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16 Sep Commercial Insurance for Gymnastics
Gymnastics is a classic, popular sport, appealing to people of all ages. It’s also an activity that can lead to lawsuits, necessitating commercial insurance for gymnastics. The whole world watches when there is a situation like that of USA Gymnastics and disgraced coach Larry Nassar. He has been named in hundreds of lawsuits, as well as USA Gymnastics and Michigan State University.
Many lawsuits filed are based on injuries, creating risk for gymnastics instructors, their facilities, and anyone else involved in training or teaching the sport. Schools are also at risk when students participate in gymnastics as a school sport.
Gymnastics is a lot of fun for participants and might look easy to those watching in the stands. However, it’s a sport that can expose participants to life-altering injuries, death, sexual assault, and other issues that spell trouble for gymnastic companies, clubs, classes, and instructors. Lawsuits for gymnastics related damages can be extensive, devastating clubs and instructors no matter their profile or reputation.
Looking at Larry Nassar’s actions, the financial impact has been such that USA Gymnastics filed for Chapter 11 bankruptcy. The effect on the organization’s reputation is clear. The US Olympics committee made moves to shut down USA Gymnastics during the scandal.
Commercial insurance for gymnastics comes in to soften the blow. USA Gymnastics is still able to fund payouts thanks to its previously purchased insurance coverage. According to USA Gymnastics, the potential impact of Nassar victims’ lawsuits is anywhere from $75 million to $150 million. The organization only has $6.5 million in primary assets, which means the organization could owe 10 to 20 times more than they are worth.
With insurance in place, despite filing bankruptcy, they can do what’s necessary to stay on the right side of the law. It’s just one example of how valuable insurance for gymnastics is. Of course, this is a large-scale example, but even the smallest gymnastics organizations, individual instructors, and local facilities can be on the hook for a lot more than they have in assets.
As an insurance producer, you can help your clients involved in providing gymnastics activities. You can do so by working with Prime Insurance Company to find insurance coverage for these individuals and groups despite the risks of the sport.
In turn, you will be able to write more business, expand on what you offer as a producer, and give more options to clients. Doing this ensures a competitive edge against other producers. Commercial insurance for gymnastics is a lucrative area for producers to move into, and we’re pleased to help make it happen for your business.
How Commercial Insurance for Gymnastics Works
At Prime Insurance Company, we are known for our willingness to write tough risks for our producers. We can often provide commercial insurance for gymnastics where other insurance businesses would turn away. Whether your client is involved in a large gymnastics organization, is offering lessons on an individual basis, or is representing the facility where gymnastics activities occur, we customize our solutions. We work hard to remain flexible, taking a partnership approach to ensure that you and your insured clients know what we are doing as we service the risk.
We keep open lines of communication. Policyholders can speak with us directly via phone or web. We also dedicate ourselves to completing onsite risk management visits for as many policyholders as we can. You, as a producer, are welcome to participate in this communication.
Once you contact us for a quote (use our easy online application for commercial insurance for gymnastics), we work quickly to provide a timely, complete quote for all or part of the risk.
If you choose to work with us and your client has a claim, we will handle the claim quickly and efficiently. We aim to ensure a fair result for a fair claim. Working with us means your clients can look forward to being treated well, with the coverage they need and full transparency for your business. You will be able to expand your business and offer more as an insurance producer.
Start writing more business today with our commercial insurance for gymnastics. Use our easy online form to receive a quote and get started. Or, you can give us a call at 800-257-5590, email us at firstname.lastname@example.org, or check out our contact page. We are also active on social media, so come and join in the conversation via Facebook, LinkedIn, and Instagram.