THURSDAY, JANUARY 27, 2022
Sports organizations have many responsibilities, no matter what age or skill level they work with. From scheduling practices, competitions and travel to setting up and maintaining equipment—the jobs and duties are numerous. While sports can bring a lot of excitement and fun for the athletes, their families and spectators, they can also expose your organization to various risks that could result in significant losses.
Having the right athletics insurance in place may help protect your sports organization and participants financially. At Bene-Marc, Inc., we specialize in athletics and special events insurance and can assist you in securing the needed coverages. Contact us today for more information.
What Benefits Does Athletics Insurance Provide?
Even with extensive training and robust risk management practices, your athletics organization is still vulnerable to costly lawsuits. Having the right coverage in place may help provide financial safeguards in these situations. Additionally, having the right insurance coverage may help cover medical expenses if a participant is injured while playing. Knowing proper insurance is in place may help provide peace of mind to both the athletes and the organizers.
What Does Athletics Insurance Cover?
Athletics insurance may provide coverage for risks that arise from operating a sports organization. Whether you run a league, camp, tournament, club or team, securing the appropriate coverage may help protect your organization. Coverage options include:
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General liability insurance—General liability insurance may provide coverage if a third party (e.g., spectator, athlete) files a lawsuit alleging your organization’s negligence caused bodily injury or property damage. This coverage may help pay for legal fees and medical expenses that arise from these claims.
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Accident/medical expenses insurance—Accident insurance or medical expenses insurance may help cover a participant’s medical expenses if they are injured during your organization’s event. This could lower the chances of a lawsuit being filed since the injured party’s medical bills may be covered. Catastrophic accident insurance may supplement your accident insurance if a participant suffers a severe injury that exceeds your base policy limits.
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Professional liability insurance—This may provide coverage if a negligence lawsuit is brought against your athletics organization regarding the professional services provided.
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Directors and officers (D&O) liability insurance—This may provide coverage for the directors and officers of your organization if they are sued for the actions they took while managing your athletics organization. A D&O policy may help protect directors and officers from losing personal assets due to legal action.
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Property/equipment insurance—Property insurance may provide coverage for your buildings and their contents if they are damaged by covered events such as fire, theft or vandalism. Equipment insurance may also be available to protect your sports equipment if they are damaged as a result of a covered peril.
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Crime insurance—This may cover your sports organization’s financial losses that occur due to covered business crimes such as fraud, embezzlement or forgery.
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Cyber liability insurance—If your sports organization utilizes online transactions, this may provide coverage if you experience a data breach or a cyberattack.
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Workers’ compensation—If your employees suffer work-related injuries or illness, workers’ compensation may help pay for their medical expenses or lost wages.
Other protections may be available to cover your organization’s unique needs. The experienced professionals at Bene-Marc can review options, exclusions and limits to help you build a comprehensive athletic insurance portfolio.
What Does Athletics Insurance Cost?
The cost of athletics insurance depends on several factors. The size and location of your sports organization and your selected coverages and claims history may all play a role in determining the premiums. Bene-Marc agents can work with you to help find a plan that works with your budget. Contact us for more information.
Securing Athletics Insurance Coverage
There are numerous options for athletics insurance and securing the right plan may seem daunting. The experienced professionals at Bene-Marc can help you navigate these coverages and assist you in putting together an insurance portfolio that meets your needs. For more information or a quote, call us at 800-247-1734 or visit our website.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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