Budgeting – Fitness Center Insurance Needs and Tips

Most fitness center owners and managers don’t give their insurance policies a second thought — until they have a claim and find out they aren’t completely covered. No one likes to dwell on the intricate details and fine print of an insurance policy, but, as time goes by and your facility changes, it’s important to make sure that your insurance policy reflects the current state of your business. You should review your policies at least once a year, and December is a great time — before the New Year’s resolution crowd floods into your facility and takes up all of your time.

Insurance2 1207 FmIt’s a good idea to get your risk management director involved in the process. He or she needs to know the limits of your policy and what to do to decrease potential claims. Lisa Dreiling, director of benefits and risk management for Wellbridge, Greenwood Village, Colo., says, “Our insurance claim reviews occur at the corporate level. The executive team and I complete quarterly reviews of all claims above a certain monetary threshold, and discuss the claims with our adjusters. This allows us to make decisions while everyone is in one place, focused on one matter. We review all policies once a year, including casualty and executive liability insurance.”

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