Sports Insurance

Wednesday, November 21, 2012

Sports clubs and organizations are required to have insurance for their players, officials and staff. This is in an effort to ensure that these individuals are protected against unfortunate incidents such as accidents, injuries and even loss of lives. Even though accidents can tried to be avoided, they still happen in sports.   In this way sports insurance is and especially at the minor levels very important.

In an event that injury, loss or accident has happened when playing sports, some insurance policies or  health coverage may not be enough to insure an individual or an organization.  Sports insurance provides coverage for gaps in existing policies. 

There are generally a few types of sports insurance policies.

Accident Insurance

This type of policy is geared towards the settlement of medical expenses levied on the injured person that may go above and beyond their typical coverage. The policy also reduces the chances of being taken to court by the injured person as the majority of medical expenses will be covered. 

General Liability Insurance

This policy covers the areas where negligence concerns may be brought into question.  This type of coverage may help to protect the organization in terms of coverage against expenses such as legal costs.  

Directors and Officers Liability

This type of policy covers some of the areas that are not addressed in a general liability policy.  This policy protects sports organizations and their members from claims from wrongful acts or errors or omissions.  It generally covers the organization and any member acting on behalf of the organization. 

Equipment Insurance

This policy covers losses associated to equipment (sports or office equipment) that generally has a lower deductible then other insurance policies. 

Having sports insurance at on organizational level is crucial to protect both the organization and its members.