Personal Trainer Insurance Important Things To Consider
In our increasingly litigious society, taking people to court has replaced lottery tickets as the hot get rich quick scheme. Cases such as the infamous "McDonalds' Million Dollar Coffee" suit and even the tobacco settlements by the states have increased the risks of running a business.
Insurance rates have skyrocketed as the American Trial Lawyers Association keeps killing tort reform at the state and local levels. But its even more critical now to make sure that your have adequate personal trainer liability insurance coverage.
Due to the physical nature of personal training, liability insurance is an increasingly important part of your business. Your clients will be working out, accidents and injuries will happen.
So as you shop for personal trainer insurance, here are some important considerations to keep in mind:
1) You need to have at least half a million dollars ($500,000) in liability insurance as a personal trainer. Liability insurance means that if a client takes you to court, the costs of the court case come out of the insurance package, and the insurance company will defend you; any settlements due come out of your coverage.
2) You need to examine the policy carefully. Things to look for: Does it only cover you for injuries sustained by a client on premises? If so, look somewhere else, as this leaves you naked and bare to the wind if the client injures him or herself at home, or following a workout on the Internet, which is a major growth segment of the personal trainer industry.
3) When looking for personal trainer insurance, it pays to be part of an association. The annual membership fee is nearly always made up for in being able to buy insurance at group rates.
4) Always, always, always comparison shop. Whenever your policy is due for a renewal, comparison shop again. Rates and risk tables changes every year but insurance carriers don’t always pass the savings on to current policy holders. It's in your best interest to check the prices on competing quotes every year, or to talk to people you trust who have done so.
5) Be sure to read every insurance contract carefully, and ask questions on every clause. Those contracts may change their stipulations, or make small, but very important changes in coverage.
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