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Sports involve competition, fitness, excitement, teamwork, winning, and losing. Indeed, sports is all about games and fun until an individual gets injured.
Players, fans, coaches, and other sports officers often enjoy the moment. But, sometimes, their expectations may be cut short and their happiness short-lived. Things can go awry during a sports activity.
Players face collisions while tackling, or a stray ball can hit a spectator. To prevent issues that may arise from these occurrences, you need sports team insurance. The right insurance for sports teams is crucial. In this guide, know what this insurance is, how much it costs, and more.
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An injury or property damage claim can cost you a lot. So, it's crucial to take some time and learn about sports insurance for teams and clubs. Sports liability insurance is the basic coverage included in sports team insurance, sports club insurance, and others.
Sports liability insurance pertains to different insurance policies that shoulder the cost of lawsuits and compensation to third parties. Examples of liability insurance in sports are:
This sport liability insurance protects against property damage or bodily harm. As a coach, you may be liable if your team member sustains an injury. A shot can break a glass or destroy someone's automobile during gameplay. As a player, you may injure another player, which may compel the person to take legal action against you.
As such, it's essential to have public liability insurance. With public liability insurance, you can pay if a third party makes a claim for property damage or bodily injuries. Indeed, this is the best insurance for coaches in sport.
General liability insurance covers lawsuits arising from property damage, personal injuries, and advertising injuries. It takes care of settlement and legal defense costs to the anguished party too.
Further, general liability insurance safeguards you if you experience a loss at your sports facility that's rented or leased for sports-related events. For instance, if damage is incurred to the training ground, this insurance policy will reimburse the facility owner.
So how does general liability and public liability insurance differ? Let’s discuss their similarity first. General liability and public liability cover claims made by third parties as a result of property damage or bodily injuries.
However, unlike public liability, general liability can be added with optional policies to cater advertising injuries. Hence, both can cover third party claims but general liability has more inclusions.
Professional liability insurance is also known as errors and omissions insurance. It covers breaches, omissions, and errors and caters defense costs and the aggrieved party's settlement. Professional liability insurance covers lawsuits filed because of economic or financial loss, which violation of good faith or negligence caused.
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A commercial property insurance policy caters to all property a sports club and team owns or rents. It covers damage to business assets resulting from storms, lightning, vandalism, theft, and fire.
Note that damage resulting from floods or earthquakes is usually not covered. However, you can find insurance for sport with commercial property coverage that includes these.
Covers the vehicles borrowed, owned, or hired by the sports club or team. The job of this insurance policy is to shoulder costs if the sports club or team caused injuries with their vehicle. Moreover, commercial auto includes policies that pay for repair or replacement service if the vehicle is damaged due to vandalism, fire, theft, and collision.
The law expects all businesses with three or more workers to have worker's compensation insurance. The workers compensation insurance in sport teams and clubs caters to occupational injuries for players and workers. It also pays for lost wages, rehabilitation, and medical bills of the injured person.
During youth and adult sports activities, injuries may occur. Accident medical insurance covers out-of-pocket medical bills a coach, player, volunteer, manager, and other team members incur while playing, practicing, or traveling for an event.
Carriers offered a tailored insurance product to sports clubs. Obviously, it is called sport club insurance or sporting club insurance. Let’s take a look at the sports insurance policies included:
General liability insurance for sports clubs has a $1 million policy limit. This insurance for clubs can provide coverage if the sports club hosts events such as fundraisers, exhibition matches, etc., and third parties get injured or have their property damaged.
Commercial property policy in club sports insurance provides protection for the club’s assets through its business property or rented premises coverage. The minimum limit of both coverages is $100,000 with a deductible of $500.
Business property coverage in commercial property insurance for sport clubs will shoulder costs if an owned building and other tangible assets become damaged because of fire, lightning, storm, vandalism, or theft. If the club doesn’t own the building, rented premises coverage takes care of the costs of the aforementioned perils.
Workers compensation insurance in sporting club insurance covers the staff running the club. Workers compensation insurance has no policy limits. Coverage only extends to occupational hazards. Through workers comp insurance, the club can compensate the cost of hospitalization and lost wages of injured employees.
Youth teams in baseball, basketball, and soccer can purchase specialized insurance for youth sports teams. Policies included in youth sport insurance are shown in the following sections.
The table below shows the liability policies included in insurance for youth sports. Function and policy limits are also shown. Note that some liability policies in the table were not mentioned earlier:
| | Minimum Policy Limit | Function |
|---|---|---|
| General Liability | $1 million | Covers claims made by third parties against the youth sports team |
| Directors and Officers Liability | $1 million | Shoulders costs if the youth sports teams’ directors and other officers are accused of committingmismanagement and other related offenses resulting in financial or economic loss |
| Employment Practices Liability | $1 million | Shoulders costs if the youth sports team is accused of wrongful termination, sexual abuse, and discrimination by an employee |
| Molestation and Abuse Insurance | $1 million | Shoulder costs if players file a claim against molestation or abuse committed by team managers, trainers, etc. Note that, sometimes, in insurance for youth sports, molestation and abuse becomes a sports insurance coverage added to general liability insurance |
Travel team sports insurance can be a stand-alone insurance or a policy included in insurance for youth sports teams. Rather than acting as an individual youth sports insurance, travel insurance provides coverage to all members of the team. In other words, this youth sports insurance policy functions as a grouped cover similar to company health insurance plans.
Specific coverages comprise travel insurance teams. Here’s a table showing them, their function, and policy limits:
| | Minimum Policy Limit | Function |
|---|---|---|
| Accident Medical Care | $100,000 | Covers the cost of injuries incurred while traveling |
| Trip Cancellation | $15,000 | Provides reimbursement to non-refundable costs if the youth sports teams’ trip is canceled |
| Trip Interruption | $10,000 | Provides money so that the youth sports team can pay for lodging, emergency vehicle rental, and other extra expenses if the trip is interrupted |
Commercial auto insurance is an optional youth sports insurance coverage. Usually, this is included if the youth sports team owns a vehicle such as a bus or van. Commercial auto insurance covers compensation to third parties if the youth sports teams’ vehicle causes an accident, and the cost of repair or replacement to reverse damage caused by collision, vandalism, theft, fire, storm, and lightning.
Sports organizations and participating teams require league organizers to get insurance that will take care of situations such as stampedes, fire breakouts, player injuries, etc. In connection, the best protection is through tailored sports league insurance. Policies included are:
General liability insurance - $1 million minimum policy limit. Covers personal injury and property damage claims made by league players. At an additional cost, the policyholder can also cover claims from spectators
Crime insurance - $100,000 minimum policy limit. Compensates participating teams if someone steals, vandalizes, or burns their equipment or personal effects
Accidental medical coverage - $10,000 minimum policy limit. Covers injuries to participating teams. Also covers accidental death.
Professional sports insurance, otherwise called professional sports athletes insurance, is tailored coverage for amateur and professional players. Coverage applies to baseball players, basketball players, lacrosse players, etc. This insurance offers the following policies:
Provides an allowance if the sports athlete’s pay is cut or terminated due to injury or disability.
Provides money equal to lost income if the sports athlete is left by endorsers or sponsors because of involvement with drug abuse, drunk arrest, and public relations scandal.
Covers the payment to agents and managers while the sports athlete isn’t participating in sports and not making money.
Helps to relieve the financial burden on spouse and children if the sports athlete suffers from an absolute disability (e.g coma, amputation, etc.) or death.
Sports insurance is $30 a month or $350 a year for a $1 million general liability insurance. Location, experience, size, and payroll affect cost. Check the table below to see the pricing of the companies with the best sports team, league, and club insurance:
| | Monthly Rate | Annual Rate | Best for |
|---|---|---|---|
| CoverWallet | $25 | $300 | Comparing sports team insurance quotes online |
| US Club | $45 | $540 | Membership-based sports insurance |
| USASA | $48 | $576 | All-inclusive general liability insurance for sports clubs, teams, leagues, and players |
Different factors impact the price of insurance for youth sports teams or clubs. But usually, a $1 million general liability insurance for youth sports teams is $27 a month or $324 a year.
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Here are some reviews of the best sports team insurance companies. Read to know their pros, cons, and monthly pricing for a $1 million general liability coverage.
Simple online policy management
Best for comparing sports insurance quotes online
Offers three types of sports insurance policy
It's not an insurance company but a broker
CoverWallet offers more excellent insurance for sporting clubs than most of its competitors. The company provides the following options:
Basic (general liability only)
Standard (general liability + professional liability)
Pro (professional liability + general liability + workers' compensation + commercial property)
Coverage includes:
Any claims due to property damage, personal injury, and advertising injuries
Diseases or work-related injuries and ongoing medical care like rehabilitation
Business property damage, equipment failure, and natural disasters
Best for: Comparing sports team insurance quotes online
Average cost: $25 per month
Our rating: 10/10
Provides customized policies that take care of specific sports industry risks
Don't provide good insurance cover for non-members
The US Club provides sports members with liability and accident insurance cover if they take part in US Club sport-operated events.
Best for : Membership-based sports insurance for teams, clubs, and leagues
Average cost: $45 per month
Our rating: 8/10
Provides all-inclusive general liability insurance for sports clubs and teams
You can only file a claim in a traditional way
The USASA Risk Management program offers insurance coverage to member leagues, national organizations, non-member leagues, and players.
Best for: All-inclusive general liability insurance for sports clubs, teams, leagues, and players
Average cost: $48 per month
Our rating: 8/10
Get cheap sports insurance with excellent coverage by comparing quotes. Differentiate the offers of sports insurance companies with our online quotes generator. Click the “Get Quotes” button to start.
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