How much is your sports career worth?
Many insurance companies usually provide cover when it comes to activities and sports that you practice in your spare time. When it comes to professional sports on contract or sports practiced against payment in the form of salary, sponsorships or other income, the rules and coverage are set up differently. There are far more factors to be aware of – and this applies to both sports associations and clubs as well as employees or individual athletes.
With insurance for professional athletes, there are risks and unforeseen factors that you may not think about, which can end in major financial losses for you or your club if you do not have the correct coverage and terms. A horror scenario is, for example, if you get injured and have to stop your career. So who is then going to pay your salary in the future? And what is your sports career worth?
Let us help you get the right insurance solutions for professional sports
If you need consulting and guidance on choosing an insurance solution, you can contact Ensure’s insurance brokers. At Ensure, our specialists have extensive experience in the world of sports, and we can help you or your club with counselling in the following insurance areas:
- Accident insurance that is adjusted to tax rules on gross salary scheme
- Industrial injury
- Travel insurance
- Loss of earnings cover
- Career stop
- Cancellation insurance for major sporting events or concerts
- Board and management liability
Is it your responsibility or that of the club?
Sports clubs are required to take out certain insurance policies such as the statutory occupational injury insurance, but there are other situations such as end to career, accident or loss of earnings that should be considered. Many athletes think they are covered through their contracts, but unfortunately this is rarely the case.
If, after trying negotiations with the club, you cannot get them to take out additional insurance, you must make sure to take them out yourself. Here it is i.a. important that the chosen accident insurance is full-time and does not make an exception for professional sports.
If you have been awarded a contract abroad, it is important to compare your contract with the country’s rules regarding salary during the injury period (loss of earnings cover).
We help advise you on special coverage for golf clubs, vandalism on greens, a comprehensive machine insurance or the popular hole-in-one insurance. With respect to the latter, golf clubs can offer hole-in-one insurance for their company day.
If you play in a handball club, the club’s travel insurance must be adapted to the European Handball Federation’s (EHF) regulations.
Within the various unions, there is collective coverage, which you are automatically covered by, as well as specially negotiated group agreements, which you have the opportunity to become part of.
Ensure’s specialists know these schemes in detail and the interfaces to be aware of.
Union Cycliste Internationale (UCI) sets a wide range of insurance requirements depending on whether your cycling team is defined as a club team, continental team, pro continental team or Wold Tour team.
This can, for example, be claims to cover occupational injury, illness or personal insurance. Our experts at Ensure are happy to advise you on the special conditions that apply to cyclists.
As a professional football club, it is important to know your risks and obtain the right insurance coverage. Here you must pay special attention to how the injury of a spectator during a match is handled and how you are insured, accident/terrorist act in connection with a match, insurance of your LED banner ads and big screens, as well as financial compensation in connection with injuries to your players/managers.
These are just a few of the many risks that you can analyse through collaboration with Ensure.
Contact our specialists
If you have any questions or need impartial sparring about insurance for professional sports, you should contact our specialists.
Our insurance brokers are ready to advise you and your club.