The Best Ways to Trim Your Facility's Insurance Costs

In this difficult economic climate, do you use a hatchet or a scalpel to trim your facility's insurance costs?

Taking a scalpel to an insurance policy means looking carefully at premiums and plans - and it may be difficult to get significant results. "Insurance premiums, in general, are a very low percentage of the overall operating budget of any health club. Shaving a couple of hundred dollars in premium is unlikely to make an impact on the club's profitability," explains Ken M. Reinig, senior vice president of Association Insurance Group, Lakewood, Colo.

No matter what, reducing your fitness center's insurance carries a risk. "Cutting insurance costs unfortunately often translates into cutting protection and coverage," says Reinig. For this reason, it's important to weigh the risk of cutting insurance coverage with its financial benefits. "Opting for less coverage or limits or a higher deductible always comes with some risk, especially in distressed economic times," says Sheila Morton, sales director for K&K Insurance Group, Fort Wayne, Ind.

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