Purchasing Insurance
Insurance can be one of your biggest expenses. While it is a necessity, make sure you do not pay for insurance you do not need; more is not always better. The more coverage you have, the more it will cost you. If you are running your own business, you want to keep your overhead low. If your expenses go up, you will have to pass on that cost to your clients by increasing your rates. Do not get oversold on insurance. Purchase only what you need.
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Keep good records of your policies and the payments you make. In the event that you need to file a claim, this information should be at your fingertips. If you have an insurance agent, they should also have copies, but don't count on it. Proper record keeping will allow you to file a claim and recover damages more easily.
As a consumer, you want the biggest and best bang for your buck. Before signing on the dotted line, obtain at least three bids from various sources. You might consider requesting bids from companies that specialize in insuring personal trainers and from some local agents. Compare the coverage they provide with the fees you will pay and find the best deal.
Reassessing Your Insurance Needs
Reassess what you need for coverage annually. As your business grows, so may your need for more or different coverage. Did you hire any employees? Move your business location? Acquire new equipment? Any of these factors may influence the type and amount of coverage you may need. Assessing your insurance needs annually may also help to defray costs from insurance you do not need. Reviewing your policy prior to the renewal date can ensure that you will be properly insured. Before you commit to another year, you might consider obtaining bids again to see if you can find a better deal.
