Professional Sports Insurance
Sports Event Insurance, Sports Liability and Pro Athletes Coverage
Feb 1, 2008
Professional sports insurance is a growth industry. With investors plunking down millions for professional athletes, teams, equipment, venues and events, it was inevitable that there would be a need for sports liability and injury insurance. There’s a wide variety of coverages available in professional athletes and teams’ insurance policies to help cover all of these risks and more. What you to know about professional sports insurance:
Sports Event Insurance Coverages
Sports event insurance provides coverage for a tournament or other type of event where pro athletes, teams and leagues are present. This is a unique type of insurance, as it has to be geared to the total costs of each individual event. For example, a golf tournament needs insurance coverage for weather-related events that could result in calling off the tourney. In addition to protecting the professional athletes who participate, a comprehensive sports event insurance policy should also provide liability coverage for spectators who attend a golf tournament. Every policy is unique, and needs to be worked out ahead of time with an insurance agency that specializes in providing sporting event, tournament and league insurance coverages.
Professional Athlete Insurance Protects Competitors
Professional athletes insurance provides coverage for the unique needs of the competitor. Coverages might include sports liability, workers compensation, business automobile (for transportation needs) and group health for a baseball team or individual sports injury insurance for a pro golfer. Loss of earnings is an important component of the professional athlete’s insurance policy, and provides coverage when a career is cut short due to a sport-related disability. Loss of professional endorsements due to a player’s activities, the cost of professional sports agents and contract compensation after an injury are also common components of the sports insurance policy.
Sports Liability Insurance Protects Everyone
In addition to the athlete and the team, there are other people involved who need professional sports liability insurance coverage. Professional team management, officers and employees benefit from this type of sports insurance policy. If an athlete is fired, and sues for wrongful dismissal, sports liability coverage for directors and officers can help pay for attorneys and court costs. General sports liability insurance provides coverage in case a team player or a spectator is injured. The policy also often extends to provide sports liability for injury caused off the field.
Paying for Sports Insurance off the Field
More and more often, professional athletes are asking for continued sports health insurance coverage after retirement in their contracts. Post-retirement, pro athletes have traditionally been left to their own devices - and it can be hard for an injured player to find good health insurance. A savvy sports agent will set up an extended professional sports insurance policy for clients as part of their total package.
Learn more about getting help paying your medical debt and hospital bills without adequate health insurance and check out the Sports section of Suite101 for the latest sports headlines.
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