It’s all fun and games until it isn’t.
Sports facility insurance for Missouri businesses.
Sports are what draw the attention, but it’s the sports facilities where it all happens. No matter what type of sports facility you manage or the size and scale of your operations, the risks to your business and the athletes you host are real. That’s why it’s essential to have a customized sports facility insurance policy in place.
What are the most important coverage options for sports facilities?
When it comes to protecting your sports facility, the building and property itself is the most important asset. For this reason, having commercial property insurance can offer coverage in the event of damage, destruction, or theft of your property, building, or equipment. And because your facility is focused on having athletes and spectators attend games and utilize your property and equipment, general liability insurance becomes essential. This provides coverage in the event that someone suffers personal injury or property damage related to your sports facility. Without insurance, you would be forced to pay for damages and legal fees.
Do all sports facilities need the same type of insurance?
Every sports facility is different, and therefore has unique risks. For example, a large scale, multi-sport complex has more people and therefore more risks than a small yoga studio does. The types of risks for your specific sports facility need to be accounted for in your customized sports facility insurance policy. Here are some of the types of sports facilities:
- Multi-Sport Complexes
- Team Sports Fields
- Family Entertainment Centers
- Bowling Alleys
- Tennis Courts
- Batting Cages
- Yoga Studios
- Skating Rinks
What risks are common to all sports facilities?
While the likelihood of occurrence and severity may differ depending on the type and scale of each sports facility, there are some common risks that they all share and directly relate to the industry. For example, because there are visitors and athletes on your property, if they get injured and claim it to be related to your sports facility specifically, you could be held liable. Another example includes sexual abuse charges related to your employees at your facility, which would need to be defended. In addition, the equipment your sports facility relies on could become damaged or faulty, which could lead to rescheduling or cancelling sporting events and impacting your bottom line.
The business side of managing a sports facility.
While it might be all fun and games, running a sports facility is still a business and it needs to have the insurance coverage to fit the operations. A business owners insurance policy (BOP) combines commercial property and general liability insurance coverage. Equipment breakdown insurance should be considered if you rely on specialized sports equipment as part of your facility. Liquor liability is essential if you serve alcohol on the premises such as during sporting events. Workers’ compensation coverage is needed for covering employees who become injured while on the job.
No matter what type of sports facility you run, sports facility insurance is one thing you can’t go without. Contact us to go over your specific needs and learn more about your options.
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