Most sports organizations and entertainment mediums do not pay proper attention to their insurance documents. They acquire them for the sake of it and to skip legal barriers but do not keep them updated.
Certificate of Insurance (COI) Tracking is and will always be the most reliable way to save money on your insurances. Having a properly maintained COI document with every required coverage could save you and your team from getting into legal hassles.
It can also help you recover financially from a downfall. But how can you make better use out of your insurance tracking software? Here is how!
1. Track Every Insurance Policy You Own
Certain insurance policies are crucial to sports companies. You just cannot afford to ignore them.
This includes,
- General Liability
- Accident Protection
- Directors & Officers Liability
- Equipment Coverage, and
- Crime Protection
It is equally important to track every single insurance policy you hold. Every insurance policy has its own area of coverages and you never know when they would come in handy.
Most managers have events and teams to handle which gives them no time to keep track of insurances. A COI Tracker can remind you if one such policy of yours is about to expire. Apart from the sports industry, here are 8 Businesses That Can Benefit From COI Tracking.
2. Understand & Secure Every Possible Liability
Accidents and spectator injuries are not the only types of liability that the sports industry encounters. But unfortunately, most companies get sued for managerial negligence. This is because they do not possess the appropriate insurance coverage when the need arises.
Mismanagement in the sports industry is more common than you think which might result in economic injury to another party.
This could lead you up to an expensive court trial which could get impossible for you to get out of without having a Director’s & Officers Liability. Similarly, you must understand the insurance demands of your company and opt for the appropriate coverages.
3. Bundle Your Policies
The more insurance policies you buy or acquire from a single firm, the cheaper it gets. For example, the cost of buying an Accident and General Liability policy together from a firm is much cheaper than buying them at two separate time frames.
This again stresses the importance of doing your research before you buy your policies. This way, you can thoroughly understand what your team or organization needs and buy them in bulk.
The ease and efficiency of tracking insurance policies in bulk are also commendable. Almost every insurance firm has a built-in discount for bulk purchases that you can make use of.
4. Avoid Sketchy Insurance Carriers
An insurance carrier is a company where you get your insurance and insurance agent from. These agents would most likely handle your claims and coordinate the payments between you and your carrier.
Some insurance carriers might take advantage of your naivety and try to charge you extra. If you encounter an insurance carrier that charges extra to cover special non-sport activities and to add sponsors and field owners as additional insureds, stay away from them. These are not chargeable, and you are most likely to get scammed.
5. Raise the Deductibles
A deductible is an amount that you must pay when a claim gets made before your insurance policy kicks in and supports you. In short, let us say you get a $10,000 claim and you have a $1,000 deductible.
This means that you must pay the first $1,000 and your insurance would cover the rest. By raising it, you might have to pay more but on the bright side, your insurance premium will go down by up to 25%. A COI tracker can also keep track of all your deductibles, so you know how to reach when you get sued or claimed.
Conclusion
Now that you know 5 inside secrets to save money on sports insurance with COI tracking, aren’t you curious to know how to track your policies efficiently? Here is how: Increasing Your COI Tracking Efficiency: Here Are 6 Things You Can Do.
Tracking your insurance can help you focus more on marketing and sales rather than having to scratch your head in accounting. Over the years, our COI Tracking Software has helped numerous vendors and subcontractors to multiply their productivity. Request A Free Demo or reach out to them at (262) 205 0222.