Types of Sports Insurance
There is a huge range of different sports on offer, each with different risk factors, and it would therefore not be appropriate for one insurance policy to 'fit all'. For this reason, your insurer will typically offer a basic policy which can be adapted to meet your individual sporting needs. This is also because insurance policies are not just available for sports professionals but for anyone involved in sport, from umpires to coaches and even to event organisers and suppliers of sporting equipment. These people can also choose insurance which meets their requirements: insurance can be purchased for almost any aspect of sporting life, from participants' injuries to damaged equipment.
Sports insurance is not compulsory, but it might be advisable to purchase cover if: you participate in a high-risk sport (for example extreme sports); you use expensive equipment; or if even a short period of time away from work for treatment would put a significant strain on your long-term finances. If you suffer an injury during a competition or training session, your sports insurance (in this context accident insurance) would cover you for an agreed amount of lost income, providing the accident was not your fault. Some treatments for injuries will be available free of charge on the NHS, but further care such as rehabilitation may incur additional costs, which insurance payouts can help to cover.
Another variety of sports insurance is liability insurance. Sports liability insurance is similar to accident insurance except that it provides you with cover for claims made against you for any injury or damage you cause to another player, or their property. If the injury is particularly severe they could claim many thousands of pounds in compensation, which could leave you in severe financial difficulties if you are uninsured.
Property insurance provides cover for your sporting equipment in case it is stolen, damaged accidentally or vandalised. This type of sports insurance covers sports premises and their contents (depending on the policy), from small local clubhouses to large stadiums and arenas. If you have a property insurance policy, a successful claim would provide you with some financial compensation towards the cost of replacement or repair of the items involved.
Sports insurance is also available for organisations or event planners who run special sports competitions, or for clubs that have financial incentives for tournament winners. Some of the common purchasers of so-called 'prize indemnity' insurance in the UK include golf tournaments which offer a cash prize for a 'hole in one', football contests which reward players who score a 'hat trick' (three goals in one match), or bowling tournaments which have prizes for contestants who score consecutive strikes.
See also: Purchasing Sports Insurance.
