With the cost of living steadily increasing, and no end in sight, consumers are tightening their belts in areas like vacation, leisure, and competitive sports. But we all know, life happens. Players get sick or injured, parents lose their jobs or must relocate for their job. When this happens it is difficult to collect funds when the athlete is no longer a part of the program. When player contracts are protected with sports fee insurance the financial investments made into the sports program are guaranteed to both the club and the parent.
Revenue protection insurance (Sports Fee Insurance) for your registration fee income has become a standard insurance policy within the youth sports community over the last several years. This type of insurance provides coverage to protect against losses due to uncollected fees or refunds when an athlete is forced to quit the program.
This type of insurance policy has become one of the most valuable risk management tools for youth sports clubs across the United States. More than 82 percent of clubs polled say that insurance is a must for their organization. “We utilize this insurance as an option for our parents”, say Steve Sack owner of Michigan Elite “it provides some form of revenue protection for both parties without us needing to raise our fees”.
One of the key components of a Sports Fee Insurance policy is the ability to buy it outright to protect all of your registration fee revenue or to allow parents to decide the level of protection they need. This option provides less protection, but when offered to your club members it does not cost your club a dime. Increasing your value for your club members is essential when consumer budgets get tight.
About the Author
Jennifer Pivnick is the President of US Sports Club Insurance, the Official Club Fee Insurance Partner of the JVA. Click here to set up a call with Jennifer to discuss your club and athletes.