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Whether you run a gym, yoga/pilates studio, martial arts centre, or a sports coaching business, it’s important to have insurance to protect yourself. If you have a physical premises, you’ll need to ensure your capital investment is protected against major risks like fire or vandalism. If you have wellness/fitness employees, they can be prone to injuries, so you’ll to cover them for their medical expenses.
Provide offers wellness & fitness entrepreneurs the quickest & easiest way to protect their livelihoods.
What does insurance for Wellness/Fitness businesses cover?
If you run a wellness/fitness business, you’ll need a few types of coverage to really protect yourself from the cost of things going wrong:
Coverage | Explanation | Importance for wellness/fitness businesses |
Pays for physical damage to your business premises. Damage includes fire, some types of water damage, explosions, break-ins, vandalism, etc. | Critical | |
Pays for liability to third-parties (e.g. members of the public) if they get injured, or their property gets damaged. E.g. spectators hit by a football during a match you organised. | Critical | |
Pays for work-related injuries/sickness. | Legally required for all manual workers (e.g. fitness instructors, sports coaches), or workers who earn <$2,600/month | |
Pays a cash benefit if your business shuts down due to covered reasons, like suffering a fire, collapsed roof, etc. | Very good to have | |
Pays for medical costs for foreign employees. | Legally required for all S-Pass and Work Permit holders |
Commercial Property Insurance: If you have a physical premise for your wellness/fitness business, then it’s important to protect that property. It’s not cheap to rent (or buy) a commercial property, so you should cover it against major risks like fire, explosions, break-ins, and vandalism. Commercial Property policies are also known as “Industrial All Risk” or “Property All Risk” Insurance. This pays for costs to replace or repair things like your business premises, renovations you’ve done, fixtures and fittings you’ve installed, equipment you store on site, and business inventory that you might have.
Commercial Property Insurance covers risks like fire, explosions, break-ins, vandalism, and certain types of water damage,
Public Liability Insurance: If your business results in injuries or property damage to third-parties, you could get sued. Public Liability Insurance would help to cover these liabilities. This policy pays for costs like lawyer’s fees, and the cost of settlements/damages.
Work Injury Compensation Insurance (WICA Insurance): Singapore law requires this insurance for all manual workers, and workers who are paid below $2,600/month. The law mandates that employers compensate their workers for work-related injuries & illnesses. Examples of manual workers include: fitness instructors, yoga teachers, pilates teachers, dance teachers, sports coaches, cleaners, and more. Â
WICA Insurance will pay for work-related injuries/sicknesses that your employees suffer. This is important, because medical bills in Singapore can reach quite high amounts.Â
Business Interruption Insurance: This is very useful for companies, because it helps to defray operating expenses if you can’t generate revenue. This policy pays a cash benefit if your business shuts down for covered reasons – for example, if an explosion impacted your business.Â
Foreign Worker Medical Insurance: Singapore law requires this insurance for all S-Pass and Work Permit holders that you hire.
What kinds of Wellness/Fitness businesses should carry insurance?
Popular examples include:
- Gyms
- Martial Arts Gyms (MMA, Boxing, Muay Thai, etc.)
- Sports Coaching Services (e.g. football, basketball, tennis)
- Yoga/Pilates/Dance Studio
How much coverage do I need for my Wellness/Fitness business?
Commercial Property Insurance: For a 1,000 sq ft wellness/fitness space, have a bare minimum of $100,000 protection. If you have expensive equipment, add the cost of that equipment to this base amount. You should consider having $100,000 extra cover for every additional 1,0000 sq ft of space that you operate in.
Public Liability Insurance:Â Ideally, you’ll need to have at least $500,000 to $1 million coverage. Most commercial landlords and client contracts will also ask for these cover amounts.
WICA Insurance: Singapore law requires $45,000 medical costs coverage, per worker. The law requires this for manual workers, and workers who earn below $2,600/month, but ideally you should insure all your employees.
Business Interruption Insurance:Â Run some calculations on the gross profit that you would lost if you couldn’t run your business for 3-6 months. You should cover at least that amount. Most wellness/fitness companies will benefit from at least $50,000-$100,000 cover.
Foreign Worker Medical Insurance: Singapore law requires $15,000 coverage per foreign worker. Only applies to S-Pass and Work Permit holders. It is not required for Employment Pass holders.Â
How much does Wellness/Fitness business insurance cost?
Wellness/Fitness business insurance is very affordable. Company owners would do best by opting for a Business Insurance Package Deal. This package deal provides you with comprehensive cover against the major risks that wellness/fitness entrepreneurs face. A Business Insurance Package would include:
Coverage | Coverage amount (example) | Premium |
$100,000 | From $19/month, for a comprehensive Wellness/Fitness Business Insurance Package | |
$500,000 | ||
$10 million common law annual limit $45,000 medical expenses cover per worker | ||
$10,000 | ||
$15,000 cover per worker | From $6/month, per worker |
Why use Provide for Wellness/Fitness business insurance?
- Save up to 25% on your premiums
- Save time with our online platform to manage renewals, file claims, & more
- Insurance experts with 20+ years combined experience to provide tailored advice
- Available by phone 7 days/week
