August 20, 2020

Stepping Up to the Plate for Insured Sports Businesses Affected by COVID

It’s no secret that the sports industry has been vastly impacted by the coronavirus pandemic. From auto races in a raceway packed with fans, to rental houses that supply equipment for sporting events, to recreational athletic activities drawing enthusiasts, the way sports are played and shared during this global crisis is changing—some possibly forever.

As a new reality takes shape, many businesses are facing difficult questions centered on health, safety, and risk management. ProSight has been working closely with our insured customers in the sports segment that have seen their businesses take a real hit. Through collaboration and forward-thinking initiatives, we’re helping our clients deploy new tools and find creative ways to maximize their opportunities.

Here are a couple of ways ProSight is continuing to step up to the plate for our sports customers:

A Tool to Help Sports Return
As many states loosen COVID-related restrictions, athletes and spectators are looking for ways to get back to playing and watching sports. One tool ProSight championed years ago is helping their clients do just that—ewaivers.

The current pandemic has brought safety and health to the forefront of everyone’s mind. And while the world is working on reducing the spread of COVID-19, it may prove impossible to fully eliminate the risk of contracting it or any other communicable disease.

Traditionally, in-person, signed paper waivers have helped bridge the gap between avoidable and unavoidable risks by making sure all involved are on the same page regarding expectations and responsibilities. Three years ago, ProSight took this step further when we first encouraged our clients to use electronic waivers that would allow digital, remote access to their waivers while also enabling a cost-effective, secure means to quickly store and access their records. Fast forward to the current global crisis; ewaivers are now even more important than ever, helping our clients reduce in-person interactions, limit the physical handling of materials, and quickly adjust their waivers in a constantly evolving world. This digital interaction is particularly important for participants—as well as for fans when they’re finally allowed back in the stands.

Here’s how it works for participants or spectators needing to sign a COVID ewaiver: Once a participant registers or a spectator purchases a ticket for a sporting event, he or she is given the link to the insured’s ewaiver. After reading a description about the contagious nature of COVID and the inability to eliminate the risk of any contagious diseases or other unavoidable exposures, the participant or spectator must accept the risks that come along with entering a public environment, waive certain rights related to such risks, and agree to follow health and safety guidelines. Upon signing, the ewaiver is stored electronically in the system and is accessible on site to ensure the participant or spectator is cleared for entrance. By adopting this forward-thinking innovation, we’re aiding our clients with a tool that can help them prepare for the ultimate reunion of sports and fans.

Flexibility to Match our Clients’ Ingenuity
As our customers look for ways to pivot their businesses during the pandemic, we work with them every step of the way. From converting parking lots into drive-in theaters, to leveraging their existing resources to capitalize on lockdown-resilient opportunities, we’ve found ways to help them put their ingenuity into action.

One such customer, a leading provider of race equipment for multi-sports events across the country, was rendered frozen from delivering sports and event equipment during the lockdown. In an effort to uncover creative ways to use their existing resources, they leveraged their licenses, infrastructure, and employees to deliver home improvement materials for various communities. We matched their resilience and ingenuity with flexibility so they could pursue this alternate income stream. Of course, we’re not looking to develop a new home improvement shipping division in our sports group, but we firmly believe in helping our customers succeed—especially during extraordinary challenges when we all need to pull together.

By providing real value to our insured customers, we’re helping them keep their businesses on track during these challenging times. To find out what else we can do for your sports organization or business, feel free to reach out to me at akiankhooy@prosightspecialty.com.

Arash Kiankhooy
Value Creation Executive