If you work for a sports league, then you are part of a unique organization. Not only are leagues exciting ways to provide your community with recreational opportunities, but they are also businesses. Therefore, your risk management plan will need to address both specialty liabilities related to sports and the standard liabilities that most businesses face.
League owners or managers that want to protect themselves and all of those who rely on them will need to build the right league insurance package. Bene-Marc, Inc. is here to help you find those coverage solutions, and we know that the most effective way to protect yourself is to start with the basics and then go from there.
Below, we’ve outlined several of the critical types of insurance necessary for sports leagues. Let’s take a closer look at how this coverage works.
Injuries will occur during sports. It’s just a fact of life. So, when players (or staff) get hurt during games or practices, they might need medical attention or even more exceptional assistance. Though this person might have health insurance, they might still have outstanding medical costs.
As a result, this coverage can assist the injured party with their medical bills. They therefore won’t suffer an undue financial burden as a result of an unfortunate accident.
General Liability Insurance
This aspect of your coverage helps protect your league’s assets when you make mistakes that harm other people.
Sometimes, you might neglect to provide a service or to adequately protect a player, spectator or other party. Should this negligence cause that person bodily injuries or property damage, then they might sue the league and blame them for the damage. General liability insurance can compensate them for their losses. You won’t have to spend critical league money trying to pick up the pieces of your mistake.
In many cases, general liability insurance contains personal & advertising injury coverage. This coverage pays when someone accuses the league of libel, slander or other personal harm, either caused through the league’s actions or their advertising.
For example, a competitor might allege that you did them harm through one of your advertising campaigns. Advertising injury coverage can pay the competitor for the losses they cause if their lawsuit proves your mistake was true. Additionally, it can cover your legal expenses resulting from the suit.
Property & Equipment Insurance
Perhaps your league’s headquarters experiences a property fire. Or, perhaps a thief steals thousands of dollars’ worth of equipment during a nighttime break-in. Given that many leagues must use equipment that meets certain industry standards, this could mean a huge monetary loss that you could struggle to overcome. Your property insurance will help you protect these items in cases of theft, vandalism, weather damage and other unexpected losses.
Keep in mind, however, that it is still the league’s job to maintain, refurbish and protect equipment. Therefore, if you simply neglect items and they eventually break, cause injuries or wear out, then your property insurance will not cover these items. Additionally, your liability insurance might not apply to injuries that occur from a neglected piece of equipment.
Most states require most businesses that have employees to carry workers’ compensation insurance. This coverage pays employees who get hurt or sick on the job. For example, if a league employee gets hurt around the office or on the field, then this coverage can pay them a replacement income and medical benefits during their recovery.
The reason workers’ compensation is an important benefit to carry is because it protects people who sustain an injury at work that impacts their ability to continue to work. So, when someone gets hurt, they might have to stop working for a time, and this could lead to insecurity for them. Workers’ compensation makes sure that doesn’t happen, and it frees the league from liabilities they assume by inviting employees to work for them.
Commercial Auto Insurance
If your league owns vehicles or if you carry passengers, then you will likely need commercial auto insurance. Your business has an investment in these vehicles and if accidents occur, then they could cost the league a lot of money. Commercial auto insurance will include specific coverage designed for the liabilities of businesses, rather than private drivers.
Most policies can offer liability, physical damage and medical payments coverage similar to the coverage required of private drivers. Our agents can make sure your policy offers all the coverage required of you by state law.
There’s always a chance that an employee or volunteer could steal money or property either from the league or from participants. Crime insurance addresses these losses when they occur and therefore help reduce your chances of a significant financial losses. This coverage works alongside property insurance when an inside threat causes a property loss.
Please note, these are just the basic types of coverage that might benefit your league. You might also need coverage for directors & officers, cyber liabilities, liquor liabilities and other parts of your business. Our agents will work closely with you to make sure you always get the appropriate solutions for all your coverage needs.