The ROI Of Insurance - AvNetwork.com

The ROI Of Insurance

Author:
Publish date:

by Mary Bakija

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 bottom 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. While most insurance programs typically start without first consulting those who will be using it, Take 1 was developed with the industry in mind. “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. “You can always talk to your insurance agent to try and come up with different solutions,” he said. “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.” 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 up to an additional 20 percent discount upon receiving their CTS certification.

Besides discounts, the return on investment incentives provided by a comprehensive insurance package should be considered. “Really take a look and determine if this is what you need to get a better job, to get work that if you didn’t have the insurance, you couldn’t qualify for,” explained Carroll. “Yes it’s a cost of doing business in the beginning, but it might pay off down the road.”

As Take 1 continues its relationship with InfoComm, which has branches around the world, it is looking into expanding its product internationally. “We know many of our clients have international connections, that some have locations in other countries—Canada is a great example—and we try to help our insureds who also have those international exposures,” said Carroll. Take 1 is currently working on a program for the international members of InfoComm, specifically focusing on the European Union and Australia, but hopes to expand to all the countries that InfoComm services. “We’re attempting to grow the way we see the industry growing,” said Carroll.

Related

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 prog

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.

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.

5 Ways to Justify Corporate Video ROI by Steve Vonder Haar

Many video professionals have a pretty good handle on what it takes to create decent video: Quality cameras, Good lighting, Maybe a nice studio. All these help you put a good looking product on the screen. But when it comes to the world of online business video, only one factor truly determines the viability of a vid

The Trade Show, Updated - Joe Sharkey, New York Times

This article touches on so many of my anxieties covering our industries– I don’t know where to start. After stumbling over that popular red herring of “Vegas excess”, the writer wonders why there’s no WiFi on the show floor at most trade shows (sorry, NYT, but the pseudo-economic analysis is off-track– it’s the

Pessimists Will Profit in 2009

I am sure everyone understands that no one can carve a forecast for our economy in stone and expect it to come to fruition.  The best we can hope for is that analyzing the data, mood, and optimism (or pessimism) will yield – at best – a week or two’s worth of “best guess” of what the economy will do. Yet, in ord

Take 1 Marks 15 Years of Insuring AV Professionals

SANTA ANA, CA--Take 1, U.S. Risk Insurance Group’s entertainment division, marked its 15th year of service to the industry at large and 15 years of serving as the exclusive endorsed insurance provider for InfoComm members.   “A great deal has happened over the first 15 years of our division’s life,” explained Scott Ca

Take 1 Marks 15 Years of Insuring AV Professionals

SANTA ANA, CA--Underscoring its commitment to constantly meet the needs of a broad based entertainment industry clientele looking for innovative insurance solutions that live up to real world production conditions, Take 1, U.S. Risk Insurance Group’s entertainment division, today marked its 15th year of service to the