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How many clients are needed before a gym can be insured?
Starting a gym may require significant investments in equipment and facilities. Business insurance is important to safeguard those investments. Understanding gym insurance, also known as fitness insurance, includes knowing how many clients you need before you can insure your business. The answer to that is simple: You should consider insurance from day one, even if you only have one client. Accidents and unforeseeable incidents can happen at any time. Without insurance, you could responsible for paying for damages entirely out of pocket after an accident or lawsuit. Why is Fitness Insurance important? It can provide financial protection in the face of unfortunate accidents or injuries. It can protect the business in case anything happens to the business property, including the gym equipment and other physical property. Most states have a law that requires businesses to have workers' compensation insurance when they have employees. One example of how gym insurance can help is in the case of a slip and fall accident in the gym. Without insurance, you could risk paying out-of-pocket for medical expenses. With gym insurance in place to help protect you against setbacks like this, you can focus on providing the best possible service for your clients. » Here's a guide if you're starting out as an online fitness trainer How NEXT helps gym owners Whether you're a small gym just starting out or an online fitness trainer, you need affordable gym insurance to help protect yourself and your business. We offer an easy way for gym and fitness studio owners to keep their businesses insured through custom coverage. And if you need help, our team of U.S.-based insurance advisors is standing by to answer any questions you may have. » Start an instant quote online today
Asked a month ago
Is it worth insuring power tools for your business?
If you own a construction or cleaning business that relies on tools and equipment to serve your clients, power tool insurance, also known as tools and equipment insurance, can provide coverage to protect you. Businesses that rely on power tools and equipment can insure a wide range of devices depending on their needs. These power tools may include drills, nail guns, grinders and other specialized equipment. If you're on the fence about insuring your tools for your business, think about these factors: the cost of your tools, the nature of your work and the level of financial risk you're able to handle. Tools and equipment insurance can provide coverage for losses or damages to power tools and related accessories caused by events like theft, fire or accidental damage. Here are a few reasons why business insurance and insuring power tools may be useful for your business: Protection against financial loss Power tools are often a significant investment for businesses and they can be expensive to replace or repair if they're damaged or stolen. But insuring them can provide financial assistance and help minimize the impact on your bottom line if you face an unexpected loss.Minimize business interruption The last thing you'd want is to lose income or miss deadlines if your power tools are damaged or stolen. Some insurance policies can provide coverage for business interruption and help offset the financial impact of these disruptions, so you can focus on maintaining your work.Liability coverage Using power tools has some risks, like injuries or damage to third parties. Policies like errors and omissions insurance can help provide liability coverage in case someone is injured or the property is damaged due to your work.Contractual requirements If your business operates in a regulated industry or has contractual obligations with clients, you may need to carry insurance as a condition of your contracts. Which tools can be covered by tools insurance? Tools in your daily business operations can include almost all items used to do your work. Power tool insurance can help cover these, including: Handheld tools such as hammers and screwdriversPower tools such as welders and electric drillsHeavy equipment tools such as cement mixersIn-shop equipment such as workbenchesBusiness equipment such as laptops and mobile phones Insure your tools to help protect your business We know that your business may rely on your tools and equipment, and the last thing you need is excessive costs to replace or repair those. That's where power tool insurance can help minimize financial losses and reduce the negative impact on your operations. That way, you can focus on your clients and tasks with peace of mind. NEXT has licensed U.S.-based advisors that are available to help you if you have any questions. And with easy access to our services online, you can get an instant quote, buy your coverage and share your certificate of insurance in no time. » Want to know more? Here's how tools and equipment insurance can help
Asked a month ago
Can I get business insurance for my gym if it's open 24/7?
Gym insurance, also known as fitness insurance, can provide coverage designed to help protect gym owners from the financial risks associated with operating a fitness facility. For gyms that operate 24/7, there are additional risks you may need to consider, such as security and liability issues that may occur during off-hours. But, as a gym owner, can you get business insurance for your gym if it's open around the clock? In many cases, the answer is yes. However, your gym must be staffed with at least an attendant during operating hours. Unstaffed gyms that can be accessed by customers via key card, for example, are not eligible for NEXT coverage. Business insurance options for 24/7 gyms There are various insurance coverage options gym owners can consider if operating a 24/7 gym, including: General liability insurance — This coverage can potentially help protect your business from financial losses if someone is injured at your gym and claims it's your fault. It can also help cover costs if someone claims you or your employees are responsible for damaging their property.Professional liability insurance — This can help safeguard your business against claims of negligence or mistakes in your professional services, making it a good option for gym owners who employ personal trainers, group fitness instructors or other staff who provide fitness services.Commercial property insurance — This can help cover damages to your gym's physical property due to fire, theft, vandalism or other covered events. This policy can include business interruption insurance, which can help cover lost income and expenses in the event of shutdowns because of something beyond your control that is covered by your insurance.Workers' compensation insurance - This can help provide coverage for medical expenses and lost wages if an employee is injured or becomes ill while working at your gym. For example, if the employee suffers an injury while on duty during a lower-staffed late-night shift. Make sure your 24/7 gym is covered To avoid any excessive costs from property damage, employee and client injuries or unforeseen risks during off-hours, it's important to understand your gym's needs so that you can seek the insurance coverage most suitable for you. NEXT can help you select gym insurance tailored to your 24/7 gym. You can get an instant quote online, review options and purchase your coverage in a matter of minutes. And if you need guidance, our U.S.-based licensed advisors can answer any questions you may have.
Asked a month ago
Do mechanics qualify for Professional Liability insurance?
Being a mechanic can be incredibly rewarding, but it's not without risks. Between injuries on the shop floor to customer claims of negligence, there are plenty of potentially costly scenarios that you'll want coverage for. But is professional liability insurance a viable option for you? At NEXT the answer is yes. We offer a form of professional liability insurance for mechanics that we call "faulty work coverage." Faulty work insurance can provide financial help for defense costs or to fix a mistake if you are accused of doing a repair incorrectly. » Discover what your mechanic license requirements are What insurance types can mechanics get? Not to worry. There are coverage options more tailored towards mechanics that can provide a similar level of protection. General liability insurance can cover injuries to non-employees (such as customers slipping and falling), damage to non-customer vehicles and more. Garagekeepers coverage can help handle costs for damage to customer vehicles. Errors and omissions (E&O) insurance can provide protection against customer claims of faulty repairs or paperwork and is the closest parallel to professional liability insurance for mechanics. Commercial property insurance can cover damaged equipment and inventory, lost income and operating expenses. Workers' comp insurance can cover expenses for medical care, lost wages and other costs after a workplace injury. Mechanics have coverage options NEXT can provide customized auto shop coverage that suits your specific business needs. And it's hassle-free — all you need to do is answer a few questions to get an instant quote online. To find out more about coverage for mechanics, visit our page on auto repair shop insurance.
Asked a month ago
What range of equipment does business insurance cover?
Equipment insurance can fall under business insurance. It can cover items such as machinery, tools, fixtures and electronics against damage, accidents and theft. Therefore, businesses that rely on certain equipment to operate can benefit from this policy. Small businesses in particular need to look after their most valuable assets and make sure coverage is in place. Otherwise, they can face significant income losses as operations come to a halt. Let’s look at some examples. Personally-owned equipment You can get coverage for the equipment you own and need for the day-to-day operations of your business. But any personal equipment that's not used in connection with the business may not be covered. What is coveredA new mechanic accidentally damages a power drill during trainingLighting fixtures in a yoga studio needed to complete classes have stopped working since a power surgeA sole trader whose point-of-sale equipment for a storefront location is vandalized Benches or weight machines are broken at a gym because of member negligence Children have damaged furniture in a daycare centerWhat is not coveredA contractor’s personal mobile phone that's not used for business purposesGardening tools used to maintain personal properties » Explore NEXT's tools and equipment insurance options Employee-owned tools and equipment Equipment or tools owned by an employee and used for business purposes can be protected with equipment insurance. Small businesses can replace equipment that was stolen or accidentally damaged. What is coveredItems an employee needs to do their job were stolen from their toolboxA remote writer’s work laptop is stolen from their co-working spaceSafety work gear in a factory gets damaged on the job and needs to be replacedWhat is not coveredPersonal cameras that aren't being used in commercial activitiesKnives that a chef owns for personal use » Discover how contractor tools and equipment insurance can protect your business Borrowed equipment Business insurance can also include equipment that's not owned by a business but has been borrowed for temporary use. However, rental equipment is excluded from this. What is coveredA construction company borrows a bulldozer from a contractor and it's damaged in a stormA restaurant borrows a commercial oven for a special event and it's damaged in a fireA consulting business borrows electronic equipment (e.g., projectors) for a conference and it's damaged during a power surgeWhat is not coveredAn excavator rented by a mining businessA bulldozer that was damaged due to operator error Bottom Line We recommend getting affordable, tailored business insurance for your profession that gives you peace of mind, especially if you travel with your gear to different locations. This safety net can prevent you from shouldering the entire cost if any equipment gets lost, stolen or damaged. Your first step is simply answering a few questions to get an instant quote online. FAQs What does business insurance cover? Business insurance covers public liability, professional liability, tools and equipment insurance, etc. Small businesses can choose separate policies for their specific needs. Does business insurance cover tool theft? Yes. If a tools and equipment policy is part of your business insurance coverage, stolen items belonging to your business, your employees, and even borrowed equipment will be covered.
Asked a month ago