Wednesday, September 24, 2014

Common Mistakes Made When Purchasing Entertainment 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 or personal insurance.

Common mistakes

Not using an agent who knows and understands the entertainment industry
The staff at John Hart Insurance has over 60 years combined experience in the field of entertainment insurance.  We focus exclusively on understanding the unique needs of motion picture, television, video, music and theatrical companies.  This knowledge base allows us to structure an insurance program specifically for each client that will be a balance of the best coverage and most economical solutions to help them manage the risks inherent to their unique businesses.

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- wrong
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.

Mexico? No problem, we are covered
If you travel to Mexico as part of your production, we recommend special foreign coverage.

There isn’t anything I can do to manage my insurance costs except shop low price
·         There are many things you can do to reduce your premiums, here are a few:
·         Consider increasing your deductibles.
·         Consider the vehicle model when make a purchase, some are more expensive to insure.
·         Add smoke and security alarms to your office.

Through our 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. Our goal is to provide exceptional service while giving you peace of mind so you can focus on what you do best, create. Give us a call and let us show you how we can save you time and money on your insurance.

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