Intercollegiate sports organizations take on numerous responsibilities. Whether it is scheduling practices or competitions, working on sponsorship deals or maintaining rules and regulations, these entities are constantly involved in many behind-the-scenes functions. Securing the right insurance for your intercollegiate athletes is also crucial as proper coverages can help ensure financial assistance is available after loss-causing events.
The Bene-Marc Inc. team can use its knowledge and expertise to help your sports organization build an optimal insurance plan. Contact us today to get started.
What Sports Insurance Do I Need to Cover Athletes?
Numerous insurance options are available for intercollegiate sports organizations, including the following:
General Liability Insurance
General liability insurance may provide coverage if you are responsible for the property damage or injuries to third parties (e.g., athletes or spectators). It can help compensate them for their losses (e.g., pay medical bills) and cover legal expenses.
Ensuring student-athletes have health insurance is essential. It can cover prescriptions, labs, doctor visits, diagnostic tests and routine care. It can also reduce athletes’ out-of-pocket costs.
Base Plan Accident Insurance
With the nature of risks inherent to athletics, base plan accident insurance is essential for sports organizations. While student-athletes may have health insurance, the limits of these policies may not cover the full cost of medical expenses after an injury. Base plan accident insurance policies are typically written on an excess basis, meaning that it may help pay medical costs if the injured individual’s personal health insurance reaches its limit.
Catastrophic Accident Insurance
Catastrophic accident insurance may provide coverage if a student-athlete suffers a severe injury during athletics participation, resulting in significant medical expenses. It generally works in conjunction with a base plan accident policy and has relatively high deductibles and limits. Coverage for accidental death and dismemberment or other disabilities that arise from a sports injury may also be available.
Loss-of-value and Permanent Total Disability Insurance
Elite college athletes have the potential to earn significant income if they participate in professional sports. Loss-of-value (LOV) insurance can provide coverage if an injury affects their potential earnings (e.g., their draft stock is lowered). LOV insurance is typically purchased with permanent total disability (PTD) coverage which may provide compensation if an athlete’s injury or illness prevents them from ever competing professionally. Your agent can provide more information regarding which athletes may be eligible for these policies and how payments are calculated.
Other Information Regarding Sports Insurance for Intercollegiate Athletics
Other athletics policies and endorsements may be available for various sports organizations and their athletes. It is also crucial to review limits and exclusions for each coverage. For example, general liability insurance may not cover accidents during athletic participation or inappropriate conduct by coaches or staff.
Additionally, the costs of athletics insurance depend on several factors such as location, sports insured, coverage limits, claims history and deductibles. Contact us today for a quote.
Secure Insurance for Intercollegiate Athletes
The experienced team at Bene-Marc is ready to help you get the insurance that meets the needs of your organization and your athletes. We specialize in sports and special event insurance and are eager to provide assistance. 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.