film production insurance. It’s not something most of us think of when we think of Hollywood.
But movie insurance and coverage is a crucial part of the business that makes movies happen. in fact, it’s one of the smartest things to include in a movie project, especially if you have a lot of different elements involved.
Unfortunately, not many filmmakers or film producers get the insurance coverage they need. and some don’t even know what movie insurance is.
If you’re on one of these two ships, rest easy. Below you can find a general guide with all the information you need to know about film production insurance.
then you can focus on the real magic of the project. the film production itself.
a guide to production insurance
Producers can choose from several types of film production insurance. Of course, all of these elements will vary, whether you’re working on a live action film or a stop motion production, for example.
but below is a quick guide so you know what your options are. and what each of these options means.
worker’s compensation
Workers’ compensation insurance is also known as workers’ compensation. and it’s a type of policy that covers any and all cast and crew workers on set.
This insurance covers any medical costs, lost wages or rehabilitation costs. and especially comes into play if and when a cast or crew member is injured on set.
Workers’ compensation policy is crucial to protecting the safety of all crew members. and if an employee dies on set, the insurance costs will also provide death benefits to the family.
since it is insurance, the worst case will always prevail. but prevention is always better than cure.
Typical cost: $64 per month for a video production business. or $771 a year.
team coverage
There are tons of equipment used during film productions. I mean, have you ever stepped foot on a sound stage in LA?
that enough should be a test. therefore, the last thing you want is not to have an insurance policy for these expensive products.
Equipment insurance policies cover both rented and owned equipment. therefore, if the equipment is damaged, stolen or lost, the insurance protects the overall production.
This type of insurance also provides coverage for physical damage or property damage on set. and also includes the following types of equipment:
- camera
- lighting equipment
- grab equipment
- platforms
- microphones
- chairs
- tracks
- tripods
- dolls
- animals
- cars
- accessories
- acrobatics
- weapons
- jet ski
- railways
- submarine shoots
- special vehicles
- pyrotechnic effects
- special effects
- time
- sets
- air transport
- aerial photography
- drone
Typical deductible: $2,500. but this will also depend on the location where you are filming, duration, type of film, props used, etc.
see related: what is immersive technology?
general liability coverage
general liability insurance covers any bodily injury or property damage caused by third parties. so this means that the facilities on the set are always covered during filming.
It is important to note that general liability insurance only applies to locations with the United States or Canada. and is often capped at a million dollars.
Most of the time, you’ll end up with a video production insurance policy in addition to general liability. video production insurance policy is more tailored to your specific needs where general liability is, well, general.
this just makes sure you have all your bases covered. and going into production, you definitely want to have this peace of mind.
Typical cost: $300-$600 per year for $1 million in general liability policy coverage. this is based on the average movie production company in the united states.
coverage of errors and omissions
e&o insurance protects against any loss related to intellectual property violations. this includes libel, slander, defamation of character, invasion of privacy, plagiarism, and unauthorized use of the final product.
In addition, this film production insurance policy covers the final distributed product. even if the release occurs in theaters or through a streaming service.
This type of coverage can be vital to the success of your production. especially when there are a number of creative elements involved.
Typical cost: $2500-$2800. that is, for productions with budgets of less than $250,000.
short-term production insurance
Short term film production insurance covers a single production. then this could be movie insurance for a commercial or short film.
or anything else you need production studios for. god knows there are more than a couple of ways to make use of a soundstage.
Either way, this type of entertainment insurance is purchased on a project-by-project basis. you can even cover as little as a day depending on your needs.
If you’re new to movie production insurance, this might be a good way to go. you know, test the waters before diving in.
Typical cost: $400. and this number can increase depending on a variety of factors, affecting your short-term production insurance.
annual production insurance
This business insurance is considered the counterpart of short-term production insurance. annual production insurance is best for filmmakers who work on many productions in a given year.
so even if they’re working on commercial after commercial or even short film after short film. This long-term policy can better protect any entertainment or production company looking to save on general entertainment insurance.
And let’s be real. Who doesn’t like to save but filmmakers?
Typical cost: $400-$2,500 per year. These premiums will depend on the type of insurance coverage you want.
insurance certificate
A certificate of insurance is usually issued by an insurance broker. and it is important to have this document on the set at all times.
let’s say there’s some property damage on set. an on-set film producer should be able to issue this certificate at the time the damage occurs.
is the physical representation of your insurance. so make sure he’s always with you on set.
bonus: what does an art director do in film?
special plugins
Most insurance companies will make sure a production business is covered with general liability, workers’ compensation, and equipment coverage. but some insurance companies offer special add-ons that are definitely worth investing in.
A specialty policy can be easily added to a short-term or long-term production insurance film, even for event space rental. but here are a couple of examples to give you an idea:
That’s an ending!
The insurance film production business is booming. after all, there’s nothing worse than arriving on set with nothing covered.
Generally, you will need to request a quote from each insurance broker or entertainment broker you wish to work with. therefore, it’s best to know exactly what you’re looking to cover before contacting insurance brokers.
That way, you’ll get the most out of your coverage. and you can make sure your video and cast members are safe to get to the set and get to work.
continue reading: what is film sound editing?
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mack sennett studios is a historic full-service photography studio, sound production stage and private event space in silver lake, serving as a creative home for the cultural renaissance of Los Angeles for the past 100 years. Visit us on Facebook, Twitter, Vimeo, Pinterest, Yelp, and Instagram.
