One more minute. One more mile. One more hill.
Spin studios push people to give their all. You understand the domino effect that one great workout can provide.
But none of that happens if the unexpected closes your doors for good. That’s why spin studio insurance is essential. You have the necessary protection if and when it’s needed.
American Speciality Express is one of the largest insurers of boutique studios across the country, including a variety of spin studios. That means we don’t just understand insurance. We understand your business.
To help provide clarity on a topic that confuses many studio owners, here’s a simplified look at the different types and applications of spin studio insurance.
General liability insurance is probably what you think of when you hear the word insurance. It’s important for your business for more than one reason:
First, it meets the contractual obligations of the space you rent. Your landlord will ask for your certificate of insurance each year and ensure that proper limits are met.
Second, it offers protection for you as well as your financial assets. If someone gets injured while attending class, you don’t want that accident to harm you on an individual or business level from third parties who allege bodily injury, property damage, or personal and advertising injury.
Imagine your studio was in the path of a tornado. Commercial property insurance offers different layers of protection and would support you in several different ways:
Business Personal Property coverage would help you replace essential items like spin bikes and speakers.
Tenants, Improvements, and Betterments cover any new enhancements you may have made to the property such as installing new flooring.
Business Income coverage helps you pay bills while your studio is being repaired due to a covered property claim.
The two types of coverage above provide the main coverages all studios need to purchase. However, there are additional options to consider:
Hired And Non-Owned Auto Coverage protects the studio if someone working for you gets in a car accident while running a business errand.
Excess Liability Insurance offers greater limits of coverage on top of your general liability, which may be a requirement of your lease.
Professional Liability covers you if a patron were to claim that your program did not provide the desired outcome.
Instructor Insurance provides coverage for any fitness instructors or personal trainers who work with you as independent contractors.
Additional questions we often hear include:
Prices vary based on your wants and needs, but the cost of spin studio insurance starts at $452.
We can provide coverage for both.
Do You Cover Additional Special Events?
Whether it’s for marketing or as a fundraiser, we do cover some special events such as a 5K race.
Spin studio insurance doesn’t have to be intimidating or confusing. If you have any questions, contact American Speciality Express.
When you’re ready to get started, get your online insurance quote in minutes.