Athletic Event Insurance

Athletic events can be exciting, enjoyable and lucrative, but these occasions also include many risks and exposures. Whether hosting a single game, weekend tournament or longer campaign, these ventures require you to account for many potential incidents and establish ample loss control measures, including an adequate insurance portfolio. Even when planned appropriately, the fun and excitement of your event could be tarnished by a single accident or error. Without suitable coverage, your organization could face catastrophic financial losses.  

What Is Athletic Event Insurance? 
The insurance needs of an athletic event may vary, and a single policy may not be sufficient to cover all risks and exposures. In many cases, insurance companies may offer special event insurance, but given the unique needs of various athletic competitions, camps and clinics, a custom insurance portfolio may be needed.  

What Does Athletic Event Insurance Cover? 
When compiling your athletic event insurance package, several policies may need to be woven together to create an adequate safety net capable of covering potential incidents. When compiling your insurance portfolio, you may wish to include the following:  

• General liability insurance—If a guest, spectator or other third party at your event is injured or their property damaged, this coverage can help pay for their losses.
• Commercial property insurance—This coverage can financially protect physical property used to operate your athletic event, including your building, equipment, electronics, inventory and furniture.
• Business interruption insurance—This coverage, also known as business income insurance, may help you recoup losses if a covered incident disrupts your event.
• Accidental medical expense insurance—This coverage can provide financial assistance for health care costs if a competitor involved in your athletic event is injured.
• Event cancellation insurance—This coverage may reimburse you for lost deposits and other expenses if you are forced to cancel or postpone your athletic event.
• Event liability insurance—If someone attending your event is responsible for a third party’s losses, such as by damaging a venue you are renting, this coverage can insulate you from financial losses.
• Workers’ compensation insurance—This coverage may provide financial assistance if your organization’s employees are injured on the job or develop a work-related illness during your event. 

While the aforementioned coverages may comprise the core of an athletic event’s insurance portfolio, your organization should work with a qualified insurance professional to identify any remaining insurance needs. For example, inland marine insurance may be advisable if you store or transport equipment for your event. 

Get the Right Coverage 
The insurance professionals at Bene-Marc Inc. are well-equipped with over 150 years of combined experience insuring youth sports camps, K-12 schools, intercollegiate competitions and other sports-related ventures across the United States. Our agents will work with your organization to identify your athletic event’s coverage needs and compile an optimal insurance portfolio.  

Visit our website or call 800-247-1734 to get started today. 

 

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.