You’ve decided to turn your passion for climbing into a business, but you’re not sure where to start. After setting up the perfect layout and designing the courses, you may think you’re ready to open your climbing gym.
But there are a few more tasks that should be on your list before the doors open. One thing you must have is insurance coverage that protects you and your business.
If you’re unsure where to start, check out this quick guide on what kind of insurance coverage a rock climbing gym needs.
General Liability Insurance
When looking at insurance for climbing gyms, the first you should look into is general liability insurance. This is a comprehensive policy that can help protect your business from major events.
General liability insurance can protect you from bodily injury, medical payments, property damage, and legal issues. This isn’t a requirement for businesses to operate, but it can be a safety net in times of trouble.
Commercial Property Insurance
Opening a business is an investment, and you want to protect your investment. Everything in your gym, from the climbing equipment to the climbing walls to the safety equipment, is part of that investment.
You can protect your business with commercial property insurance. If you have an unforeseen disaster like a fire or flood that causes you to lose your equipment, this insurance can help you replace it.
Workers’ Compensation Insurance
All experienced climbers know that climbing can be dangerous. Even climbing in the gym can result in an injury if someone isn’t careful. That’s why you need to protect your employees in case they get hurt.
Workers’ compensation insurance will help pay for medical treatment for any work-related injuries. If the employee also lost wages because of the injury due to not being able to work, workers’ comp will help cover the cost.
It’s also a requirement in most states for businesses to carry workers’ compensation insurance.
Product Liability Insurance
You’ll need product liability insurance if your gym sells products, especially climbing equipment. This insurance will protect you in the case that a customer claims your products caused an injury or they fail while in use.
Learn more about accidents and coverage at getpomi.com.
In the case of a lawsuit, product liability insurance can help you cover the legal costs needed to defend your business. If the case were to end in a settlement, this insurance would help with the settlement payment.
Protect Yourself with Insurance Coverage
Running a climbing gym might be your dream job. You get to be around the sport you love every day and share that love with climbers at all skill levels. But running a business means dealing with behind-the-scenes needs as well.
If you own a climbing gym, you have to protect yourself and your business with the right insurance coverage. These four types of insurance are the right place to start. But for further coverage, you may want to ask an expert.
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