Thursday, April 21, 2016

Commercial Insurance Offers Real Solutions For The Entertainment Industry

Commercial Insurance 101

If you are involved in any entertainment operation, you know how important it is to keep your production running smoothly. There is nothing worse than an interruption in your production that may cause you to under deliver products or services to your producers, studio or networks. One very important parts of running a company, is ensuring that you have proper entertainment insurance coverage.

What Is Commercial Insurance For The Entertainment Industry?

Entertainment insurance is designed to protect your business from unforeseen losses like fire, theft, business income loss, and third party liability claims.
There are many different kinds of coverage that can be included in a commercial insurance policy, and depending on your business, you may need other specialized coverage including:
Property- including coverage for props
Business income- loss of potential income
Inland marine- coverage for drones, cameras, etc
Workers’ compensation- including injury to stunt professionals
General liability-
Professional liability- copyright infringement coverage
Automobile
Director and officers
Employment liability

It is important to use an agent with commercial experience to help your business find the right combination of coverage, price, and service.


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.

Monday, April 11, 2016

Your Experience Mod Is Your Workers’ Comp Identity



It is a fact that many entertainment employers actually overpay for their workers’ compensation premiums.  According to the latest reports, employers are paying around 20% more in surcharges than they need to. Most surcharges come from increases in the experience modification factor (mod).
The experience mod is a factor unique to each employer. In simple terms, this formula is designed to compare a specific employer’s historical claim and payroll data, to other employers with similar business operations. An individual employer’s experience mod is calculated using claims data compared to premiums from the three most recently completed years, excluding the expiring term.

Key points to consider
  • If your losses are increasing, your mod most likely will go up even if your payroll goes down.
  • The frequency of losses hurt you more than the severity of losses.
  • It is important to check the calculations on the experience modification worksheet each year.
  • The most common errors are incorrect or incomplete payroll data.
  • Your workers’ compensation mod is the single most important factor insurers use to identify your risk.
  • Your mod can be reduced through effective safety and loss control programs.


How to reduce your mod?
  • Develop a safety program.
  • Reward safety in the workplace.
  • Start a return to work program.
  • Complete regular safety inspections.
  • Investigate every accident and make corrective actions if needed.
  • If you suspect fraud, immediately inform the insurance company.
  • A disciplinary program also should be incorporated into the safety program; it should hold employees accountable for breaking the rules.


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