What’s your plan for Sunday’s big game? Whether you are throwing a party with friends or throwing touchdowns like Tom Brady, there are risks for the battle of the pigskin. Insurance makes the game of games happen and customizing insurance needs for the stadium, players and even armchair quarterbacks can protect from unforeseen threats. So what does it take to insure one of the biggest events of the year? Here are five insurance safety risks for Super Sunday inside and outside of the stadium.
Out of Town Visitors
Attention Minnesota residents looking for a little extra cash!
Homeowner’s policies often exclude or limit coverage if you are renting your home out on a service like Airbnb. So what can you do?
- Landlord Policy – Purchased in addition to Homeowners Policy, will treat your home like a business.
- Host Protection Insurance – AirBnb provides $1 million in liability insurance but does not include medical or personal liability insurance.
If you are looking for coverage, make sure your independent agent is licensed in the state of Minnesota. The Minnesota Commerce Department will be able to provide more information.
Halftime Show: A Risk Control Nightmare?
Who isn’t ready to see the show Justin Timberlake will put on for half-time? If last year is any indication of what could be, insurance professionals are cringing.
Jumping off a stadium roof suspended in air is probably not the safest thing to do. A performance like Lady Gaga’s last year cost upwards of $100,000 in premiums. The problem is that most people do not jump off roofs or inquire with their carrier about a policy if they do. There is little to no data to look back on and base a quote off of.
While Justin may do something crazy, a team of Risk Control experts will assess the stunt and verify the proper insurance is in place.
Hosting a Party? Bring Your Umbrella
Having friends and family over to watch the game is guaranteed fun. But with this fun comes risks. Communal eating food from various homes can be a hot bed of bacteria. Each year, 3,000 people die from food poisoning in the U.S. annually. Don’t let poor food prep kill your party, literally.
Social host liability sounds like legalese but is crucial to know if you are hosting a party. You are responsible to stop a guest from driving home if they had been drinking at your party and can be held legally liable in the event of an accident.
An Umbrella Policy can extend your liability coverage, beyond the limits of your other policies. If someone were to be injured on your property, you could be considered legally responsible which could cripple you financially. With an Umbrella Policy, you gain an extra layer of protection.
Player Disability Insurance: Enabling Protection
Football is a brutal sport and injuries are bound to happen. The NFL is aware of this and provides disability coverage. Unfortunately, “The NFL does provide limited disability coverage that offers benefits of about $180,000 after taxes. That’s not enough to compensate an injured player for the wages they could have earned,” says Executive Vice President of International Specialty Insurance, Chris Larcheveque.
With that said, only 40% of NFL players are estimated to have looked for additional disability coverage.
Minnesota Winters: The Business Case for a Dome
The average high during a Minneapolis February is 29 degrees Fahrenheit. Luckily this year the game is in a dome but what if there was no roof on the stadium?
In 2014, the big game featured the Seahawks and Broncos in East Rutherford, NJ. Weather was unseasonably mild; regardless the NFL was prepared for a blizzard.
The NFL has an Event Cancellation Policy for all NFL games. If a game is interrupted, delayed or moved the policy would cover the financial loss with a few exclusions.
Local businesses can also take advantage of this type of policy. Keep in mind the policy would only go into effect if the game were cancelled or moved more than 60 miles from the intended stadium location.
No matter what your plans are for the big game, do not let risks stop you. Be prepared for what could happen and properly address it for an enjoyable night.
The post 5 Big Time Safety Risks for the Big Game appeared first on The Commercial Line.
