If you’ve ever competed in or attended a sporting event, you’ll know what a fantastic atmosphere there is. Complex to organise in order to keep athletes, spectators, and your finances safe, sports event insurance is an essential part of these exciting events. From football matches and other team sports to athletics, archery competitions and marathons, sporting event insurance protects the event organisers, the participants and the attendees.
Whether you’re hosting a small-scale local rugby tournament or organising a multi-day event at an athletics stadium, you face many of the same risks and potential claims. With sports event insurance, the policy can be tailored to meet the event’s specific needs. If you have an upcoming sporting event you want to protect, learn more about this specialist insurance cover by reading through these commonly asked questions.
What coverage is offered with sports event insurance?
The core coverage within sports event insurance is:
- Public liability – which protects you should a member of the public injure themselves at the sporting event or incur damage to their property. Should a spectator fall on a broken step in a stadium or rip their favourite jacket on a cracked chair, you could be liable to compensate them.
- Employers’ liability – a cover that is currently a legal obligation in the UK if you employ staff. So, if you pay anyone to work at your sporting event, your policy must include this cover. Even if you’re only hiring agency staff for a day or paying friends to work for you, you still must hold a minimum of £5 million of employers’ liability cover.
- Cancellation cover – having to cancel your sporting event, for example, due to an issue with the venue, could result in significant financial losses. Especially if you’re running a ticketed event, this cover will safeguard your finances – whatever happens.
- Equipment cover – whether you own the equipment being used or have hired it in, you want to feel assured that should they become damaged during the event, you’ll be able to repair or replace them. Equipment cover protects all your sporting gear from accidental damage.
In addition to these covers, you can also ask about property, personal accident, and cyber insurance covers to help fully protect your individual event.
If a competitor hurts themselves, will athletic event insurance cover their claim?
Although injuries among competitors are common at sporting events, it is only those injuries attributable to negligence at your event (such as an issue at the venue or a fault with the equipment you supplied) that can be claimed for. Your public liability coverage will come into play if a competitor can prove they hurt themselves because of negligence on the event’s part.
I am running a ticketed sporting event – will my finances be covered?
Sporting events can be profitable for the organisers, from sponsorship and ticket sales to food, beverage and merchandise sales on the day. If you’re running a large event, you and others have potentially invested significant capital, and it’s prudent to protect your money. One of the most significant risks to your investment is the unexpected cancellation of your event.
Be sure to discuss exemptions with an insurance company such as Park Insurance. Notably, cancellations due to terrorism or lousy weather may need to be added as extensions. These extensions are worth considering if you’re holding your sporting event at a large stadium with high attendee numbers or are doing so outside (making the event vulnerable to bad weather).
What type of sporting events can be insured?
Naturally, the risks of a game of tennis or badminton are different to those of a boxing match or archery competition. When due diligence is carried out in terms of risk assessments and health and safety, sports event insurance can be secured against a broad range of sports.
Both amateur and professional sporting events can benefit from sports event insurance because although participant and spectator numbers may differ, the risks tend to be very similar.
Even if you aren’t earning money from a sporting event, and your financial input may be minimal, claims can still be made. If you have members of the public watching or participating in the event, sporting event insurance is a wise choice. This point is also relevant whether using a local sports pitch or hiring a top-of-the-range sporting venue. Injuries and personal property damage can happen in both locations, and you’ll want to feel sure you can cover any costs.
At Park Insurance, we have decades of experience in specialist insurance. We excel at curating bespoke insurance policies that offer the ultimate level of protection. If you’d like to discuss your upcoming sporting event, contact one of our knowledgeable and friendly insurance experts to see how Park Insurance can support you.