Phoenix entrepreneur launches fantasy football insurance plan - WFSB 3 Connecticut

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Phoenix entrepreneur launches fantasy football insurance plan

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PHOENIX (CBS5) -

Fantasy football is a billion dollar industry with about 25 million players this season. Many of you play for big bucks, so would you shell out a little more to protect your key players?

A new business is banking on you being willing to insure your fantasy investment.       

"I was that fantasy gamer that always drafted that top player that would get hurt and my season would be over before it started," said Phoenix entrepreneur Joseph LaGiglia.

This year he teamed up with Valley-based MiniCo Insurance to start FantasyPlayerProtect.com.

"This thought, the discussion started developing around how do we offset some of that loss because of a key player," said MiniCo President and CEO Michael Schofield. "And, as a result, the insurance product was designed."

Schofield said gamers can insure up to five key players on their team with a maximum coverage of $1,000.

"You have your range from $50 to $100 to play all way up to $500 even $1,000 leagues that are out there," LaGiglia pointed out.

Insurance, per player, costs between 9 and 13 percent of a gamer's league fees.

"We definitely can't help you out if you picked a guy who decides not to have a good season," said LaGiglia. "But, specific to the injury is what this policy covers."

Schofield said if your player misses a certain number of games, outlined in your policy, you can file a claim to recover team ownership costs, which appealed to some gamers CBS 5 News spoke with.

"I think it's a calculated risk like anything you would do," said Jobie Flores. "So, based on the player and the significance of the outcome of if I lose that player, $20 is no big deal."

But those who pay minimal to no league fees said they'll hold off for now.

"I play in a $20 league, so it's not that much," said Jeremy McNeely. "But, if I was paying $1,000, I would probably be more willing to buy that insurance."

It's too late to insure your NFL players for the 2013 season. But policies will be offered again starting next August.

FantasyPlayerProtect.com will also begin offering insurance policies for fantasy baseball, hockey and basketball in 2014.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

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