The ROI Of Insurance

The economy of the past few years has caused many businesses to take a hard look at overall expenses and eliminate costs that they can survive without. Insurance premiums might seem like an easy expense to skip temporarily, but the risks heavily outweigh the monetary savings, said Scott Carroll, vice president and program director for Take 1 Insurance, U.S. Risk Insurance Group’s entertainment division. “You’ve got to step back and think, ‘Can I afford the risk of not having insurance’ in that situation that you can’t imagine what it might be,” he explained. “If you don’t have insurance and the bottoms falls out, could you lose your company?”

This year Take 1 is celebrating its 15th year of service to the entertainment industry at large and 15 years of serving as the exclusive endorsed insurance provider for InfoComm members. “This program started by finding out what the constituency needed first, and then we built the program around it,” Carroll said. “It’s highly focused on members of the audiovisual communications industry, with a great emphasis on InfoComm members.”

In addition to knowing the particular needs of the AV community, Take 1 knows that businesses have been struggling. Carroll explained that reaching out to your insurance agent to explore various options is better than skipping out on insurance. “Every insurance company understands what is going on with the economy, and every insurance company is attempting to make sure they take a hard look at what that insured needs, and the rates that are being charged, and they try to work with that insured,” he said. For instance, Take 1 offers a direct bill paying installment plan that is worked out over a 10-payment period. Also recently announced is a benefit to InfoComm members who purchase a Take 1 inland marine and/or general liability policy. InfoComm members will automatically receive a 5 percent discount off the normal policy rates, and members can then earn an additional 20 percent discount upon receiving their CTS certification.

Mary Bakija is a writer and editor with more than 15 years of storytelling experience. Bakija is currently pursuing a Master's degree in Library and Information Science to help others find and tell important stories that might otherwise be lost, and to ensure those stories are preserved for future generations to see.