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Getbig Bodybuilding Boards => Gym/Stores/Industry Business Board => Topic started by: MB_722 on January 29, 2013, 11:47:22 PM

Title: insurance on a fitness facility
Post by: MB_722 on January 29, 2013, 11:47:22 PM
of course I'm going to hear the dreaded don't even touch it. ...

curious on whats it like getting insurance for a fitness facility/gym location.

what do you need. what are the premiums etc?

waiver process?
Title: Re: insurance on a fitness facility
Post by: tonymctones on February 10, 2013, 03:14:19 PM
Im not sure but Id be willing to guess its pretty pricey. I would imagine though that the amount of money that you could potentially bring in if personal training had enough business could outweigh it substantially.

You should PM coach I believe he runs a facility so he might know.
Title: Re: insurance on a fitness facility
Post by: MB_722 on May 29, 2013, 09:12:22 PM
wheres Coach?
Title: Re: insurance on a fitness facility
Post by: ESFitness on July 29, 2013, 01:59:35 AM
I believe we pay $800/month for umbrella that covers trainers so long as they're employees of the gym... no independent contractors/1099 trainers working FOR the gym. Independent trainers who pay trainer rent need their own insurance of at least $1 million.

Insurance also depends on the gym owners net worth. Gym owner who's net worth was 22million paid 950/month vs. gym owner who's net worth is almost 3x that pays 800 vs gym owner who's net worth is about $200k (the equity in his home, pretty much) pays $1200.
Title: Re: insurance on a fitness facility
Post by: ESFitness on July 30, 2013, 12:20:03 AM
You know guys w/ net worths of $22 million and $66 million who are in the gym business?  

yes.

got in later in life. both as 'favors'.

one makes 99% of his income out of the gym (avocado orchards, property/real estate/developing) but spends 99% of his time in the gym trying to make money (he didn't).

the other is just a money man. Made the majority of his money in lettuce and horses. spends maybe 30mins in the gym each day and has no interest in day-to-day operations. actually a little less than 66 mil, but over 50.