Managing Risks in Sports Organisations
Posted on 30th May 2024 at 10:55
Sport is inherently unpredictable. The excitement comes from not knowing who will win a match, the possibility of player injuries, potential biased calls from officials, or fans getting overly rowdy. This unpredictability is a major draw, but it also creates significant risks for owners and managers of sports entities. With numerous variables threatening health and safety at every event, the uncertainty that makes sports thrilling also presents major hazards.
If you manage a sports club, league, association, or governing body, you need a robust sports insurance policy to defend against this constant uncertainty.
Common Insurance Covers
Every sports entity is unique, ranging from small local clubs to large national or international governing bodies. This diversity means a one-size-fits-all insurance policy won’t suffice. To ensure proper coverage, secure a bespoke policy tailored to your entity’s specific risks. Insurers will help you select the most essential covers for your organisation. Here are some commonly included covers in a sports insurance policy:
Property Cover: Protects buildings, fields, training grounds, offices, and any other owned sites. If you own a stadium, consider stadium-specific cover. Contents cover protects equipment like scoring systems or broadcast gear, usually on an ‘all risks’ basis.
Employers’ Liability Cover: Mandatory in the UK if you have at least one employee. It covers legal liability from work-related injuries or diseases affecting employees or volunteers.
Professional Indemnity Cover: Covers claims against your organisation for negligent acts, errors, omissions, libel, slander, defamation, or advice given by qualified personnel such as coaches or physical therapists.
Legal Expenses Cover: Covers potential legal action costs brought against your organisation.
Event Cancellation Cover: Protects against financial loss due to event cancellation, postponement, curtailment, abandonment, or relocation.
Public Liability and Event Liability Cover: Protects against third-party injuries occurring on your grounds or at events.
Directors and Officers Cover: Includes protection from claims against directors, officers, and committee members for wrongful acts and their legal costs.
Additional Insurance Covers
In addition to the standard covers, many sports insurance policies include specialised covers, such as:
Motor Fleet Cover: Protects organisations with a fleet of at least five vehicles. This cover is typically needed by larger sports entities.
Sports Travel Cover: Indemnifies your organisation and any official representatives while travelling.
Personal Accident Cover: Extends protection to sports professionals or officials against financial losses from severe or career-ending injuries.
Transmission Failure Cover: Applies to broadcasters or organisers when contracts require compensation for revenue loss due to an inability to broadcast an event.
Cyber Risks Cover: Covers damages from cyber risks like information loss, cyber terrorism, and business interruption due to computer system failures.
Kidnap and Ransom Cover: Pertains to high-salary sports stars and their families who may be kidnapping targets. It provides funds or services to meet extortion demands.
Abuse Cover: Insures coaches, assistants, and other employees against abuse accusations.
Member to Member Liability: Covers liability between members of the same sports entity.
Motorsport Cover: Protects motorsport teams’ vehicles, tools, and equipment from financial losses associated with their sport.
Bespoke Is Best
Regardless of whether your organisation represents 10 or 100,000 members, a comprehensive insurance policy is essential to manage the uncertainties and hazards inherent in running a sports entity. The insurance professionals at BIP Ltd are ready to help you find the perfect policy. Enjoy the game worry-free by contacting us at 01452 341 957 today to begin fortifying your defences and managing your risks.
Tagged as: sportsinsurancesolutions
Share this post: