Exercise Equipment Repair Shop Insurance

How to Find the Best Exercise Equipment Repair Shop Insurance

(Insurance is essential to the fitness of your business)

Exercise Equipment Repair Store Insurance

As an exercise equipment repair shop owner, you provide a valuable service to fitness enthusiasts — the repair and maintenance of exercise equipment. Expensive machines like treadmills and stationary bikes are costly to replace, making your services very attractive to a variety of people and establishments. 

There’s no doubt you’ve worked tirelessly to earn the business of loyal customers and local gyms. What would happen if something stopped your ability to operate in the blink of an eye? Could you afford to continue to pay your rent or payroll for several months? For most small business owners, the answer is no. That’s where having business insurance comes into play. 

An independent insurance agent can work with you to evaluate where you have exposures in your business and help you find affordable coverage.

What Kind of Insurance Do You Need for Your Exercise Equipment Repair Shop? 

You face a multitude of risks each day by simply running your business. Even with a well-planned risk management strategy, plenty can go wrong and leave you vulnerable to heavy financial losses. What events could harm your business?

  • An earthquake damages your building
  • A fire destroys all the equipment in your store
  • Someone breaks into your store and steals exercise equipment
  • Your property is vandalized
  • An employee is injured while working in your shop
  • Your building sustains water damage and your business closes for a month
  • A business vehicle gets into an accident

Because so many variables influence the type of coverage you need, it’s important to work with an independent insurance agent who can offer expertise and insight. 

Does Your Exercise Equipment Repair Shop Need Commercial Property Insurance? 

Property insurance is imperative for businesses of all sizes against potential damage. Typically, your building, its contents, and the property of others in your care are covered under the policy. Anything from natural disasters to theft and vandalism are covered in the case of a loss. 

What’s not covered under a basic property policy:

  • Employee theft
  • Floods and earthquakes
  • Wear and tear of equipment
  • Nuclear disaster
  • War

Some of these are available as added coverage or separate policies if a business feels they are at risk.

What Does General Liability Insurance Cover? 

A liability policy covers your store in case an injury occurs as the result of business operations. Imagine that you fail to repair a piece of equipment properly and a customer consequently is hurt. A liability policy covers the cost of damages.

A general liability policy has three areas of coverage: 

Bodily injury and property damage liability: This covers physical and psychological harm to someone resulting from normal business activities.

Personal and advertising injury:  This covers libel, slander, copyright infringement, and defamatory remarks in case of a lawsuit.

Medical payments: This pays out the cost of medical care in the case of an injury from your business operations or on your property.

What Is a Business Owners Policy?

A businessowners policy (BOP) is generally the most affordable way to purchase multiple forms of business insurance. A BOP typically includes both property and liability insurance, along with any other coverages you’ve determined your business could use. 

An independent insurance agent can help you decide what additional coverage is right for you. 

Does Your Exercise Equipment Repair Shop Need Business Interruption Coverage? 

If a catastrophic loss shuts down your business for a period of time, would you still be able to stay afloat financially? Consider all your business and personal expenses. According to FEMA, after a catastrophe, 90% of small businesses fail within a year if operations cannot resume within five days. 

 Fortunately, business interruption insurance can cover lost business income and other fixed costs until your store is up and running again. 

Where Do You Have Additional Exposures? 

Since you face specific risks as a small business, it’s important to evaluate all the potential exposures you face. Here are some additional forms of coverage that could protect your business from an unnecessary loss: 

Employee dishonesty: Did you know that employees can contribute to a loss of revenue? 


According to the Association of Certified Fraud Examiners, the average business loses 6 percent of its annual revenue due to employee fraud.

Employee dishonesty insurance can protect you from losing money due to fraud by employees.

Workers’ compensation: If an employee gets injured on the job, that can mean significant medical costs and lost wages. Workers’ compensation covers the cost of medical treatment and lost income from the injury to the employee. Each state has different laws pertaining to workers’ compensation insurance so check with your state board for requirements. 

Commercial automotive: Your exercise equipment repair store may use a vehicle for the transport of fitness equipment. It’s essential that the vehicle is properly insured just in case an accident occurs. Failure to insure a work automobile could result in financial ruin. 

What Is the Cost of Business Insurance for Your Exercise Equipment Repair Shop? 

Because your store experiences unique risks compared to other businesses, the cost to insure it will depend on the coverages you choose. 

Working with an independent agent can give you the peace of mind that you’ll get the most comprehensive coverage at the best price. An agent can show you ways to reduce costs of premiums, like implementing a security program or eliminating areas of risk. 


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Our independent agents shop around to find you the best coverage.

The Benefits of an Independent Insurance Agent 

Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working entirely for you. As your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying. 

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