The entertainment industry covers a vast array of categories, including television and motion pictures, theater productions, concerts, and the music industry in general, as well as much more. The risks and exposures associated with this dynamic industry can put many of your clients at risk for any number of possible scenarios, from personal injury, to strikes, claims of defamation of character, and a slew of other concerns.
Their insurance needs are plentiful, and with millions of dollars in costs and revenues they need an entertainment insurance package that will cover many liabilities that are inherent in this business model. Without insurance in place, they could have losses that could literally bankrupt many of the smaller agencies involved in this line of work.
Productions can result in costly injuries
Tom Cruise was involved in a stunt in the recent “Mission Impossible” film that resulted in his breaking his ankle. This is a prime example of where insurance could be used to pay a claim, depending on where fault lies and if the actor wanted to pursue payment for damages. Theater lighting receptacles have been known to fall and injure actors or crew people on stage, and fires, stunts involving cars, and a myriad of other situations could result in injury or even death.
Insurance providers understand the unique practices and risks of an industry that makes movies or television shows, produces concerts, plays or other events, and that protecting their businesses requires a policy that offers solutions and can keep productions running on time and on schedule. When it comes to entertainment entities, time is of considerable value.
Property damage is another important aspect of this industry, which often uses props that are quite costly, even irreplaceable. If a certain item is lost or damaged beyond repair this could result in costly delays until a replacement can be found. Most productions employ an incredibly large amount of people and an untimely delay can affect many people, including key people who demand an unusually high salary. Having entertainment insurance can ease the burden of the financial stress that is often associated with lengthy delays.
Your clients depend on you to provide them with coverage that will address any problem that rears its ugly head. Make sure that your reputation remains intact by providing solutions that will keep your clients happy and productive.