23rd June 2010
Of all the different types of insurances, sporting event insurance is one of the less known insurance policies and the benefits for a business taking out this insurance can be very important especially from protecting them against factors that can happen unexpectedly. Sporting events are excellent opportunities for many businesses to become popular and make money at the same time. If you want your company to stay ahead of other companies, you should take out the cover of every possible aspect and should cover as many factors as possible. When planning any type of sporting event, the importance of taking out a comprehensive and reliable insurance becomes paramount, as there is a lot of risk involved in such events.
• A comprehensive sporting event insurance policy may also provide liability cover for spectators who attend a golf tournament. The types of sports event that may benefit from such insurance policy include martial arts and judo, boxing, wrestling, tennis, badminton, squash, athletics, swimming events, rock climbing, horse or pony trials and many others. You may also get sports liability, workers compensation, business automobile (for transportation needs) and group health for team or individual sports injury insurance.
• The only problem with taking out a wide range variety of cover without any knowledge is the cost or premium. However there are many different benefits if you discuss the different options available to you regarding event insurance with an expert provider, who can actually help you to avoid paying too much and for cover that you do not need. He/she can help you understand your requirements, help you manage your insurance risk and recommend an appropriate solution. With the help of the professional services, you are likely to get the best policies as well.
• You can also save a lot of money on extended cover and multiple sporting event insurance policies. As an organiser, it’s your responsibility to ensure any exhibitors and independent stallholders hold suitable public liability insurance. Every policy is unique and hard to understand at times different, therefore needs to be worked out ahead of time.
• With so many insurance providers around the country, you must get quotes from as many providers as you possibly can. There are many companies who would analyse your exposure and offer easy and flexible solution either face to face or online to meet your needs and protect your business or organisation if you are at risk of being responsible for a mishap or an accident.
• This type of cover is usually meant to provide protection against any injuries sustained by competitors during the event, against cancellation, rescheduling or other unexpected disasters occurring while arranging the event or during the actual event. You may also extend your policy, to provide sports liability for injury caused off the field.
Unfortunately, there is always an element of risk involved, in running a sporting event and that’s when your sporting event insurance can play a huge role to protect yourself and your business from a big financial loss.