While the theater industry might be at a complete standstill because of COVID, it really is just a matter of time before things get back to normal. Sports are already back in session, casinos across the world are reopening, and there is a vaccine now available. All that being said, this doesn’t mean that there aren’t risks that you’ll face in such an industry. This is especially true if you are thinking about getting into the lighting side of things. Lighting might not seem as glamorous as becoming a talent scout, but it certainly is a lucrative career that comes attached with a plethora of associated risks. Risks that could cause some smaller agencies to shut down.
Discovering Your Risks
It doesn’t matter who you talk to, how you slice it, or any way you look at it, the very best way to protect yourself, your employees, and your business is by knowing the inherent risks that you face. While not all lighting consultants will face the same exact risks, they will be some that are extremely similar. For instance, potential physical damage to actors, cast, crew, and audience members. Imagine if one of your lights broke apart during an event and landed on someone, maybe breaking an arm or worse, killing them.
As you can imagine these are both situations that will likely result in huge financial repercussions for your business. The cost of the medical bills alone would be more than enough to financially ruin most businesses, but add a lawsuit to that, and you are looking at an even more potentially damaging situation. Even if the equipment does land on anyone, it always has the potential to damage property as well. Even if there is no physical or property damage, there is the risk of your lighting going haywire during an event.
Whether there is a technical issue or your judge the lighting wrong, there is always the real potential that lighting could ruin an event. Maybe the light makes the actor appear in a bad way. Maybe the light is too bright and gets in the actor’s eye right at a key moment and causes them to fudge their lines. Whatever the situation, these are real potentials. Potentials that could result in hefty, long, and drawn-out lawsuits. Luckily, the right insurance policies can help in these situations. They’ll not only cover the property and physical damage related to such incidents, but they’ll cover court-related costs. Heck, some policies might even cover part or all of the settlement.
Is Professional Liability Insurance Necessary?
While you research insurance policies, rates, and coverage, you’ll come across all kinds of information. One thing that will likely stick out like a sore thumb is professional liability insurance. And, this is because there is so much controversy surrounding the insurance. Some people will tell you that it isn’t needed, some will tell you that you have to have it before you can even open your business, and will even tell you that it is something that it isn’t. That’s the beauty of the Internet.
While it is filled with tons of information, some of it can be wrong, well-meant, but wrong. This is true with professionals liability insurance. Professional liability insurance is a type of coverage that will protect your business when a customer tries to sue you because you didn’t fulfill professional obligations. If a customer says your lighting wasn’t good enough or if you delivered different lighting that was agreed on during an event. Heck, a customer could say that you gave them damaging information or advice. Any of these events could result in a lawsuit.
Professional liability along with other policies can safeguard you and your business in these exact situations. Work with a good provider that can help you devise an insurance package to safeguard your business against all foreseeable and unforeseeable risks.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
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Other Types of Consulting Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of consulting businesses.
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- Theater Lighting Consultant Insurance
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?