Sports

International federations, national governing bodies, sports and event venues, and other organisations active in this dynamic industry face numerous risks. A single man-made or natural disaster can have financial and operational consequences ranging from third-party liability to brand and reputational damage.

Marsh’s Global Sports and Events Practice helps identify, quantify, and manage these risks. As a leading risk adviser to the sports industry, we have the specialised knowledge and market intelligence to help execute a risk management programme based on your company’s unique exposures and business goals.

With a considerable industry database, as well as benchmarking and analytics, we can provide quantitative insights to implement strategic priorities with confidence. Our experts work with you in order to help you identify risk trends, anticipate emerging issues, and design adequate risk management strategies for your organisation.

By understanding exposures from four primary perspectives – hazard, finances, strategy, and operations – we can help determine optimal strategies for managing your risk portfolio, enabling you to pinpoint the best coverage levels, reduce total cost of risk, and improve overall cash flow.

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The biggest hazard to the sports industry is the ebb and flow of fan interest – fluctuations one way or the other can have butterfly-effect consequences on the entire industry. This is extremely difficult to predict with any certainty and thus not necessarily easy to mitigate.

That said, contingency planning is somewhat more feasible for many other sports sector risks, including but not limited to:

Career-jeopardizing injury
Personal accident risk
Property damage or destruction (i.e., stadiums and practice facilities)
Event liability (e.g., injuries to fans or staff)
Health and safety risks
Fraud and embezzlement
Crimes against persons (i.e., kidnapping and ransom, extortion)

Generally speaking, all sports leagues (professional or amateur; youth or adult) should consider the following lines of coverage:

General liability insurance
Accident insurance
Directors and officers coverage
Equipment coverage
Crime insurance
Property and casualty insurance

Beyond those fundamentals, the coverage provisions an individual or organization should pursue vary. Individual pro athletes, meanwhile, might want specialty coverage for high-value personal possessions or against kidnapping threats.

Other specialty lines worth thinking about include:

Event liability (including cancelation and abandonment)
Prize indemnity
Travel insurance
Motor fleet
Workers' compensation
Career-ending injury coverage

The scope and severity of risks facing sports organizations and professionals of all kinds means proper assessment of and planning for the precise hazards that may arise is of utmost importance.

Marsh brings significant experience to the table in the management of risks for athletes, teams, leagues, and other organizations in sports. We use cutting-edge analytics and outside-the-box thinking to help you determine your key risk priorities and design solutions that account for expected problems, one-in-a-million catastrophes, and everything in between.