Balens insure a large number of gyms, health clubs, fitness centres, spas, salons, leisure centres and other businesses for their assets and Liabilities throughout the UK and Republic of Ireland. We have a variety of packages available with extremely wide cover and competitive premiums.
Depending on your size and individual requirements, a protection plan with risk management advice can be customised to your requirements. Below are some points for consideration. Please contact us for more information or a quotation.
Commercial Combined policy
Can cover buildings, contents, fixtures for such perils as: fire, storm, flood, burst pipes, lightning, malicious damage, theft etc. money insurance, loss of profits various liabilities, legal expenses. Terrorism is now not included but can be bought back for an additional premium.
In summary, this type of policy offers a variety of sections available under one wrapper, customisable to your individual business requirements, with options to pay monthly.
Covers perils as briefly described in Commercial Combined Policy above with the option to include subsidence plus property owners liability, (see Balens glossary for explanation of the various liability covers). Not normally required where you are a tenant or leaseholder.
As above but concerned with items other than the structure of the building and also things that you would normally take with you if you moved. Can include Equipment, Tenants Improvements to the buildings, Goods in Trust, Employees Personal Effects, Stock, etc. Cover can be increased to include Accidental Damage- i.e. breaking, staining, and other damage not specifically stated in the list of perils supplied by the insurer concerned.
Professional Liability Insurances
Treatments, Fitness Classes and Advice, Nutrition Lifestyle Advice all pose a vulnerability to you being sued- Balens have developed a specialist cover for this with a uniquely comprehensive wording. Please see other areas of our website on this topic.
Public Liability Insurances
This covers liability at law for causing injury to other people (not necessarily clients/patients) or for damage to their property, provided that no treatment or advice was the reason for the incident. "Trip and Slip" situations come under this protection.
Employers Liability Insurance
This covers the Employer for injuries sustained by any employees or work experience assistants. This cover is a legal requirement where staff are employed staff and the employer's liability certificate needs to be displayed in the workplace by Law. Self Employed People are not usually covered by this.
Products Liability Insurance
This covers the business for any defect in Health or Wellbeing products as well as food and drink sold, supplied or demonstrated to the customer or client, which may cause injury or damage. Even if the business did not manufacture the item concerned and innocently passed it on, under EEC directive, the Consumer Protections Act etc., it will still be initially held liable. i.e.. the last to pass on a product in a chain of supply will be held liable.
This covers loss or damage anywhere in the UK for travel to and from the bank- e.g. takings, wages and in the premises for the usual insured perils during business hours. Out of business hours cover reduces significantly unless money and credit card vouchers etc are kept in an approved locked safe. Some cover also is extended to an employees or director's house outside business hours. Personal Assault is also usually covered. Shortages and theft by employees cover may be very restricted.
Loss of profits insurance, Business Interruption (B.I.)
B.I. keeps the profit coming into a company if it can't trade due to a fire etc., particularly where a business is dependant on the building for its regular income e.g. a shop, warehouse, factory, or rented premises for property owners.
If you could quickly set up somewhere else and trade and may not lose income as a result, you don't really need Business Interruption cover, but should at least have Increased Cost of Working (ICOW) cover. This just pays the additional costs caused by the claim, including the main one of finding somewhere else and paying for it (lease and rents will carry on even if a fire has destroyed the building and you still have got to pay for somewhere else as well). There may be additional costs for getting extra staff, phones, etc.
The Insured period is usually based on 12 months expenses or Loss of Profit but can be based on a longer period, if for example the damaged building is listed or may for various other reasons take a lot longer and more money to repair/rebuild.
Directors and officers (D & O)
This covers the Financial Risks arising from the operation of a Limited Company or Charity, where there are Directors, Trustees or Council Members overseeing the operations of the organisation. They can be held personally responsible for losses arising from Breach of Fiduciary Duty, negligence, Mismanagement or Dishonesty causing Financial loss, various breaches of the Law. Can be extended to include Advice, Errors and Omissions, and may further extend to include Public Liability and Product Liability.
Commercial Legal Expenses
Any Business can incur expenses and be vulnerable under the laws of the land. There are a bewildering amount of laws governing the operation of a Business, whether Limited or Private. A legal expenses policy offers a wide range of support, information and cover for a range of legally related issues that can arise in the day to day running of a firm.
- Criminal Allegations Defence
- Data Protection Laws
- Discrimination Laws
- Health and Safety Laws
- Inland Revenue Investigation & VAT
- Contract Disputes
- Debt Recovery Services
- Employment Tribunals
- Employers Advice Lines
Employment practices liability - EPL
This covers costs and awards in the event of employee tribunals and other litigation and expenses in connection with employee issues. They typically are extensions of Commercial Legal Expenses policies or Directors and Officers/Professional Liability Covers. EPL is more expensive and more comprehensive than cover afforded under a Commercial Legal Expenses Policy.
Employee Benefit Schemes
You may also need financial advice to protect the business leaders, key persons and offer benefits to staff such as:
- pension scheme
- life and sickness covers
- private health insurance
Balens Financial can provide this in the UK- please see the other relevant sections of our website.