Risk & Business Magazine Benson Kearley IFG Magazine Fall 2017 | Page 31

SPORTS PROTECT The Value Of Protection In The Sports Industry O perating a sports store, training facility or managing a team involves handling unpredictable events, which may result in unexpected business risk. If you own a sports store should you be concerned with an on-filed injury? In 2008, a teenager was left brain-damaged when he was hit with a line drive during a baseball game. Later, he and his family sued not only the baseball league but also the manufacturer of the baseball bat, and a major sporting goods chain. In 2012, that lawsuit was settled for $14.5 million. Potential for risk can come from unexpected places, and it is important to be prepared for it. Product liability coverage is essential if you make or sell products to other businesses or consumers. Any injury or damage caused by those products could potentially make you liable. Product defects could lead to those same issues. This is one example where product liability coverage is imperative. Here are some common types of product liability claims: • Manufacturing f laws – Claims stemming from an accusation of f laws during the manufacturing process which caused a malfunction during use • Design defects – Claims alleging that the design of the product is unsafe and never should have been made or sold • Inadequate warnings – Claims alleging that no proper instructions or warnings were provided to assist in the use of the product in a safe way Anyone in manufacturing, including retailers and wholesalers, should have Product Liability Coverage. This means if your company is producing exercise or sports equipment for resale, not only will you need to be covered, but your clients and the facilities will need this coverage as well. Our Sports Protect program covers teams, associations, and everything from equipment manufacturing to the sports themselves. No matter what type of business you operate within the sports industry, it is important you are aware of all potential risks. We provide specific coverage to the sports industry. We have experience on the insurance and risk management side of business, and on the professional athlete side as well. Our understanding of your business has allowed us to negotiate the best possible rates for you. Our price is competitive, but that is not what makes us different. We want to make you a better business, and we will provide the tools to implement and accomplish this. Our Partners In Risk TM philosophy allows us to assess your overall strengths and weaknesses as it relates to risk. This helps eliminate potential threats to your business, which means lower liability rates and fewer claims. For more information, contact Peter Lough at 289-340-0680 or [email protected] and let us help you get started today. + BY: PETER LOUGH ACCOUNT EXECUTIVE, SPORTS PROTECT POWERED BY BENSON KEARLEY IFG Peter Lough is a Commercial Account Executive at Benson Kearley IFG. His expertise in corporate Risk Management is supported by prior experience in the Mutual Fund industry. He is a former Professional Lacrosse player, most recently with the Toronto Rock, and has represented Canada at an elite athletic level in both lacrosse and hockey. He successfully obtained his Canadian Accredited Insurance Broker designation. 31