MONDAY, JULY 17, 2023
Operating a sports-related organization can be exciting, entertaining and rewarding. However, hosting, organizing or operating sports functions may include many risks and exposures. If you take responsibility for the health and wellness of athletes, participants, spectators and other individuals, adequate loss control measures, including a comprehensive insurance portfolio, are essential.
What Is Sports Insurance? 
Sports insurance may not refer to a prearranged policy or single type of coverage. While some insurers may provide products to insure you against various risks and exposures common among sports organizations, you may also need to compile several policies to form an adequate insurance portfolio.
What Coverages Do Sports Organizations Need?
Whether you work with elite athletes, operate school-related athletics or host a youth sports camp, your organization likely must account for common risks and perils. When building your sports insurance portfolio, consider the following:
- General liability insurance—This coverage may provide financial assistance if a third party, such as a spectator or passerby, accrues losses for which your organization was responsible
- Commercial property insurance—This part of your insurance portfolio may financially protect your organization’s physical property, including buildings, equipment, inventory and furniture.
- Accidental medical expense insurance—If participants are injured during a sporting event you are hosting, this coverage may help pay for their medical expenses.
- Accidental death and dismemberment insurance—If an incident for which your organization is responsible leads to a participant dying or developing a disability, this coverage may insulate you from financial losses.
- Business interruption insurance—This coverage may help pay for expenses and losses arising from a covered disruption of normal operations.
- Workers’ compensation insurance—If one of your employees is injured on the job or develops a work-related illness, this coverage may help pay for your legal costs, as well as their medical expenses, lost income and disability benefits.
- Professional liability insurance—If a participant accuses your organization of providing inadequate services, such as coaching or training, this coverage may help pay for resulting losses.
- Cyber liability insurance—This coverage may provide financial security in response to data breaches or other cyber incidents, such as those involving the sensitive data of your athletes, clients and customers.
- Commercial auto insurance—If your organization utilizes motor vehicles, this coverage can provide critical financial protection following accidents or other damages.
- Commercial umbrella insurance—This type of secondary coverage may provide additional financial assistance if the liability limits of your other insurance policies are exhausted.
Get the Right Coverage
With over four decades of specialty experience serving the coverage needs of sports organizations, the dedicated staff at Bene-Marc Inc. are well-equipped to help you assemble an ideal insurance portfolio. We will work with you to assess your circumstances, explore your options and ensure financial security. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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