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InsuranceWorker’s compensation [I have workers compensation for my personal trainersPublic liability insurance [We have public liability insurance, which covers any third party death or injury. It is sourced through registration with Fitness AustraliaProfessional indemnity [We also have professional indemnity; This covers any legal action taken out as aresult of your professional advice. It is also sourced through registration withFitness AustraliaBusiness assetsWe have our business assets insured in the event of a fire, burglary, or damage.This is our PT equipment and company cars/laptopsBusiness revenue [We will insure our business in the event of business interruption where wecannot trade because of an event and are unable to make money. Thisis to save our income.14BUS12 BusinessAssignment v2.2 (2019/03/18)
Risk management [List the potential risks (in order of likelihood) that could impact your business.]Describe the RiskRate theLikelihoodImpactStrategyClient not showing up for session with no noticeLikely]Medium[Message them before the sessionto double check they are still available and know what time andlocation etc.Old electrical cable or faulty machinesDeath due to electrocutionHighly UnlikelyHighEquipment electrically safety tested, cords and equipment checked in weekly equipment checkWork becomes stressful and I have a panic attack requiring time off work over more than 7 daysUnlikelyMedium Ensure I work not too long/short hours.Don’t over book myselfClient trips over debris on theground when performing taskHighly LikelyMediumMake sure you clear the space first.Client drops weight on themselves while attempting to perform a taskUnlikelyHighEnsure client is not over-working themselves and working with weights they can manageLegal considerations [Choose which laws may be relevant to your business. If you are unsure look up the act online. Explain in a couple of lines how the act relates to your business and how you will cater for it. You can find information on these at .This is not designed to be exhaustive in terms of the Act’s and Law’s relevant to your business, we recommend you seek legal advice from an appropriately qualified professional before starting a business.]Act/LAWRelevant tobusinessWhy?Privacy ActYesMaintaining client and staff records. Will ensure client and staff privacy is maintained securely and not provided to third parties. Will not source information from clients or staff not relevant to their dealings with the business.Competition and Consumer Act 2010YesPersonal Training will not engage in misleading conduct. Marketing materials will not include any deceptive or misleading information. Contracts will be fair. Australian Contract LegislationYesValid contracts will be made with members. All terms andconditions will be provided to the member in the contract. Personal training will fulfil all services to a satisfactory standard as specified in the contract.