I’m going from renting space in a gym to leasing space and offering classes. I’m currently with Sadler for PT and Philadelphia insurance for my PaddleFit. Do I need another policy for the building? Also os there a spreadsheet formula out there that can help me figure out how many clients I’ll need charges etc to make sure the leap is viable?
Harris and Sue are correct, you should call your insurance providers to sort this out. They can likely give you a quote for rented space or let you know whether there would be a cost to add on to your existing policies.
In addition, you should take a look at the terms of your lease. Your lease may require you to carry specific insurance and name the building owner, landlord, and/or management company as additional insureds.
In terms of a cost-calculator, you may be able to find a worksheet or spreadsheet online. I would suggest looking at udemy, which may have a course on small business finance. You should also see if your state’s office of small business assistance has a program, spreadsheet, class, or other resource. (Most states have some kind of free state assistance to small businesses. The specific name of the office may be different, and it might be under the secretary of state or secretary of commerce. The resources are generally good quality.)