One thing is certain in sports and that is that injuries will happen. No matter what type of sport you play, or whether you are a professional athlete or not, you will likely deal with an injury at one point or another.
As an example, it’s stated on The Baseball Stop site that MLB players, on average, have careers that last 5.6 years. That is not a long time. Bat Young MLB players will likely have a team-controlled contract, which determines what they are paid per year. Without the ability to be a free agent, young MLB players have to hope that they don’t get injured early. Or, they could take out a sports insurance policy. This policy allows them to take a payout in the case of a career-ending injury.
You don’t have to be an MLB player for sports injuries to be a big deal. Injuries mean doctors. Doctors mean lots of money spent on treatment, surgery, and rehabilitation. This situation equates to a lot of money lost for a medical problem. Sports insurance, as well as warming up properly and other preventative measures, can help you mitigate some of these costs.
What Is Sports Insurance?
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Sports insurance is a type of event insurance that covers “accidents, lawsuits, and damages caused by or during a sporting event.” There are three main types of sports insurance:
Accident insurance is for the players. The MLB examples mentioned above highlights the importance of accident insurance. This variety of sports insurance covers any injured player or volunteer in a sporting event.
2. General Liability
General liability insurance is for the event organizer or team owner. This type of sports insurance covers bodily insurance or property damage to a spectator or player. As with any type of liability insurance, general liability protects you in the case of negligence or other unforeseen circumstances. Shockingly, 25% of children have no form of medical insurance. So, if you run a baseball team and someone on your team gets injured, the lawyers could end up seeking damages from your organization. While we’re here, it’s also important that team owners have equipment insurance. Bat Critic state that this will cover loss or damage to sports equipment and small buildings as a result of natural disasters, theft, and vandalism.
3. Directors And Officers Liability
Director and officer liability is for owners of a sports organization. This covers suits that claim your organization cause economic injury or other employment laws were violated. Discrimination, Americans with Disabilities Acts violations, wrongful termination, or failure to follow rules are all types of cases that directors and officers liability insurance covers.
You can also choose to purchase a crime or equipment insurance. These types of sports insurance are less common but cover losses due to crime or other reasons. If you own a sports team or league, then you should seriously consider crime and/or equipment insurance to cover any loss that may happen.
5 Mistakes To Avoid When Purchasing Sports Insurance
Athletes need to consider sports insurance. But, as you research different types of sports insurance, avoid these five mistakes.
1. Not Getting Sports Insurance
No matter how you are involved in sports, you need sports insurance. These policies can save you lots of money and protect you from any lawsuits. Sports insurance of any type is there to protect your investment.
2. Purchasing The Wrong Type Of Sports Insurance
It is essential that you know what type of sports insurance you need. As the options above illustrate, there are many types of sports insurance. You need to evaluate your needs and purchase the type or types of insurance that cover those needs. Always opt for full-coverage insurance, as these provide the most protection.
3. Overpaying For Sports Insurance
Contact a sports insurance specialist when looking to purchase sports insurance. You will likely pay a premium to purchase sports insurance from your regular provider. There is no need for this. Sports insurance specialists will help provide you with the best deals.
4. Not Researching Your Insurance Provider
This mistake relates to #3. Do your research on your sports insurance provider to learn their specialties and rates. Every policy will be different. Make sure you choose a provider that will give you the best deal while also providing all of the coverage you need to stay protected.
5. Not Reading Your Policy
Yes, insurance policies can be difficult to understand. Still, you need to read the policy carefully to ensure you completely understand the requirements and exceptions. Do not assume when it comes to sports insurance. Hiring a lawyer specializing in sports law can assist you in fully understanding your policy.
Sports insurance keeps everyone involved in a sporting event safe. While injuries will always happen in sport, insurance helps pay back any financial loss. Players, owners, and franchise managers can all be protected by sports insurance. This type of insurance isn’t even just for the professionals. Anyone from any level of sports can use sports insurance.