As a talent agency, your focus is on finding work for those actors, musicians, writers, athletes and other creative professionals you represent. In this competitive business, you shouldn’t have to worry about making sure your insurance coverage is adequate. At ALIGNED Insurance, that’s our job. We are here to cover the liability of your business so you can focus on running and growing your business.
We know that your time is taken up with promoting your talent to various potential clients, setting up auditions and meetings, and negotiating contracts. Whether you are a large, established talent agency looking for a new insurance package or a small boutique agency just starting out, ALIGNED Insurance is here to help.
Representing clients? Don’t take chances
Show business is a notoriously risky business, and that applies to talent agencies as well. Potential liability exists from several different areas, everything from disgruntled clients accusing you of failing to produce results to employee errors that lead to a missed opportunity for a client. The good news is you can protect your business – and take the guesswork out of insurance – by getting a comprehensive policy from ALIGNED.
What Types of Insurance do Talent Agencies Need?
There are many types of insurance available for talent agencies. The insurance coverage that you want should be dependent on your services, budget, and unique risks.
If your actor client holds you accountable for a missed opportunity for instance, either a part or not being called for an audition, contract negotiation breakdowns etc. they could sue. If a member of your team fails to catch something in a contract that ends up hurting your client, you could be liable. Talent agencies need professional liability insurance and general liability insurance so that lawsuits don’t threaten their entire operations.
Generally, some of the common types of insurance you might need to consider include:
- Your talent agency should carry commercial general liability insurance that will cover you against liability claims against your business for libel, slander and false advertising, as well as for or bodily injury, property damage and personal injury.
- Professional Liability – this type of coverage protects you from allegations of finacial loss associated with the services,advice etc. you either did…or didn’t deliver.
- Commercial Property Insurance – this coverage will protect what your company owns or its physical assets, including buildings, office equipment and computers from a variety of perils.
- Commercial auto liability insurance for vehicles or fleets used to transport equipment or clients between off-site locations.
- Cyber Insurance is also coverage you should consider as a talent agent. It protects against data breaches of client information, malware, and damages to third-party systems (i.e. data storage).
- Umbrella Insurance Coverage – you may also wish to consider commercial umbrella insurance in the event that a high claim exceeds your general liability coverage.
You must evaluate how each type of insurance will benefit your talent agency against your business needs to determine which coverages are worth having.
What types of liability situations can you run into as a talent agent?
The types of insurance listed above will help protect your talent agency against situations like these:
- A production company is seeking talent and you recommend one of your actors over another. The actor not recommended catches wind and brings a claim against your company for non-performance of contract and a missed financial opportunity.
- Your employee makes a mistake that causes your performer to show up at the wrong location for a promising audition. The performer brings a claim to recoup lost revenue.
- An athlete you represent slips and falls on her way into your office, causing her to miss several professional sports events. She starts a claim to recoup her lost wages.
ALIGNED Insurance can help protect your business from the liabilities commonly associated with running a talent agency so you can focus on what’s really important – your clients.
Will Insurance Protect My Business Against Everything?
Although you have insurance for your talent agency, you might not be protected against all encountered risks resulting from your services, operations, or employees.
There are many types of insurance, and they provide different coverages for your talent agency. For example, professional liability insurance covers financial loss claims resulting from the services you delivered or failed to deliver, while property insurance protects your physical assets from various insured perils.
Your talent agency isn’t obligated to purchase all the insurance types available, and you can select which coverages you want to include in your insurance policy.
You can also choose to omit certain insurance types. You might purchase cyber insurance to protect against data breaches of client information but decide to skip out on umbrella insurance since you don’t anticipate needing an extra layer of protection.
The amount of coverage can also differ depending on how much protection you want, your unique operational risks, and your budget. As a result, you might receive more or less protection than another talent agency.
For example, you might purchase commercial general liability insurance and decide that the coverage you get from your insurance policy is enough for your talent agency. However, another talent agency fears they might exhaust the limits of their general liability insurance and wants extra protection. They purchase small business umbrella insurance as an extra layer of protection.
Your insurance can also specify specific perils that are covered or not covered. Common insured perils can include fires, vandalism, or theft, but your insurance might not protect your talent agency against earthquakes, explosions, or certain falling objects.
It’s important to read your insurance policy carefully and ask your insurance company what perils are covered under the insurance policy and which ones are not.
Get ALIGNED with the Right Talent Agency Insurance
for Your Business
We know that as a talent agency your big or small business tries to save money where it can. Our brokers are not just commercial insurance specialists, we’re advocates who work on your behalf to get you exactly the insurance coverage you need to protect your talent agency at rates you can afford. Contact an advocate today to discuss your talent agency insurance needs or get started now by getting a free quote online.
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