Sportspeople have to embrace the risk of getting hurt or developing debilitating muscular problems that could affect them for the rest of their lives. This is true for players in youth leagues all the way up to the professional level. Injuries from sports made up 12% of all emergency room visits and 20% of all acute injuries, the Insurance Information Institute found.
That is why risk management has become so important to college and professional sports that insurance coverage is now necessary for new players.
However, athletes and their caretakers might be reluctant to get insurance as it can be costly. It is essential to realize that costs are variable, and they can find a great deal by comparing available coverages and selecting the right one for their needs.
The Advantage Of Sports Insurance
Sports include teamwork, fitness, competition, winning, excitement, and losing, among other things. You’re likely to see many teams practicing sports in different communities on any given day. People play sports till someone gets hurt.
Coaches, players, fans, and other people involved in sports are in it not just for a good time but also because they have a passion for the sport. But no matter how hard they work, things can go wrong quickly in any kind of sports activity.
A stray ball from the ground can strike spectators or even cars in the parking lot. For example, football players get knocked around and get concussions and traumatic brain injuries during the games. Make sure you have the right insurance for your team if you want to enjoy your sport. This will keep you from having to pay for injuries or damage to someone else’s property.
Various Types Of Coverage in Sports
Sports insurance is not just one specific type of coverage. There are actually five distinct types of sports insurance. If you are a member of a sports organization, you should consider purchasing all to ensure that your players are protected in the event of a mishap:
- Accident and Participant Liability Coverage
- Directors & Officers Insurance
- Equipment Insurance
- Crime Insurance
- General Liability Insurance
General Liability Insurance Costs For Fitness Businesses And Sports
For sports and fitness businesses, the cost of general liability insurance can be high.
It costs about $30 per 30 days or $350 per year to get coverage for third-party bodily damages and injuries.
Agents who are licensed to sell insurance usually suggest that fitness centers and related businesses get property insurance and general liability at a discount through a “business owner” policy. Professional liability insurance can also be added to general liability or BOP policy to get even more money off of your insurance.
Sports Insurance Works For Child Athletes And Sports Leagues As Well
The American Academy of Pediatrics says that about 35 to 45 million kids between the ages of 6 and 18 play some kind of sport every year. Most of these activities go beyond the limits of the school, so there isn’t much insurance to cover those who get hurt.
Sports team insurance incorporates various types of coverage options to safeguard both youth and adult professional sports from being sued for things like damages. Your team’s insurance can be a total package or a sports team insurance policy that fits your needs.
General liability insurance for minor sports teams costs between $27 and $59 a month, depending on where the team is, how big it is, how much money it makes, and how long it has been in business.
Limitations On General Liability Insurance For Sports And Fitness Enterprises
It’s essential to know how much your insurance company will pay for covered accidents and illnesses. An aggregate limit is the highest your insurer will pay for all claims you make during your policy term, which usually lasts one year.
A per-incident limit is the highest your insurer will pay for a particular claim. A total limit is the highest your insurer will pay for all claims during your policy term, which usually lasts one year.
Higher limits cost more, but they also give you more coverage. Most fitness and sports professionals select general liability policies with a $1 million per-incident limit and a $2 million total limit. As your small business expands, you may need to raise the limits on your policy.
Work With JMG
With the help of your commercial agent, find the best prices on a suitable sports team insurance plan for your team. An insurance agent for businesses can start giving you quotes from several companies and help you decide how much and what kind of insurance your business needs to protect itself from liability and accident claims.
Get in touch with JMG Insurance Agency for additional information or to obtain sports insurance coverage if you’re the manager or the owner of a league or club. When you engage with JMG Insurance Agency, you’ll have access to a comprehensive choice of specialized insurance policies tailored to your sports organization’s needs.