Have you ever wondered what kind of insurance covers your favorite sporting events? With the big football game coming up, you may not realize that insurance plays a large part in ensuring the success of an event. From club sports to professional playoffs, all events should have some type of insurance to protect the organizers, players and fans from injury, liability or cancellation. If you’re planning an amateur or professional sporting event, consider the following insurance coverages:
- General liability protects everyone involved in the event from losses stemming from bodily injury or property damage. Most event spaces require general liability policies ranging from $1 million to $2 million, according to Bankrate.com.
- Event cancellation insurance can protect an insured’s bottom line against financial losses that stem from event cancellations or postponements as long as the source is covered under the insured’s policy, according to Insurance Journal. Some types of coverage available include earthquakes, floods, fire, power failure, damage to the venue, or problems with public transportation or the roads around the venue. The financial loss covered by the policy typically includes out-of-pocket expenses incurred before the cancellation, or contractual guarantees. Terms vary from policy to policy so check with your agent to be sure your coverage is adequate for the event.
Planning a sporting event takes lots of time, energy and dedication. Don’t let your next event run on chance, take steps to protect your organization, athletes and your attendees by arranging the proper insurance coverage. If you have questions about your policy, our team of property & casualty agents can help. To contact an agent or learn more, visit: AssuredPartners NL Property & Casualty.Share This: