Our agency is founded and run on the philosophy that client’s needs come first and foremost. We know you hear that a lot, so we wanted to tell you how we carry out our philosophy day to day. This article is the continuation of our series on how to think differently about entertainment insurance.
Every client deserves an annual entertainment insurance review. The review may take different forms depending on the individual circumstances.
Benefits To An Insurance Review
- Keeps your program up to date
- Provides opportunity for feedback on services
- Allows for the partnership to review goals
- We take time to review key exclusions and other coverage items
- You may need to modify, reduce or add coverage depending on your current situation
- The review does not need to take a long time
Entertainment Business Insurance Review
A business review is important because risk is constantly changing. Maybe your operations have not changed, but laws and other statutes can impact your risk and need to be addressed. Here are a few examples:
- Prices change and a review can determine if you are getting competitive rates on your insurance.
- Your productions may have changed from commercials to TV shows.
- Your coverage needs may have changed and your policy should reflect these changes.
- There may be new insurance companies to which we have access.
- Laws and regulations are changing and may require a different kind of insurance.
There are a number of common mistakes some entertainment companies make when it comes to purchasing insurance. Insurance is the product you buy in case the unexpected happens. Unfortunately, by the time you need it, it’s too late to make sure you have the right type and amount of insurance coverage. Make sure you don’t make the following mistakes while buying business insurance
Having two agents is better because they keep each other competitive
Having two agents duplicates effort and can create coverage gaps. For example, there are certain coverage’s that can be included under a liability policy and auto policy. One agent is better able to manage your entire insurance program.
The lower the premium the better
Premiums are determined by a combination of exposures and coverage. If you get a lower premium you may be missing needed coverage. For example, does the lower premium include replacement cost coverage on buildings and equipment?
The internet is a great place to get good insurance deals
Low cost internet insurance usually allows you to select the coverage and limits you want. But in most cases you end up with a limited and inadequate program. You find this out after you have an uninsured claim.
Not having the right value for your property
Your business requires expensive equipment and should be insured to fill replacement value.
As an independent agent, we have relationships with many A-rated national and regional insurance companies; we provide a comprehensive array of insurance products for a variety of personal and commercial clients.
Many people are unsure what an umbrella policy is or what it covers. When you are outside and there is a light rain or breeze you generally don’t need or want an umbrella. However, if it is pouring down rain with high winds, you take your umbrella. An Umbrella Insurance policy works much the same way.
Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Umbrella Insurance policy protects your operation or production company from losing the entirety of your resource and assets in the event of a large claim. Umbrella Insurance provides limits above your primary commercial insurance program.
We can secure umbrella protection for many exposures including:
- Short films
- Foreign productions
- Recording and editing
- Film schools
- Rental houses
- And more
Here is an example: A production company leases a studio for filming of commercials. During a filming part of the riggings falls on an employee of one of the advertisers causing major injuries. The employee medical expenses are $750,000 and $200,000 for two years of lost work. The production company had a primary commercial liability policy with limits of $500,000 and an Umbrella with a limit of $1,000,000. The Umbrella policy covered $450,000 of the excess claim.
It is true that Umbrella Insurance may not be for every firm, but if you are building financial resources for your company’s future, Umbrella coverage needs to be part of the plan.
MovieInsure.com offers a wide variety of A-rated, Admitted and Non-Admitted insurance companies for our clients to choose from. We only deal with companies that are on the Insurance Commissioner’s approved list.