Gyms and fitness settings are vibrant places, with people coming and going all the time. If you have external contractors and therapists working on the premises, it’s important to be clear who’s on the books and who’s not, as regards your employers’ liability insurance. Ask your insurance adviser to review your contracts to check the liabilities you’re on the hook for.
Recruitment and retention
People may be your largest investment – it’s business-critical to get it right. In the war for talent, you want to be sure you have the right employee benefits to attract the brightest and the best. With the cost of recruitment services, it makes sense to retain people by looking after them well. Partners& can help put together a package of flexible employee benefits to care for the wellbeing of your team.
Did you know that most data breaches are down to people rather than systems? Your people are exposed to phishing attacks and other social engineering scams, where they can be persuaded to make transactions and share information. It can happen to anyone – make sure your cyber liability insurance is up to scratch.
Nobody wants to think their own staff would defraud them. But when times are difficult and oversight is limited, people can find themselves under pressure. That’s why it’s important to include cover for “fidelity” (theft by employee) in your insurance.
Who’s the lifeblood of your business? If you can name them, you probably need key person insurance.
If your business relies on the ideas, nous and revenue from particular individuals, it’s important to plan for worst case scenarios. Key person insurance is designed to protect your business from the financial impact of your “rainmakers” not being able to work– due to illness or accident.
Your board members and leaders are exposed to personal liability for their decisions. That means their home is on the line. What if you need to make redundancies and end up in an employee dispute? What if the business numbers suffer in the tough market we all face – will your stakeholders stand by you?
Directors’ and officers’ liability insurance can provide personal protection for your decision-makers.
COVID-19 and your people
In the current environment, Covid is a risk that has to be taken seriously. It’s important that you take all appropriate measures to keep your team safe. You should consider which employees need to work from your site and are there any that can potentially work remotely. Be aware that some employees may be keen to work from your premises, but others may be more apprehensive or have specific medical concerns. More guidance can be found via our risk management partners, Stallard Kane.
It’s important to work with an insurance broker who really understands the dynamics in your business, and can provide the right advice on which cover you need.
Partners& is a specialist insurance broker for gyms and health clubs. As a strategic partner with ukactive, we’ll help you to map out pitfalls and tread confidently as your business grows and changes. If you need to make a claim, we’ll stand shoulder to shoulder with you, getting you back on your feet fast.
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