Gym insurance primarily covers liabilities for staff and members, as well as expensive equipment cover.
To protect your business and your members. Whilst well run gyms are a safe environment, with heavy machinery around an accident can happen and could prove very costly.
PT's should have their own liability insurance, and as part of your contract with them you should stipulate this and ensure you check it annually. If there is a claim and an issue with their insurance, the claim would be made against the gym and affect your claims record.
You will need to notify your broker if you have Boxing/Martial Arts classes as these are typically higher risk.
There are three different tiers you can choose from with differing levels of cover. Cover typically includes death and disablement benefit, loss of limbs and sight, physio and compensation for broken bones and emergency dental.
Additional benefits for gym insurance can be cover such as equipment breakdown should your gym equipment breakdown and force a period of closure, for example.
A number of factors including: size, turnover and claims history. Always be prepared to give examples of health and safety procedures and if you have had claims in the past - what have you done to prevent them happening again.