The equipment you own as a personal trainer, fitness instructor, or gym owner is valuable and requires security because your business can't continue to run without them.
Gym equipment insurance pertains to several policies that are specifically designed to cover workout equipment of fitness instructors and gym facilities. You can use this to compensate the third party who sustained injuries after using workout equipment. This will also cover repair or replacement expenses.
Insurance companies include gym equipment policies in crossfit insurance programs and other related insurance products. This guide will talk about how each type works, the cost of premiums, and the best companies.
The different types of gym equipment insurance policies are general liability, inland marine, tools and equipment, commercial property, product liability, and marine cargo insurance. The sections below discuss how each works.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 |
A general liability policy can be used as a fitness equipment insurance because it can cover your liability for the use of defective equipment in the gym or any other fitness facility you operate.
To be clear, this insurance can help take care of costs if a poorly maintained or defective gym equipment injures its user or causes property damage. Use the table above to see which insurance company offers the best general liability insurance for gym equipment.
You can use general liability insurance to cover the following expenses each time a third party files a claim after sustaining injuries or property damage because of a gym equipment you own:
Medical treatments
Reimbursements for property damage
Settlements
Court judgments
Yes. A business equipment coverage can be added as an optional policy to general liability insurance. This will cover repair or replacement expenses in case theft, vandalism, and other covered peril happens.
| NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 |
Tools and equipment insurance allows you to cover the damage or destruction of gym equipment. Coverage applies regardless of where this happens. Tools and equipment insurance is available as a stand-alone policy or as an add-on to general liability insurance.
You can use tools and equipment insurance if gym equipment needs to be replaced or repaired due to theft, fire, vandalism, mechanical breakdown, electrical surge, and electrical shorts. Use the table above to see which insurance company offers the best gym tools and equipment insurance.
Yes, gym tools and equipment insurance comes with rental coverage. It may even be possible for you to name the owner of the gym equipment as an additional insured.
A stand-alone gym tools and equipment insurance provides $50,000-$100,000 coverage. An optional gym tools and equipment insurance, which is usually included in general liability policies, has a $2,500-$25,000 limit.
Get all the best quotes from leading providers in a click of a button!
| CoverWallet | NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $170,000 | $25,000/$500,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $18,000 | $25,000/$500,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded |
You might only think of purchasing commercial property insurance to insure the building of your gym or fitness facility. Well, you might want to reconsider.
The majority of insurance companies nowadays include contents or inventory coverage in their commercial property insurance.
This contents or inventory coverage allows commercial property insurance to cover the value of workout equipment, so long as they got damaged or destroyed while on the premises of your gym or fitness facility.
The contents coverage of commercial property insurance will reimburse the value of gym equipment that gets destroyed or damaged because of fire, theft, vandalism, and other covered perils.
| CoverWallet | NEXT (Best) | Hiscox | Thimble | |
|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $500,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $170,000 | $25,000 | $25,000/$500,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes |
You can bundle your general liability and commercial property insurance into a business owner’s policy.
A business owner’s policy is an insurance product that you can use to cover liabilities arising from injuries or property damage caused by your gym equipment. It will also cover the value of gym equipment and your gym facility’s building.
The best thing about a business owner’s policy is that it can be added with other types of gym equipment insurance policies such as inland marine or marine cargo insurance.
Inland marine insurance protects portable gym equipment during transit.
This is useful if you’re about to send a large batch of gym equipment to a buyer through the local shipping company. It’s also practical to have this insurance if you’re a personal trainer who owns a lot of portable gym equipment.
Inland marine insurance will cover costs if fire or loss happens due to fire, theft, vandalism, negligence, lightning, mysterious disappearance, and vehicular accidents while the gym equipment is being transported through a land vehicle.
You can purchase inland marine insurance as a stand-alone policy or add-on to commercial property and general liability insurance.
Product liability insurance can be used as coverage for gym equipment that you’re selling as an instructor, gym facility, or gym supplies center.
Buyers can run after you if the gym equipment they’ve bought caused injuries due to defects or incorrect labeling. The job of product liability insurance is to cover this exposure. With this insurance, you can cover the costs for:
Medical treatments
Property damage reimbursements
Legal defense
Court judgments
Product recall
Insurance companies offer $1 million-$2 million product liability insurance. You will find this automatically included in the general liability policy for your gym equipment.
Gym equipment insurance might not be the only insurance you need as a business or professional in the fitness industry. That said, consider investing in these other insurance policies.
Professional indemnity insurance for gyms and fitness facilities is a policy that protects the business if a customer suffers an injury or loss as a result of the negligence, misconduct, recklessness, mistakes, or errors of the gym or fitness facility staff.
This coverage can help protect your business from costly lawsuits and the financial implications of being mentioned in a lawsuit.
Also known as errors and omissions (E&O) insurance, professional indemnity coverage caters to costs, such as legal fees, compensation for lost wages or other damages, and any settlements or judgments.
Workers compensation insurance for gyms and fitness equipment protects professional gym and workout facilities from losses if employees are injured or become ill due to their job. This type of insurance is mandatory for employers who have employees. It typically covers medical expenses, lost wages, and compensation for disability or death.
Cyber liability insurance protects gym and fitness businesses against financial losses and liability arising from data breaches and cyber-attacks.
As many gyms invest in mobile apps that require consumers to sign-up and provide sensitive information, you're exposed to the risk of data breaches and cyberattacks.
Cyber liability insurance for gyms typically covers a wide range of costs that can be incurred as a result of data breach. These can include:
Legal and regulatory costs-This can include the cost of defending against lawsuits and regulatory investigations, as well as fines and penalties that may result from a data breach
Notification and credit monitoring costs–You must notify your clients whenever there's a breach of the confidential information you have about them. Notifying them comes with its costs as well as the expenses of providing credit monitoring services to those customers
Business interruption costs-This can include the cost of lost business income due to a cyber-attack or data breach
Data recovery costs–These are costs you incur for restoring or recovering data that has been lost or stolen in a cyber-attack
Public relations costs–Falling victim to a cyberattack dents your gym's reputation. Recovering from such a setback may require hiring a public relations (PR) firm to mitigate reputational damage resulting from a data breach. As usual, you'll need to pay for the service
Cyber extortion costs–Extortion costs can include the money you pay after a hacker requires a ransom so they can send you the code to recover your data
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $31 | $372 | $0-$500 |
| Tools and equipment insurance | $44 | $528 | $500-$1,000 |
| Commercial property insurance | $40 | $480 | $1,000-$2,000 |
| Inland marine insurance | $35 | $420 | $1,500 |
| Marine cargo insurance | $38 | $456 | $1,000 |
The average gym equipment insurance cost is $31 per month or $372 per year for a $1 million general liability policy. The cost of gym equipment insurance can vary widely depending on various factors, including:
Type and value of the equipment
Location
Size of the business
Level of coverage desired
The types of physical activities you provide
Here’s another table that shows how much the recommended companies charge for a $1 million general liability policy for gym equipment:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $18 | $216 | Best overall; Fastest general liability insurance for gym equipment |
| CoverWallet | $21 | $252 | Comparing gym equipment insurance quotes online |
| Tivly | $25 | $300 | Comparing gym equipment insurance quotes over the phone |
| Thimble | $27 | $324 | On-demand coverage for gym equipment |
| Hiscox | $28 | $336 | Gym equipment insurance policies that automatically renews every year |
| The Hartford | $36 | $427 | Quick payouts on gym equipment insurance |
| K&K | $40 | $480 | Gym equipment insurance for gyms with childcare |
Get all the best quotes from leading providers in a click of a button!
There's a large pool of providers offering business insurance to various industries. But your gym business faces unique risks which can only be covered by a company that provides industry-specific policies.
Here are the best gym equipment insurance companies. The reviews below talk about their pros, cons, and cost of a $1 million general liability policy.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
Insurance products from NEXT that can be used to cover gym equipment are tools and equipment insurance, general liability, and commercial property insurance.
The general liability insurance of NEXT grants a $300,000-$1 million worth of coverage in case someone gets injured or sustains property damage while using your gym equipment.
NEXT’s tools and equipment insurance is available as an optional add-on to its general liability insurance. This has a $3,000-$10,000 limit. Rented, leased, and borrowed gym equipment are covered aside from the pieces you own.
The amount of coverage your gym equipment can get from this company’s commercial property insurance will be based on how big your fitness or gym facility is. For example, a 500 square meter gym or fitness facility will receive an $18,000 contents coverage for gym equipment.
Best for: Best overall; Fastest general liability insurance for gym equipment
Average cost: $18 per month
Our rating: 10/10
Compare quotes online
Cancel a coverage anytime
Easy online policy management
Agents are instantly available if you need help
Not an insurance company but an insurance broker
CoverWallet is an insurance broker that allows you to compare numerous of gym equipment insurance quotes. Policies you can avail from this company are general liability, equipment breakdown, marine cargo, inland marine, and commercial property. You can also get in touch with a representative to avail other insurance products aside from gym equipment insurance policies.
Best for: Comparing gym equipment insurance quotes online
Average cost: $21 per month
Our rating: 10/10
Responsive customer service
A partner of many insurance companies
Compare quotes over the phone
You need to call to get a quote
Tivly sells inland marine, marine cargo, equipment insurance, and commercial property insurance for gym equipment. Your equipment policy from this company provides up to $50,000 worth of coverage. To know the limits of other policies and compare quotes over the phone, you need to call and talk with a Tivly representative.
Best for: Comparing gym equipment insurance quotes over the phone
Average cost: $25 per month
Our rating: 10/10
Commercial property insurance offers up to $500,000 worth of coverage for gym equipment
On-demand coverage
Quickly issues an estimate of your rates
You can’t reach customer service by calling
Thimble offers general liability, tools and equipment, and commercial property coverage for gym equipment.
This company’s general liability policy has a $1 million-$2 million per occurrence limit. This can be customized and added with optional tools and equipment coverage with a $2,500-$5,000 limit.
Thimble’s commercial property insurance is very comprehensive. It grants $25,000-$500,000 worth of coverage for your gym equipment. But note that this isn’t available as a stand-alone policy.
Best for: On-demand coverage for gym equipment
Average cost: $27 per month
Our rating: 9/10
Automatic policy renewal
Fast to process claims
In-house team of adjusters
5% discount if you buy two or more policies
Poor customer reviews on BBB
Hiscox covers your gym equipment with general liability policy and tools and equipment insurance. This company’s general liability insurance has a $300,000-$2 million limit. On the other hand, the tools and equipment coverage is sold as an add-on with a $15,000-$25,000 limit.
Best for: Gym equipment insurance policies that automatically renew every year
Average cost: $28 per month
Our rating: 9/10
A well-established and financially stable insurance company
The company offers a wide range of insurance products
The company has an extensive network of agents and brokers
The company has a strong reputation for customer service and claims handling
Company offers 24/7 claims reporting
A+ (Superior) rating from A.M Best for financial stability
The company's rates may be higher than some other insurance providers
Not all businesses may qualify for coverage with The Hartford
Some customers may find that the company's online presence and customer service options are limited
The Hartford has been around since 1810, so it's a large insurance company providing a wide range of insurance products for independent contractors and brick-and-mortar fitness centers. It also provides business owner's policies (BOPs) that combine general liability coverage, commercial property insurance, and professional liability.
It's an insurance company that works with a large network of agents and brokers. Therefore, you can be sure that you're getting insurance from an agent who understands the local market and the risks your gym faces. They'll explain to you what coverage policies you require and the pricing options for your business.
Apart from that, the company allows customers to file insurance claims 24/7, and you can be sure that you'll get your settlement because the company boasts an A+ rating from A.M Best for financial stability.
Best for: Quick payouts on gym equipment insurance
Average cost: $36 per month
Our rating: 8/10
A reputable insurer with a long history of providing insurance coverage to businesses
Specific insurance products for fitness and sports equipment
A large network of agents and brokers
The company has a strong reputation for customer service and claims handling
Insurance rates may be higher than some other insurance providers
Some customers may find that the company's online presence and customer service options are limited
K&K is an insurance provider that offers a range of insurance products for businesses, including general liability with add-ons like inland marine for your gym equipment. This policy is ideal for smaller businesses (your gym must be at most 3,000 square feet and have $2 million or less in annual revenue.
Other insurance policies that the company provides are commercial property coverage and workers' compensation insurance. It's worth noting that K&K is an insurance provider that offers a wide range of products. It would be best to discuss with a local agent or broker to understand the particular coverage and pricing options available for your business.
Best for: Gym equipment insurance for gyms with childcare
Average cost: $40 per month
Our rating: 8/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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