have you priced insurance yet? seems like that would be risky business if some fat ass has a heart attack on your mat....
also, what if you break up?
going into business with a non-wife could not only ruin your relationship but be forced through nonsense afterwards. just a fair warning.
Insurance works out to be $800-$1,500 annually depending on the policy and where the market is for the year. I strictly sell commercial insurance and life insurance/disability insurance (mainly to my business owners) but we don't insure gyms. However, I'm comfortable with what the policy should and should not have - like Professional Liability coverage if we get sued for giving (allegedly) poor diet advice or coaching advice that results in an injury. The limits of insurance are also adequate and cover most all bases.
Haven't looked at a defib at all, but we should eventually get one. I actually should take a refresher course on CPR and the basics. The protocol has gone from chest pumping and breathing to strictly chest pumping in recent years.
As far as going into business with a girlfriend - I handle these sort of issues in my daily work because we help our businesses with business succession planning and estate planning (there's usually a need for life insurance and disability insurance to protect businesses, so that's where an insurance company fits in). We have an Operating Agreement in place that outlines us as 50/50 owners and gives a term of 120 days, if the other partner is not actively completing the activities listed in their job description, than the other party has the right to buy their shares. It's more complicated than that, but essentially if the other partner flakes and becomes a silent partner, they're gone within a year, if that's what either of us wants.
There's also provisions if I kick it, life insurance allows her to buy my shares and in return, my gets family paid their value in cash. The opposite is true as well.
There's a method for valuation built into the agreement and also provisions if either party doesn't feel that a fair valuation was completed. Then another third party business valuation can be completed at the contesting partner's cost. If the other party doesn't agree on that valuation, then we average the two and that's the value we use. If there's a point that we can't agree, it goes to binding arbitration.
Cliff notes;
I work in the insurance industry so I'm as covered as I can be by the policy. Using a specialty company to write the lines of insurance that I would recommend to a client in this industry.
No defib but we should get one and CPR courses.
There's an Operating Agreement that protects us and contains the Buy/Sell agreement for the business.
And that's not a "thanks but no thanks for the advice". I appreciate the insight because I'm 100% POSITIVE that there are things that I'm missing that are going to come up along the way. I'm trying to prepare for every outcome that I can think of, so any new angles are good.