Essential Insurance Policies
Manage Your Risks for More Rewards
2023 Issue 3 | GearedUp
48
Owning a Planet Fitness ® franchise comes with both risks and rewards . In a perfect world , nothing would ever go wrong . Unfortunately , there ’ s always a chance of fire , bad weather , crime , flooding , an active shooter , a lawsuit and more . In the event of an impactful event , it is important that franchisees are prepared to handle the situation appropriately .
Essential Insurance Policies
Planet Fitness franchisees must carry several required policies under the Franchise Agreement , such as property and liability insurance . Some landlords also require certain policies . Outside of what is required , some franchisees may look to securing other insurance policies to be on the safe side .
Dominic DeCoux , CFO of Black Duck Partners , considers policies for directors and officers ( D & O ) and crime . Directors and officers liability insurance protects the personal assets of corporate directors and officers and their spouses in the event they are sued for acts while managing the company . This policy is not required in the FDD but is still crucial .
Unfortunately , crime happens everywhere , and gyms are no exception . This is why policies protecting against crime are so imperative . To keep its members out of harm ’ s way , Black Duck takes approaches to ensure all-around security . by Julia Sanders
“ Safety can be viewed from many different perspectives . We consistently maintain equipment and physical premises to make sure the members have a safe place to exercise . We also install security cameras to help deter crime , which protects both the members and the staff . In some areas , we hire additional security guards or at least maintain more than one person clocked in during certain shifts ,” said DeCoux .
EPIC Fitness Group outlines protocols in its employee handbook , so team members know what to do in case of an emergency .