Montana Professional Sports Insurance Policy Information
Montana Professional Sports Insurance. Professional sports differ from amateur sports in that professional athletes are paid for their athletic skills and performance, while organizing their lives around rigorous professional training that keeps them in top form.
Professional and semi-professional sports clubs are usually members of a national or international association and participate within the structure and framework of the parent organization. An individual or group of individuals, a partnership, or a corporation may own each member club.
Sports facilities that (primarily) serve professional sports teams or athletes may range from swimming pools to ice-skating rinks, from race tracks to facilities for equestrian sports, and from ballparks to soccer fields.
While such facilities unquestionably promote public health as well as helping sports fans enjoy their favorite games, there is no doubt that professional sports facilities also face a multitude of risks.
Any one of the perils a professional sports facility may fall victim to could prove to be extremely costly, and that is why it is so important to carry out an in-depth evaluation of your insurance needs. What types of Montana professional sports insurance coverage might be needed? Keep reading to learn more.
Montana professional sports insurance protects your organization and facilities from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Why Do MT Professional Sports Need Insurance?
Just like any other business, a professional sports facility can face an array of perils. Not only can professional sports facilities be impacted by the same perils that could affect any commercial venture, regardless of their field, they also have some industry-specific hazards to consider.
Unfortunately, you are not immune from risks no matter what steps you take to prevent accidents and disasters.
Your facility could be damaged in an act of nature, such as an earthquake or flood. Criminal acts like vandalism and theft, which also extends to the digital realm, could lead to great losses.
Essential equipment, such as air conditioning or sound systems, could malfunction and require replacement or repair. Athletes may sustain injuries on your premises and alleges that you are responsible, or an employee may get hurt at work. All these perils can deal serious blows to your financial health.
Montana professional sports insurance is important, in short, not only because some forms of coverage are mandatory, but also because the right insurance safeguards your business interests by giving you the best shot at recovering even if you are impacted by a major peril.
What Type Of Insurance Do Montana Professional Sports Need?
Each type of insurance protects business owners from a specified set of perils, covering costs up to a stipulated amount. MT professional sports facilities will not only vary greatly depending on the type of sport they are designed to host, but other factors also determine the exact nature of their insurance needs.
The jurisdiction in which your facility is based, your number of staff, the size of your operation, and the value of the equipment you own are merely examples. That is why it is vital to talk your insurance options through with a commercial insurance broker who is deeply familiar with the needs of athletic facilities.
Meanwhile, here is a look at some essential types of Montana professional sports insurance coverage that are usually always needed:
- Commercial Property - Any business with physical assets needs commercial property insurance, as it covers their building and the assets inside in the event of perils such as theft, vandalism, acts of nature, and certain accidents.
- Commercial General Liability - This type of Montana professional sports insurance coverage protects you from third party personal injury and property damage liability, as it helps you manage the costs arising from lawsuits. Attorney fees, court expenses, and settlement costs can all be covered.
- Athletic Participation - Athletic facilities should be aware of the fact that general liability policies exclude sports events. This type of coverage, which may also have slightly differing names, will ensure that you are fully protected. It will pay for costs relating not only to personal injury claims in an athletic context, but also, for instance, the costs that follows if an athletic team sues you after you have to cancel an event due to unforeseen circumstances.
- Workers' Compensation - Should one of your employees become injured at work, this form of coverage reimburses them for their medical bills. In addition, it covers wages they lose to related work absences. In the process, it protects you from litigation.
While these types of insurance all help protect your financial future even if your MT professional sports facility is confronted by a major peril, be aware that your business may require other kinds of coverage as well.
A commercial insurance broker can help guide you through the process of building a Montana professional sports insurance comprehensive plan just right for your unique circumstances.
MT Pro Sport's Risks & Exposures
Premises liability exposure is high due to the large numbers of visitors on premises and the strong emotions that can arise between rival fans during sporting events. Public and life safety exposures are very important. Good housekeeping is critical to preventing trips, slips, and falls.
Any group tours must be staffed to adequately supervise participants. Escalators and elevators must be inspected regularly. Floor coverings must be in good condition. Adequate lighting, marked exits and egress are mandatory. Steps must have handrails, be well lit, marked, and in good repair. Parking areas should be maintained free of snow and ice.
Security at events, in the building, corridors, and parking areas need to be carefully reviewed. Disaster plans, including terrorist attacks, must be in place and practice drills held with employees. The event and practice facilities may present an attractive nuisance hazard when not in use.
There must be adequate security to prevent unauthorized entry to children, vandals, or would-be terrorists. Personal injury losses may occur due to alleged wrongful removal, invasion of privacy, or discrimination. Contracts with suppliers, vendors, event planners, and performers must be clear as to all responsibilities.
Liquor liability exposure can be quite extensive at a sporting event if employees are not properly trained to recognize the effects of excessive alcohol consumption. Procedures must be in place for checking IDs and refusing to serve underage or intoxicated individuals. There should be a "cut-off" time well before the end of the game to prevent visitors from excessive alcohol consumption prior to driving home.
Products liability exposures can be high if the sports club operates the restaurants or snack bars. Employees should be trained in the proper handling of consumables to prevent foreign objects in food, food poisoning, or the spread of other transmissible diseases. Other product liability exposures can arise from gift shops. If these are contracted out, the club should verify that the operators have adequate liability coverage.
Professional liability exposure comes from any medical doctor or nurse who is part of the staff. The relationship and responsibility for providing insurance must be spelled out in a contract, including the type of procedures that can be handled by the medical professional.
Workers compensation exposure can be very high. Employees who set up, build, or transport stage settings, equipment, lighting, and scenery may be injured by cuts, puncture wounds, electrical shocks and burns, slips and falls, back injury, hernias, strains, or sprains from lifting or working from awkward positions.
Stage and lighting setup may involve aboveground exposures that need additional protection and precautions to avoid falling from heights or being hit by falling objects.
Hawkers, peddlers, and vendors employed by the event facility to sell wares in the stands have high potential to slips and falls from limited visibility as they ascend and descend steps carrying items to sell. Ongoing exposure to noise levels can result in hearing impairment.
Food preparation operations can result in cuts, scrapes, and burns. Cleaning and maintenance operations can result in lung, eye or skin irritations, and reactions.
Adequate security and training must be provided to employees handling money in ticket booths, gift shops, and concession stands to reduce the possibility of injury due to holdups. Security personnel must be trained to deal with both holdups and unruly patrons.
Highly-paid athletes may be injured during training, while traveling to away events, or while competing with other clubs. Their contracts should state whether they are employees of the club or independent contractors.
Instructors, coaches, trainers, and others in related positions may experience sports-type injuries. The legal status of those positions needs careful review to evaluate the actual potential for loss.
Employees may have significant travel-related exposures. The type of travel, frequency, and mode of transit require review. Any owned vehicles or aircraft will result in substantial additional exposures.
Property exposure consists of buildings or personal property owned by the club or for which it has assumed responsibility. Most sports facilities have extensive wiring for lighting, sound systems, and other electronic equipment.
Event sponsors and performers will often bring their own equipment that must be fitted into the electrical system provided by the facility owner.
It must be in good repair, adequate for the equipment used, and meet all current building standards. Circuit breakers and/or fuses must be well maintained with no overrides.
Stage preparations such as building, painting, or gluing of scenery and displays that use wood, plastic, or flammables will contribute to the fire load. Some performers incorporate smoke or fireworks into their shows. These materials must be properly controlled, with all flammables stored in approved containers and cabinets.
If food preparation is done on premises, all cooking equipment must be properly controlled. Smoking should be prohibited throughout the facility. There should be hard-wired smoke detectors throughout the facility.
A sprinkler system is advisable. Domed roofs may collapse due to heavy wind or snow. Training facilities may be located on separate premises. Sports facilities may be a target for vandalism. Business income loss and extra expenses may be high after a loss if backup facilities are not available.
Equipment breakdown exposure may be high due to the heating and air conditioning systems, cooking equipment, hot water systems, electrical control panels, and lighting and sound equipment used for special events. Breakdown and loss of use could result in a significant loss, both direct and under time element, if replacements parts are unavailable or repair time is lengthy.
Crime exposure is from employee dishonesty and money and securities. Employee dishonesty coverage should be extended to include volunteers. Background checks should be conducted on all employees and volunteers handling money. Employees who are in charge of ordering must not be the same who handle disbursements and billings. Frequent inventories and audits must be conducted for adequate monitoring.
If tickets are sold at events, a significant amount of cash may accumulate. Cashiers' drawers should be kept stripped with regular deposits made throughout the day. There should be a centrally located locked cash room with a guard on hand to protect the employees and money.
All monies should be double counted and balanced with cashier balance sheets. All cashiers must be held accountable for shortages.
Inland marine exposures include accounts receivable if the club bills for services, bailees customers, commercial articles, computers, and valuable papers and records for contracts with suppliers and vendors. Values can be high with the wide variety of equipment for sports, sound, lighting, scenery, and displays.
Owned equipment taken off premises can be damaged in transit or stolen. Duplicates of records should be made and stored off-site for easy restoration. Contracts should be reviewed to determine if bailment situations are created with the athletes, speakers, performers, and guests.
Commercial auto exposure can be high since athletes must be moved from one location to another for sporting events. If there are owned vehicles, all drivers must be properly licensed and have acceptable MVRs. Team buses and other owned vehicles must be maintained on a regular basis with service records retained.
Montana Professional Sports Insurance - The Bottom Line
To discover the specific types of Montana professional sports insurance policies you'll need, what coverage you should carry and the associated costs, speak with a reputable commercial insurance agent.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Sports & Fitness Insurance
Learn about small business sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected.
- Golf Course & Country Club
- Gym Fitness
- Hole-In-One Insurance
- Ice Skating Rinks
- Martial Arts
- Professional Sports
- Sports Team
- Swim Clubs
- Yoga Teacher
Sorts and recreation includes a wide variety of operations, from individual theater owners to theater chains to corporations that operate properties with recreational facilities spread over many acres. It also includes publicly and privately owned athletic fields, stadiums, golf courses and other athletic facilities.
The risks in this classification are similar in that all involve the admission of large numbers of people combined with significant public access. These shared characteristics mean that all share the potential for catastrophic loss. For this reason, liability coverage with high limits of liability is critical.
Property, workers compensation, crime and inland marine coverages are also important but their necessity varies by type of risk.
This insurance can cover Amusement Parks, Archery Ranges, Athletic Fields, Ballparks, Ballrooms, Billiard Parlors, Bowling Alleys, Carnivals, Country Clubs, Drive-In Theaters, Golf Courses, Outfitters and Guides, Handball and Racquetball Courts, Ice Skating Rinks, Indoor Sports Complexes, Professional Sports, Racetracks-Horse or Dog, Racetracks-Motorized, Recreation Centers, Riding Stables, Roller Skating Rinks, Shooting Ranges, Skatepark, Skeet or Trap Shooting Ranges, Skiing Operations, Stadiums, Swimming Clubs, Tennis Centers, Theaters & Video Arcades.
Sports and fitness facilities have a way of bringing susceptible groups of individuals and situations together that can be potentially dangerous if not properly monitored. The joy and happiness of the moment can quickly change because of a calamity and those calamities can then lead to lawsuits.
Many of these risks have large money exposures every day they operate. Because of this, losses involving cash are the single biggest concern for most recreational facilities. This includes not only holdups and robberies but incidents involving counterfeit currency, computer fraud and forgery as well.
Employee theft is also a major concern in some operations because of attractive types of property or merchandise coupled with high rates of employee turnover.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Bailees, Computers, Contractors' Equipment, Golf Carts, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Mobile Equipment, Cyber Liability, Employment-related Practices, Liquor Liability, Business Automobile Liability and Physical Damage, Garagekeepers, Stop Gap Liability and Unmanned Aerial Vehicles (UAV) (Drones).
Request a free Montana Professional Sports insurance quote in , Absarokee, Anaconda-Deer Lodge County, Ashland, Baker, Belgrade, Big Sky, Big Timber, Bigfork, Billings, Black Eagle, Bonner-West Riverside, Boulder, Bozeman, Browning, Butte-Silver Bow, Chinook, Choteau, Clancy, Clinton, Colstrip, Columbia Falls, Columbus, Conrad, Corvallis, Crow Agency, Cut Bank, Deer Lodge, Dillon, East Helena, East Missoula, Ennis, Eureka, Evergreen, Forsyth, Fort Belknap Agency and South Browning, Fort Benton, Four Corners, Frenchtown, Gardiner, Glasgow, Glendive, Great Falls, Hamilton, Hardin, Harlowton, Havre, Hays, Helena, Helena Flats, Helena Valley Northeast, Helena Valley Northwest, Helena Valley Southeast, Helena Valley West Central, Helena West Side, Kalispell, King Arthur Park, Lakeside, Lame Deer, Laurel, Lewistown, Libby, Livingston, Lockwood, Lolo, Malmstrom AFB, Malta, Manhattan, Marion, Miles City, Missoula, Montana City, North Browning, Orchard Homes, Pablo, Park City, Philipsburg, Pinesdale, Plains, Plentywood, Polson, Red Lodge, Ronan, Roundup, Scobey, Seeley Lake, Shelby, Sidney, Somers, Stevensville, Sun Prairie, Thompson Falls, Three Forks, Townsend, Troy, West Glendive, West Yellowstone, White Sulphur Springs, Whitefish, Whitehall, Wolf Point and all other MT cities & Montana counties near me in The Treasure State.
Also find MT local small businesses by General Liability Class Code and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.