Sports Equipment Insurance: Safeguarding Your Valuable Gear

Organizations involved in athletics must account for many risks and exposures. One potentially overlooked exposure is sports equipment. Many events and competitions require expensive equipment that could be damaged during events or competitions. Without adequate insurance, an organization may need to pay out of pocket for such incidents. 

How to Protect Your Sports Equipment With Insurance 

Whether you work with elite athletes, school-related leagues, youth camps or otherwise, your sports organization likely relies on some form of equipment. Equipment should be protected financially with adequate insurance policies like other business assets.  

Commercial property insurance, or business property insurance, might be a suitable option as it may cover the following, depending on the policy: 

• Electronic devices
• Tools 
• Scoreboards
• Bleachers
• Sound and production equipment
• Inventory
• Furniture
• Signage
• Landscaping 

It’s worth noting that standard commercial property insurance may not cover all relevant perils that could affect your organization’s equipment. If your organization is in areas prone to perils not generally included in commercial property coverage, such as floods and earthquakes, you should strongly consider acquiring additional coverage via endorsements or separate policies. 

Additional Coverage Related to Damaged Sports Equipment 

If your sports organization regularly transports or stores its equipment off-site, such as for tournaments or competitions, you may require additional coverage, such as inland marine insurance. This type of coverage may provide critical financial assistance following incidents involving your equipment while it’s not at your primary place of business. This contrasts with commercial property insurance, which typically only covers equipment stored at the primary business location. 

In response to incidents involving your physical property, your organization may also incur additional expenses unrelated to repair or replacement costs, such as if you are forced to cancel or delay a camp due to damages. With that in mind, business interruption insurance may be essential. This coverage may provide critical financial assistance by helping you recoup lost income and pay continuing expenses during the operational disruption, such as rent and payroll. 

Get the Right Coverage 

At Bene-Marc Inc. we have specialized knowledge and experience working with sports organizations across the United States and at many levels of competition. Thanks to these insights, our dedicated staff understands your organization’s risks and exposures and how essential your equipment is to your ongoing success and future growth. We will work with you to ensure that your insurance portfolio includes optimal loss control measures to minimize out-of-pocket losses. 

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.