Do you really need equipment insurance as a fitness professional? It depends. Have you invested significant funds in your gear, and do you want to protect that investment in case of damage or theft? The answer is probably yes!
Learn everything you need to know about fitness equipment insurance, including what it covers, what it doesn’t, when you need it, how much it costs, and how to get it – fast.
What Is Fitness Equipment Insurance?
Equipment insurance is designed to cover the stuff you use for work in case of damage or theft. If your gear is broken or stolen, equipment insurance is built to help you repair or replace it.
The industry name for this type of coverage is inland marine insurance, but to make it less confusing, many companies refer to it as equipment, gear, or tools and supplies coverage. Insurance Canopy’s fitness equipment insurance is called Gear and Equipment Coverage.
What Does Fitness Equipment Insurance Cover?
Equipment coverage for fitness professionals applies to mobile items you use for work. This includes movable gym or workout equipment like:
- Dumbbells
- Kettlebells
- Battle ropes
- Jump boxes
- Medicine balls
- Resistance bands
- Sports equipment
- Yoga balls and mats
It also applies to the portable electronic or technical equipment you use to run your business, like:
- Laptops and computers
- Portable sound systems
- Portable payment systems
- Filming gear used for recording or streaming online workouts
Fitness equipment insurance covers losses caused by incidents like:
- Theft (in most cases)
- Vandalism
- Accidental damage (like dropping gear or damage during transport)
- Fire, smoke, or water damage not caused by natural disasters (that’s typically specific catastrophe coverage, like the National Flood Insurance Program)
What Does Gear and Equipment Coverage Not Cover?
Equipment coverage doesn’t apply to personal property that is not used for business purposes. It also does not apply to:
- Intentional damage
- Manufacturer defects
- Normal wear and tear
- Commercial buildings and structures
- Permanently-installed fixtures or equipment
- Damage caused by natural disasters
- Property shipped by sea or by air
- Vehicles and trailers (that’s Commercial Auto Coverage)
Fitness Equipment Claim Examples
Every claim is evaluated on a case-by-case basis, but the following are examples of what could be covered by gear and equipment insurance.
Example 1
You’re an independent yoga instructor who runs several park and rooftop yoga series in the summer. You provide your own resistance bands, blocks, extra mats, and ambient music through a Bluetooth speaker.
You run to a doctor’s appointment between classes, and leave your equipment in the locked car’s trunk, where it’s not visible from the outside. Someone still manages to break in and steal all the gear you need to teach.
While personal auto insurance policies typically cover damage to the vehicle itself, they may not cover personal or business property items that are stolen. That’s where gear and equipment insurance comes in.
Example 2
You’re a personal trainer who rents time and space in a gym. You store your own TRX straps, medicine balls, and battle ropes in your designated space. A fire breaks out overnight, and your equipment is destroyed.
The gym’s insurance may not cover property that isn’t a permanent fixture or property that isn’t owned by the gym. Your personal gear insurance can help you replace your lost items instead.
Example 3
You primarily train clients virtually and offer live 1:1 virtual sessions, live stream workouts, and pre-recorded workout videos. One day, your recording equipment is knocked over in your home gym and broken.
Homeowners insurance typically doesn’t cover property you use for business purposes, but your fitness equipment coverage does.
Gear and Equipment Insurance Tiers
| Tier | Limits - Per Occurrence / Aggregate | Cost | Deductible |
|---|---|---|---|
| Tier 1 | $2,000 / $2,000 | $1.33/month | $100 |
| Tier 2 | $5,000 / $5,000 | $5.55/month | $100 |
| Tier 3 | $10,000 / $10,000 | $10.67/month | $100 |
Each coverage tier comes with its own limits. The occurrence limit is the maximum the policy pays for a single claim, and the aggregate limit is the total max it pays for all claims during the policy period. They’re typically written as occurrence limit/aggregate limit.
Like with most insurance policies, the more coverage you have, the higher the cost. That being said, even Insurance Canopy’s highest coverage tier is less than $130 a year. That’s less than the cost of a standard Olympic barbell.
How Do Equipment Claims Work?
You have a personal trainer liability policy with Tier 2 gear and equipment coverage. Tier 2 has a $5,000 limit and a $100 deductible.
In one policy year, you have three claims:
- Claim A = $3,000
- Claim B = $500
- Claim C = $2,000
For Claim A, your policy pays $3,000 – $100 = $2,900, because the claim amount is under your per-occurrence limit and the deductible is subtracted from the claim amount. That $2,900 is then deducted from your aggregate (total) limit, leaving you with $2,100 for the rest of the policy period.
For Claim B, your policy pays $500 – 100 = $400, because your deductible applies to each claim. After this claim, you have $2,100 – $400 = $1,700 left on your aggregate (total) limit.
For Claim C, your policy pays $1,700 because that is the amount left on your aggregate (total) coverage limit.
If you have any more claims after this, your policy pays $0 because there is no more coverage left until your policy renews or you purchase more coverage.
Do I Need Fitness Equipment Insurance (How Much Coverage Do I Need)?
Your fitness instructor liability insurance does not include coverage for your equipment. To protect the things you use to run your business, you need gear and equipment coverage.
The amount of coverage you need depends on how much equipment you have and how much it would cost to replace it yourself. When choosing a coverage tier, first look at what your gear is currently worth. Here’s a quick overview:
| Equipment | Level of Coverage |
|---|---|
| Minimal gear, worth $100 or less | None |
| Some gear; one or two expensive pieces like a laptop | Tier 1 ($2,000) |
| Large, expensive, or extensive gear like squat racks, rowers, or full sets of weights | Tier 2 ($5,000) or higher |
How To Add Gear & Equipment Coverage To Your Policy
If you’re new to Insurance Canopy, you can get Gear and Equipment Coverage when you purchase your policy. Simply select the amount of coverage you want when prompted during checkout.
If you’re already a policyholder, you can add Gear and Equipment Coverage to your policy in a few clicks.
- Log in to your dashboard
- Click “Change policy options” under the Manage Policies section
- Under the Gear and Equipment section, select your desired level of coverage
- Click “Purchase selected options” and use the card on file to complete your purchase
Common Questions About Fitness Equipment Insurance
Does My General Fitness Liability Insurance Cover My Equipment?
No. General liability insurance applies to property damage caused to others. It does not apply to your belongings. You need gear and equipment coverage for your stuff.
If you run a gym or own multiple large exercise machines, you may need even more coverage with business personal property insurance.
What’s the Difference Between Liability Insurance and Equipment Insurance?
Liability insurance only covers bodily injury or damage done to third parties (other people or entities). It does not cover you, your gear, or anyone who works for you.
Equipment insurance protects your movable business items like dumbbells, stability balls, mats, bands, and similar equipment.
Does Equipment Coverage Apply When I Train Clients Outdoors or Travel?
Yes. Equipment coverage is designed to cover your mobile gear wherever you work. That includes taking stuff with you to clients’ homes, public parks, and other places.
Does Equipment Insurance Cover Wear and Tear?
No. Damage due to age, overuse, or neglect (not keeping up with proper maintenance) is not covered.
