Insurance for Sports Teams and Clubs

General Liability is one of the most important insurance policies for sports organizations as it covers lawsuits from common mishaps. This insurance covers lawsuits arising from personal injury, bodily injury, property damage and advertising mistakes that occur from the negligence of a sports organization. The policy provides legal defense and pays up in the event of a settlement.

Each state has its own requirements, usually that organizations need to carry Workers' Compensation if they employ three or more employees at any given time. Failure to carry this insurance policy, and you'll be fined according to state laws. In an event that a worker is injured or ill, Workers' Comp pays medical costs, rehabilitation and lost wages. On the other hand, employees can't sue.

Business Interruption is a type of sports team insurance designed to cover the loss of income that your sports organization suffers from a disaster. The income loss covered should be under the underlying property or casualty policy for the business interruption insurance to pay the policy. The amount payable also depends on the financial records of your sports team.

Sports organizations that own buildings should have insurance to protect the property from fire, theft and other perils. Commercial Property protects against theft, fire, and natural disaster. This policy protects the building and the equipment that keeps your team at their best. Without this insurance, you'll risk repairing or replacing the equipment from your own pocket.

Due to use of a computer, internet and related technologies, the risks of having a credit card stolen, identity theft or data breach that could potentially leak private records are high. Standard sports team insurance does not cover these, so you need Cyber Liability. This insurance pays for customer notification, credit monitoring and legal fees and fines if the above instances occur.

Many auto policies do not cover accidents involving vehicles rented or borrowed that aren't included in your insurance policy. This insurance policy covers liability expenses for the vehicles you use for work purposes but don't own. This includes the vehicles you rent and the employee's personal vehicles used for work errands.