The sports industry supports over 450,000 jobs in the UK alone, generating more than £20bn in annualised revenue with an estimated 15.6 million participants.
PIB Sports offering is headed by ex-professional cricketer Nick Walker, who has not only taken out insurances such as Career Ending insurance, Motor, Household, but has since spent 10 years in the Insurance industry and as such very much understands the needs of each player and that a ‘one size fits all’ approach may not provide appropriate cover. Each policy placed is tailored to each sports professionals’ specific needs to help to ensure the right cover is in place.
Players and Associated Staff
Players, and the teams that they play for, are highly valued assets and as such it is imperative that all aspects of the industry, from associations to teams and individuals, protect their investments and income from loss as a result of injury or illness.
Sporting results and the revenues they generate are significantly impacted by both injury and sickness to athletes, temporarily or permanently preventing them from participating. It is PIB’s intention to develop a niche offering which will enable us to protect the financial interests represented by an athlete through insurance.
Below are some of the policies that are available to sports professionals: -
- Failure to Survive Sometimes known as “confidential life”, this covers death as a result of accident or illness of the insured person.
- Accidental Death Protection against a catastrophic risk such as a car accident or plane crash.
- Career-Ending Injury (Permanent Total Disablement) To protect a prospective transfer fee for a club or future earnings for a player in the event that the player cannot continue his career due to an accident or illness.
- Wage Protection (Temporary Total Disablement) Indemnifies clubs who have to continue to pay players on guaranteed contracts when they are injured.
- Income Protection (Permanent Total Disablement / Temporary Total Disablement) Insures future earnings for self-employed sports persons without guaranteed contracts or earnings who rely on sponsorship and prize money.
- Sports Travel Insurance Medical expenses and travel cover for all persons travelling on behalf of sports team, clubs or governing bodies.
- Private Household, Motor and Healthcare Personal lines insurances specifically designed for sporting professionals
- Kidnap and Ransom Protects against the risk of kidnap for ransom, extortion, wrongful detention and hijack. Includes: threat mitigation guidelines; and financial cover
In addition to having access to a wide range of UK insurers, PIB are a registered Lloyds broker and are able to place risks directly in to the Lloyds market to source bespoke insurance solutions for most sports related risks. At PIB, we pride ourselves in not only offering a tailor made product, but also direct access to our sports insurance specialists.