Courtesy of Jim @ Hub Insurance:
Your property and casualty insurance package will factor in your contents (equipment, office) and revenue (projected revenue in this case). As well being a startup new venture will be a bit more costly. I would budget between 3000-4000 in the first year. The directors & office policy will be more than the P&C policy. Since this is a new venture and there are no financials to show yet (underwriters ask for a minimum of 3 year audited financials in most cases). I would budget between 6000-8000 for the first year. Im awaiting for a mock inspection report also. Some questions that I know underwirters will ask about the operation… with all the equipment you mentionied would be on the premise and available to members, how will the safeety and maintenance of the equipment be maintained. ? Will the member be trained or sign off on waivers that they are skilled with the different equipment on premise? Think like a risk manager and liability exposure and how and where the potential accidets could happen. The insurance underwriters will be nit picking this very closely…. So heads up.