also pay for a settlement if you need to settle out of court.
Workers’ Compensation Insurance
Most states require businesses with employees to carry workers’ compensation insurance. Workers’ comp is designed to protect employees when they are hurt on the job. If an employee sustains an injury that requires medical care while performing work-related duties, the policy will pay for their medical treatment. It will also help to pay for lost wages while the employee is recovering.
Commercial Umbrella Insurance
An umbrella policy is designed to protect your business if your general liability insurance policy limits are exceeded—like if you were to lose a major lawsuit. Once the limits of your general liability insurance are reached, the umbrella policy kicks in to pay damages.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your gymnastics class business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Gymnastics Class Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
It is pivotal that your gymnastics class business is protected with an adequate amount of business insurance before it launches.
It’s worth remembering that, due to this business type, there are a couple of insurance policies you may be legally required to carry (e.g., workers’ compensation and commercial auto insurance).
Not necessarily. Certain exceptions may be written directly into your gymnastics class business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.