Why do you need an insurance policy for a sporting event?
Thinking of organizing your own sports event? It’s a great way to get everyone together, raise money for a charity, or even have a bit of fun! If you’re new to organizing events, or you don’t do this on a full time basis, the world of insurance can be a little confusing.
Accidents happen all the time, and sporting events are no exception. Whether you’re hosting an event or you’re participating in one, a lot could go wrong in a very short period of time. You may or may not be sued; however, knowing you are protected from any frivolous or legitimate claims will certainly give you peace at mind.
Key coverage’s for an event policy
third party Liability
Third party liability is a term most people may be familiar with their home insurance policies. This refers to coverage intended to provide compensation for defense costs and any lawsuit that is lodged against the homeowner, in the event someone is injured or their property is damaged. In the case of a sporting event this could be participants, spectators or third parties who are injured while taking part, or just using the facilities.
tenants legal liability
This coverage is key if you’re renting a building or facility for your sporting event. If you, your staff, or your volunteers damage the premises, you could be held responsible for the damages. Likely what will happen is that the building owner will carry their own insurance for the facility, and that policy will pay for your damages. However, the building owner’s insurance company has the right to subrogate (go after the at-fault party) for the damages caused by the sporting event.
Property (Equipment) Coverage
Some events may involve some sort of equipment, and therefore it is a good idea to include coverage for this should it get damaged, lost, or stolen in the course of the event. The equipment could include items like audio equipment, fitness equipment, uniforms, fences, etc. Some of this equipment may stay at one location or may be transported from one location to another.
Participants Coverage
This coverage is for people who get injured during your event, including out of pocket expenses. It’s typically listed on the policy as an additional endorsement for an extra premium. It’s important to review this coverage with your insurance broker to determine if you want or need this additional coverage. It’s an added benefit to your participants and will cover medical costs not covered by the province such as air ambulances, physiotherapists, x-rays, transfusions, prescription drugs, death and dismemberment expenses, etc.
Events that we can cover
Our insurance carriers can provide policies for a wide array of sporting events. Listed below are some common events that we’ve insured. If you don’t see your event listed, please contact us and we can certainly help you out.
- Charity fitness events
- Yoga events or trade shows
- Fitness competitions
- Volleyball tournaments
- Soccer tournaments
- Zumbathons
- Running road races (3km, 5km, 10km, etc)
- Obstacle running events