How You Can We Save Money On Sports Insurance?
Sports insurance is a highly specialized field where very few agents have the buying power to negotiate the prices that you must have! Your agent/broker may not have access to the Larger Insurers.
Buy From A Sports Insurance Specialist. Insurance is a huge industry. There's insurance for everything. Anything you can have, do, own, manage or whatever -- there's insurance for it. And nobody can specialize in all of it. In fact, a professional insurance agent can only specialize in a few niches -- and really understand them. If someone specializes in insuring homes, auto, and retail stores, it doesn't mean that they know anything about sports leagues.
The sports insurance marketplace is so secretive and hard to access that only a sports insurance specialist will know where to go in order to satisfy the specific needs of a particular league. This specialized knowledge results in knowing which program or insurance company is offering the most competitive rates for a particular type of league. This knowledge can result in big savings!
Tap Into Group Purchasing Power. Only the very largest sports organizations or leagues that operate on a state/province wide, regional, or national basis have the buying power to establish their own programs with their own special rates. On the other hand, the average sports league will never have that ability.
The solution for the average sports organization is to join forces with other organizations in order to form a buying cooperative that can have enough clout to get the attention of the insurance carriers. These buying cooperatives are know as "Risk Purchasing Groups" and allow for significant rate reduction. Larger groups can negotiate lower prices because many administrative expenses are fixed and can be easily spread over many members.
Raise Your Deductible On Your Accident Policy. Your "deductible" is the amount that you pay when you make a claim before your insurance "kicks in". In other words, if you have a $1,000 claim and a $100 deductible, you pay the first $100 and your insurance company pays the next $900. The disadvantage of raising your deductible is that when you do have a claim you will pay more. The advantage of raising your deductible is that your premium will go down, sometimes by as much as 25%.
Buy All Your Policies From The Same Insurance Company. Many insurance companies offer built-in discounts for sports organizations that purchase both Accident and General Liability policies from the same company.
Don't Get Nickel and Dimed To Death. Avoid insurance carriers that make additional charges for providing coverage for special non-sport activities, volunteers such as coaches and umpires, and adding field owners and sponsors as additional insureds.