7 Key Things to Revisit in Fitness & Wellness Insurance Policies Before the New Year

The end of the year is an ideal time to step back and evaluate your business. That includes re-examining your financials, operations, and overall strategy. For fitness and wellness business owners, it's also important to take a close look at your insurance coverage. Making sure your policies are current and comprehensive is one of the best ways to protect your business and the hard work you've put into it. 

Why annual insurance reviews are important

Running a fitness or wellness business comes with unique risks. Slip-and-fall accidents, equipment malfunctions, or client injuries can happen when you least expect them. Add in potential property damage, and you've got a wide range of scenarios that could put your business at risk. 

That's why it's essential to confirm that your insurance coverage still matches your operations, assets, and exposure. Your business likely doesn't look the same as it did when you first signed up for coverage. You may have added new staff, grown your client base, or invested in new equipment. Reviewing your policies annually helps you: 

• Identify gaps in coverage that could leave you vulnerable
• Prevent underinsurance by ensuring your coverage matches your business's value and scale
• Adapt to market changes and industry risks that affect fitness and wellness providers
• Account for changes in operations, like new classes, services, or expanded hours
• Adjust for fluctuations in staffing or client volume
• Include new facilities or upgraded equipment
• Stay compliant with any new regulations 

7 key areas to revisit in your insurance policy

As you review your policies, there are several areas worth a closer look. These key coverages form the foundation of your protection plan and can make a major difference when unexpected events occur. 

1. General liability limits

General liability insurance protects your business from third-party claims of bodily injury, property damage, or personal injury. Make sure your limits are high enough to cover potential lawsuits or settlements, especially if your business has grown since you first established your policy. 

2. Business interruption insurance

If a disaster, natural or otherwise, forces you to close temporarily, this coverage helps replace lost income and operating expenses. Check that your policy covers realistic time frames and revenue levels for your current operations. 

3. Equipment and property coverage

Your equipment and property are central to your services. Whether it's treadmills, Pilates reformers, or spa chairs, equipment breakdowns or theft can halt your business operations. Ensure your coverage reflects the current replacement value of your assets, including any new additions or facility upgrades. 

4. Workers’ compensation

If you've added staff or contractors, it's time to update your workers' compensation coverage. This protects both you and your employees in the event of a workplace injury and ensures compliance with state labor laws. 

5. Product liability

Selling fitness and wellness products, like supplements, skincare, or workout gear, can expose you to product-related claims. If your retail offerings have expanded, confirm that your policy includes adequate product liability coverage. 

6. Umbrella or excess liability

For businesses with high exposure or multiple locations, an umbrella policy provides an extra layer of protection beyond your primary limits. You should consider this if your clientele or operations have grown, or if you've signed larger contracts requiring higher coverage. 

7. Special events coverage

Events like holiday parties, charity events, or fitness competitions may not be covered under your standard policies. Adding special event coverage can protect you from potential claims related to accidents or damages during one-off events. 

Protect your business for the year ahead

Reviewing your insurance coverage each year helps ensure your business stays fully protected as it evolves. The right coverage goes beyond protecting your equipment or facility and can also safeguard your reputation, your livelihood, and the people who rely on you. 

Getting the right coverage starts with finding an insurance provider that understands the unique risks and needs of fitness and wellness professionals. Mindbody Insurance offers specialized protection designed specifically for studios, gyms, spas, and wellness businesses.  

From general liability and workers' compensation to equipment and property coverage, you can find affordable, comprehensive options tailored to your operations. With policies tailor built for your industry, you'll have the confidence to focus on growing your business—knowing you're protected from whatever comes your way.