Sports Venue Insurance Policies – Are You Covered?
When millions of people up and down the country take part in sporting activity, many specialist venues are required to allow people to take part in these sports, whether it’s professionally or recreationally. Whether it’s a swimming pool, leisure centre, gym, football ground or something else entirely, each will come with its own risks and challenges in terms of the facilities themselves and the people who use them.
If you run a sports venue or facility, it’s recommended that you have the right insurance in place to protect you from bad and worst-case scenarios. Sports venue insurance can cover the actual building itself as well as its use by the public.
Building and Equipment
When it comes to insuring a sports venue, one of the first things that springs to mind is the building itself. With many moving parts to take care of, it exacerbates the potential for something to go wrong or to break.
Primarily you’d have equipment and property insurance to protect you from theft and damage to property, whether that be the building itself or individual pieces of equipment such as dumbbells. However, you can also insure the building for break-ins, floods, fires and other events which damage the sports venue as well as the equipment and facilities inside.
Liability
When many people are using your sports venue – staff and public alike – having the appropriate liability cover is essential. Physical injury is high up on the list of risks whenever sport is involved, so you’ll want to have cover to protect yourself from any legal fallout that occurs if someone injures themselves in your venue.
Property damage is also another area of liability, which relates to the damage of other people’s property rather than the venue’s. This could be caused directly or indirectly by your business or your staff.
Personal injury is another type of cover, which is different to physical injuries. Personal injury refers to things such as slander and libel. Other forms of liability you can be covered for in a sports venue include directors and officers, intellectual property, professional liability and public liability.
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Event Insurance
Whilst regular events and sessions would normally be covered in your regular policy, certain one-off or special events might not be, especially if they fall outside the scope of what you regularly host and what you’re insured against. It could be a completely different sport or event you’re hosting, or it could be a larger event than your regular policy covers you for.
Examples of where event insurance could be used is a sports stadium hosting a music concert but for something like a swimming pool this could take the form of a high-performance swim meet.
If you host a one-off event, you aren’t insured for it and something goes wrong, then the business will be liable to pick up the costs.
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Loss of Income
If your facility is closed for whatever reason to make it inoperable – such as emergency maintenance work or health and safety concerns – then it could mean you lose money fast. The overheads like rent, utilities and wages still have to be paid, but money doesn’t come in if you’re shut. However, by having cover for loss of income, it can financially protect your business if you can use your venue.
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[broker_name] can work with you to create the most suitable policy for your business, taking into account exactly what you need and how much protection you’ll require. We can ensure that your business will have the right insurance, having a bespoke policy that doesn’t include anything you don’t require. Call us on [broker_phone] today.
