Maine Talent Agency Insurance Policy Information
Maine Talent Agency Insurance. Actors, models, musicians; as the owner and operator of a talent agency, you have an eye for incredible talent. Whether you scout out professionals for large organizations or for small independent companies, you are tasked with a pretty big responsibility.
You are both responsible for the people you are trying to help land a gig, as well as the businesses that you serve.
Talent agencies assist actors, actresses, models, musicians, stunt persons, production managers, and related film and stage employees in booking performing engagements and employment. The agency may specialize in a particular industry, such as representing talent for commercials, cruise ships, films, live theater, radio voice work, or television.
The agency acts as a go-between, negotiating fees and logistical issues such as audiovisual support and travel expenses. The agency keeps photos, promotional material, resumes, and records of past engagements. The agency is paid either by commission or by flat fee. The person seeking employment, the customer seeking the services of that person, and the theatrical agency must all fully understand the terms and conditions of the employment arrangement..
The contractual agreement should define who is obligated and responsible for providing workers compensation coverage, who pays the fee for the employment arrangement, who handles payment to the employee, and who accounts for taxes and other mandatory deductions. In some states, talent agents are required to be licensed.
As the proprietor of a talent agency, you face many of the same risks that business owners in all industries face; however, you also face risks that are unique to your particular industry. Regardless of the risks, as the owner and operator of your organization, you are liable for anything that goes wrong.
In the event that something unexpected does happen, the burden of responsibility falls on your shoulders. To protect yourself from unforeseen circumstances, having the right type of Maine talent agency insurance coverage in place is imperative.
Why is ME talent agency insurance so important? What type of coverage do you need? Read on to find the answers to these questions and more so that you can ensure your business is properly protected.
Maine talent agency insurance protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do Talent Agencies Need Insurance?
A piece of equipment falls and lands on an actor while he or she is trying out for a part. An electrical fire breaks out in our commercial space and quickly engulfs the entire building and the contents inside in flames. A client files a lawsuit against you, stating that you are responsible for damaging their property. An employee suffers a work-related injury.
These are just a few examples of the incidents that can affect your talent agency. While you take every measure to make sure that everything runs smoothly, sometimes you can't avoid the unexpected. If something does go wrong, you are financially responsible for the damages, as well as any legal action that someone may take against you.
The costs of repairing damaged property, medical bills, and legal representation can be exorbitant. That's why you need to have the right type of Maine talent agency insurance coverage in place.
If you aren't properly insured, you'll end up having to foot the bill for any issues that may arise; costs that can lead to serious financial hardship and could potentially end up costing you your entire business. If you're insured, however, if something does go wrong, instead of paying these expenses out of your own pocket, your insurance carrier will cover them for you.
Additionally, having workers compensation is a legal requirement in most states, and other coverage are usually contractually required. If you aren't insured, you could end up being hit with stiff penalties and your entire operation could be shut down.
What Type Of Insurance Do Talent Agencies Need?
The specific type of Maine talent agency insurance coverage that talent agencies should carry depends on a variety of factors; where your business is located and the size of your operation, just to name a few.
Regardless of the specifics of your business, there are a few types of coverage that all talent agencies should have in place. Examples include:
Having said that, the following are examples of coverage that most ME talent agencies will need to carry:
- Commercial General Liability: To protect yourself from third-party liability claims, you'll need to have commercial general liability insurance. If a client or a vendor suffers an injury on your property or claims that you damaged their property and files a lawsuit against you, this type of coverage will cover the cost of your legal representation, as well as any expenses that a court finds you liable for.
- Commercial Property: This coverage protects the physical structure of your ME talent agency, as well as the contents it contains. If a fire were to break out and damage your building, costumes, office equipment, and employee property, this coverage would cover the costs or repairing the damage or replacing items that can't be repaired.
- Business Interruption: Should your talent agency need to shut down for a prolonged period of time - while you recover from a fire, for example - this policy will compensate you for any wages that you may lose while you are closed for business.
- Workers' Compensation: To protect your employees, you'll need this policy to pay for any medical care your staff may need if they suffer a work-related injury and to compensate them for lost wages.
These are just a few examples of the Maine talent agency insurance policies that talent agencies should consider to protect their operations.
ME Talent Agencies' Risks & Exposures
Premises liability exposure is minimal because much of the operation occurs via phone. Customer and visitor access is light. Areas accessible to the public must be well lighted with floor covering in good condition. Exits must be sufficient in number, be well marked, and have backup lighting in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.
Personal injury exposures may arise if confidentiality is breached when obtaining and releasing information regarding workers and employees.
Errors and omissions exposure can result from the commitments and bookings made should errors occur in dates and arrangements, or from misrepresentation of a worker's abilities. Hazards increase without proper contractual wording specifying the exact date, time, place, and other arrangements for services purchased.
Workers compensation exposure usually is limited to that of an office. Potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be reduced through ergonomically designed workstations. Personal contact with the performers may involve situations that could produce injuries, such as assault.
If workers are leased or rented out, the exposure increases as the agency has little control over the worker's work premises or hazards.
The employment contract should specify whether the agency or the client provide workers compensation coverage.
Property exposures are generally limited to that of an office. Ignition sources include electrical wiring, heating, and air conditioning systems, wear, and overheating of equipment. Computers and automation equipment may be targets for theft.
Crime exposure is from employee dishonesty since the agency usually handles billing and related paperwork for performers. Hazards increase without proper background checks, monitoring procedures, and securing of all records to prevent unauthorized access. All job duties, such as ordering, billing and disbursing should be separate and reconciled on a regular basis. Audits should be performed at least annually.
Inland marine exposures include accounts receivable if the agency offers credit, computers, and valuable papers and records for client companies' and performers' information. Duplicates should be made and kept in an off-site backup facility for easy reproduction following a loss.
Commercial auto exposure may be limited to hired and non-owned. The exposure increases if the agency offers shuttles for temporary assignments, transport to job interviews, or if employees use their own vehicles for agency business. If vehicles are provided to employees, there should be written procedures regarding personal use by employees and their family members.
All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location.
Talent Agency Insurance - The Bottom Line
To find out more about the specific types of Maine talent agency insurance policies you'll need, how much coverage your business should carry - speak with a reputable commercial insurance broker.
Maine Economic Data, Regulations And Limits On Commercial Insurance
You have a great idea for a business and you have developed excellent products and services that you are certain people will benefit from. You've also developed a viable business plan. Now you need to choose a place to start your company.
In order for your company to be as successful as possible, you need to choose a location that offers a favorable market for your specific business. After all, if the area doesn't offer a job force to support your operation or a target market that will purchase your products and services, you likely aren't going to succeed.
With that said, if you are thinking about starting a business in Maine, having an understanding of the state's economic trends is essential. It's also important to know what type of commercial insurance you'll need to carry. Below, we offer an overview of this information so that you can determine if ME is right for your business.
Economic Trends For Business Owners In Maine
Unemployment rate is a good indicator of a state's economic climate. The lower the rate, the more opportunities exist for business owners, as it suggests that there are ample job opportunities, and the more job opportunities, the more successful businesses there are in the region.
As per the Bureau of Labor Statistics, the unemployment rate in the state of Maine was 2.9% in December, 2019; that's 0.6% lower than the national average, which was 3.5% at the same time.
Additionally, according to economists, more employment opportunities are expected in the coming years, which will further reduce the unemployment rate.
While locations throughout the state offer opportunities for business owners, there are certain locations that are ideal for entrepreneurs. These locations include:
- Bar Harbor
These cities are the largest in the Pine Tree State, so it's understandable why they offer the best opportunities for businesses. While Maine is home to multiple industries, there are specific sectors that do particularly well here, including:
- Finance and insurance
- Hospitality and tourism
- Information technology
- Professional services
- Real estate
Therefore, if you are considering launching a business in any of these industries, Maine is likely a good location for your company.
Commercial Insurance Requirements In Maine
The Maine Bureau of Insurance regulates insurance in ME. Maine mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Maine requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. Independent contractors do not count as employees, but if those contractors employ subcontractors, the subcontractors must be covered by a workers compensation policy.
Maine also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Arts & Recreation Insurance
Read up on small business arts and recreation commercial insurance.
- Dance Studio
- Disc Jockey DJ
- Entertainers And Performers
- Event Planning
- Film Production
- Fine Art
- Interior Decorator
- Interior Design
- Photo Booth
- Recording Studio
- Talent Agency
- Wedding And Special Event
Commercial insurance policies for arts, entertainment and recreation are specialized policies that protect against the unique risks that arts and recreation businesses face.
Performing artists and companies, entertainers including musical groups, theatre groups, comedians and more, writers, performers, photographers, videographers, DJ's and so many other types.
Professional liability coverage (errors and omissions) is needed in these cases to protect their financial interests due to mistakes, errors or omissions by these professionals in doing their jobs. Fr example - a bride and groom did not like the way their wedding photos turned out.
Or a wedding planner might plan a lavish wedding, but the bride's parents who are paying for it did not like the way it went. There is a lot of gray areas with arts, and you need to be protected if your clients don't agree with you that your work was what the agreed to.
If your business is involved with children, you need to review your coverages very carefully so certain important protections are not excluded. Abuse and molestation insurance might be needed to fully protect yourself in this instance.
Minimum recommended small business insurance coverage: Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Commercial Articles Floater, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Bailees Customers Floater, Money and Securities, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Maine Talent Agency insurance quote in Arundel, Auburn, Augusta, Bangor, Bar Harbor, Bath, Belfast, Berwick, Biddeford, Brewer, Bridgton, Brunswick, Bucksport, Buxton, Camden, Cape Elizabeth, Caribou, Casco, China, Cumberland, Dexter, Dover-Foxcroft, Durham, Eliot, Ellsworth, Fairfield, Falmouth, Fort Kent, Freeport, Fryeburg, Gardiner, Glenburn, Gorham, Gray, Greene, Hampden, Harpswell, Hermon, Hollis, Houlton, Jay, Kennebunk, Kennebunkport, Kittery, Lebanon, Lewiston, Limington, Lincoln town, Lisbon, Litchfield, Lyman, Madawaska and Wiscasset, Madison, Millinocket, Monmouth, Naples, New Gloucester, North Berwick, North Yarmouth, Norway, Oakland, Old Orchard Beach, Old Town, Orono, Orrington, Oxford, Paris, Pittsfield, Poland, Portland, Presque Isle, Raymond, Richmond, Rockland, Rumford, Sabattus, Saco, Sanford, Scarborough, Sidney, Skowhegan, South Berwick, South Portland, Standish, Topsham, Turner, Vassalboro, Waldoboro, Warren, Waterboro, Waterville, Wells, Westbrook, Wilton, Windham, Winslow and Farmington, Winterport, Winthrop, Yarmouth, York and all other cities near me in ME - The Pine Tree State.
Also find Maine insurance agents & brokers and learn about Maine small business insurance requirements for general liability, business property, commercial auto & workers compensation including ME business insurance costs. Call us (207) 401-4779.