A story about one of the most storied trophies in professional sports. The Stanley Cup.
The NHL Playoffs concluded in the spring of 2017 with the Pittsburgh Penguins winning it all for the second consecutive season. You had the best teams in the league vying to become Champions and win the one and only Stanley Cup. There really is only one Stanley Cup (well three, but only one that is presented to the champion), meaning that the same exact Cup has been hoisted by the best of the best hockey players for decades. Players dream about it from the time they learn to skate–what a thrill it must be to hold this iconic trophy for all to see.
And then…fear sets in…
What if the Cup gets lost? Or stolen? Or damaged? Can you imagine being the team that ruined the Stanley Cup? The Stanley Cup travels the world. Each Championship team gets to keep the trophy for 100 days, and with many foreign-born hockey players, the Stanley Cup often finds its way into countries like Russia, Canada, Finland, or Germany. With all that traveling, and with all the boisterous young players and their buddies who have access to the Cup, the number of things that could go wrong are many.
The National Hockey League takes all the appropriate precautions and procedures to protect this trophy, but it still needs to be insured. When I was living in Colorado, the Colorado Avalanche won the Stanley Cup and I was excited to be able to be the agent that insured the Stanley Cup. Though, I did spend most of that year half-expecting to get a call that something terrible had happened to it.
Lucky for the Stanley Cup and me, the Colorado Avalanche kept the trophy in one piece! The chance of something bad happening to the Cup is very, very low. But considering what would happen if a problem did occur, the insurance is an absolute must. The NHL understands that.
Many business owners don’t think that way and don’t take out policies against what they see as unlikely events. Trust me, I get it. You want to make more than you spend, of course. But if the one thing you need (e.g., the Stanley Cup) is suddenly gone, what will happen to your business if you don’t have coverage? All the money you saved won’t matter much.
Insurance isn’t fun, but it is necessary. Just ask The Stanley Cup!
Image of Bryan Rust (scale edited) was taken by Michael Miller under the Creative Commons Attribution-Share Alike 4.0 License