There are several barriers we need to overcome when we think about insurance. Aspects such as “it can’t happen to me”, “I’m too young for this”, “it seems too complicated” or “it’s another expense that I don’t need” are quite common. But everyday life and statistics about accidents, fires, storms, or other unfortunate events tell us that we should at least inform ourselves more.
There are companies that offer specialized coverage for cheer gyms. They are experienced in insurance and help you get the best coverage policy for your activities and your cheer gym. Also, these insurance companies offer you information regarding loss control tips and current safety practices.
Specialized insurance companies should provide property and liability coverage for qualified:
- Mobile gymnastic programs;
- Competitive cheerleading gyms that follow U.S. All-Star Federation (USASF) rules;
- USA Gymnastics (USAG) certified gymnastics schools.
Also, they should provide insurance policies for qualified clinics and camps which you may offer at your cheer gym.
There are more than thousands of fitness and sports organizations that already use these kinds of services.
How much does the coverage available for cheer gyms cost?
Commercial general liability is a must for all cheer schools. This offers you protection in case you are sued by someone who says that you damaged their property or caused them physical injury.
There are two levels of general liability protection you can choose from:
- $1 million per occurrence/$3 million aggregate;
- $500,000 per occurrence/$1.5 million
Note: aggregate refers to the maximum amount paid on all covered claims combined within the policy period and the occurrence refers to the maximum amount paid on a covered individual claim.
You can add extra liability coverages such as to your policy:
- Blanket Additional Insured’s included at no cost: used for landlords for demonstrations, recitals, performances, and locations on the policy;
- Fundraisers for current policyholders and special events;
- Exhibitions and competitions: coverage for you when you take part in tournaments and competitions which you don’t sponsor;
- Off-premises activities;
- Employee benefits liability.
Excess liability insurance offers extra protection which takes effect after you exceeded the limits of your general liability insurance. Some businesses offer limits of up to $5 million.
Accident medical insurance is required as it will cover the student’s medical costs in case they are injured at your gym or during the activities you sponsor and they don’t have their own health insurance, or their bills are higher than their insurance coverage. This insurance is sold like a minimum-earned premium policy. In case you cancel your policy, the insurance company will retain the minimum premium.
All cheer gyms are obliged to have accident medical insurance and there are three limits you can choose from:
Property insurance can be of different types, such as:
- buildings, that offer protection whether you rent or own the building;
- system breakdown offers protection when any pressure, mechanical, or electrical system damages; this includes air conditioning and heating systems, telephone systems, computers, boilers, hot water heaters, and refrigerators;
- business income offers protection in case your school is closed temporarily because of a covered loss, and covers your lost income and ongoing costs;
- business personal property offers protection for the equipment and content in your gym including special properties such as inflatables, tanning beds, and climbing walls.
Other optional business coverages include:
- inland marine, also called scheduled property provides property coverage for certain items listed on the policy which can be taken off-premises;
- crime offers protection in case an employee steals securities, money, or other assets;
- clinics and camps provide liability coverage in case you run a clinic or camp.
Why do I need insurance for my cheer gym?
There is no doubt that anything can happen to a business, and by having an insurance plan, you will be able to reduce the financial impacts thanks to the covered losses. Regardless of whether it is liability insurance in the event of unintentional damage done to your property or injuries, you must have insurance customized to meet your cheer gym needs.Cheerleading Insurance Cost