Why does a fitness instructor need professional indemnity insurance?
Like all those providing professional services, fitness instructors provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the fitness instructor may well be held to account for any financial losses with legal action and fitness instructors professional indemnity insurance is designed to mitigate the effects of such actions.
What does fitness instructors professional indemnity cover?
The fitness instructors professional indemnity insurance policy protects the policyholder against claims made against them in respect of their legal liability for losses arising from a breach of professional duty.
What limit of indemnity does a fitness instructor need for professional indemnity insurance?
The limit of indemnity your require under your policy is generally for you to decide based upon your own assessment of the exposures you face in your business and the likelihood of a claim or number of claims. Many policies for fitness instructors will have a limit in the aggregate and you will need to include this in your considerations.
Are fitness instructors professional indemnity policies on a claims made or claims occurring basis?
The majority of professional indemnity insurance policies for fitness instructors are issued on a claims made basis and this has implications that need to be considered when you cease trading, sell your business or retire with a possible run-off insurance requirement.
What is the retroactive date under a professional indemnity policy for a fitness instructor?
Policies on a claims made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first fitness instructors professional indemnity policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.
How much is fitness instructors professional indemnity insurance?
The cost of your fitness instructors professional indemnity cover will depend upon a few key factors including the exact nature of the work you undertake, how much work you undertake annually, your previous experience and whether you have previously had any claims made against you. Generally speaking the cost of professional indemnity insurance for a fitness instructor has reduced in recent years as a result of greater competition and a greater awareness of the risks faced by fitness instructors?
How can I buy professional indemnity insurance for fitness instructors?
You can apply on-line or call us directly to discuss your requirements with one of our professional liability brokers.