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Sports insurance is a broad term that covers a range of items from competitors participating in a sporting event, organizers of a sporting event and instructors who receive income for teaching sport. Sports coverage provides much needed peace of mind in an environment where accidents are commonplace and the costs incurred after the accidents can be high.
Who is a potential candidate?
This policy type is an option for anyone who plays a part in the sports, health and fitness industry. Sports teams will need sports cover, as will the governing bodies of the leagues these teams play in. Owners of sports grounds and facilities, such as gyms and martial arts studios, will most likely need liability cover.
Participants in these sports may take out sports insurance as the occurrences of injury in sport are high. The cost of recuperation from a sports injury can be exorbitant and ongoing costs such as physio and massage can greatly impact your finances.
Individual instructors and trainers of sports should see sports policies as a mandatory cost of their business. Instructors seek to train as many people as they can to ensure success. It only takes one person getting injury in an accident for all that success to disappear.
What typically does it cover?
The typical policy will cover medical, legal and liability costs to any injuries sustained in the specific sport you have listed in your policy. Sports insurance is not a holistic insurance area where all sports are covered automatically. You need to list the specific sport to be fully covered in the event of an accident. For instance, if you are insured for baseball and are injured in basketball, you will not be covered.
What typically does it not cover?
Sports insurance policies are usually tailored specifically to the person insured and the specific cover they require. Sports insurance in this regard will not cover any extras that you do not request. Check the fine detail of any sports insurance policy researched as the policies can vary significantly.
Additional coverage that policy holders might take out in this area
If you are a sports event organizer you may want to extend the amount of coverage you have in terms of public liability. Public liability can extend to the tens of millions for incidents at large sporting events and the average policy will not cover that amount.
Another product that you may want to consider purchasing is weather insurance if you are organizing a sporting event that is reliant on good weather to proceed.
Extreme sports are not normally covered by the standard sports insurance policy. Snowboarding, skiing, surfing, kitesurfing, jet skiing, parachute jumping and other similar sports are excluded from a standard sports policy.
If you are a semi-professional sports person you probably need to get a special policy to cover you completely. This is mainly because you are in a higher risk category than the average person simply for the amount of sport you play including competitive fixtures, friendly matches and training.
What will it typically cost?
The price can be quite low considering the perceived risk of incurring medical, liability and legal costs can be high. Policies can be found for as low as $250 per year for someone like a personal trainer to be fully covered for themselves and their clients. Costs increase if you personally play a lot of sport and have had a history of injury. Further factors that affect cost include the actual sport played, where you the sport is played, your age, the level of expertise at which you play the sport and more. The less risky the answers to this question, the cheaper your insurance will be.
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