Businesses operating in the entertainment industry, like any other type of business, need to have the proper insurance in place to provide protection against financial losses. Entertainment companies face a variety of risks, some of which are similar to those faced by typical businesses and others that are unique to their line of work. Therefore, most insurance providers offer different types of entertainment insurance packages that are tailored to the specific nature of work in which a company is involved.
10 Forms Of Entertainment Insurance Explained
Outlined below are 10 different types of entertainment insurance and the components that they may include.
1. Film Production Insurance
Film and video production insurance offers protection for digital, video and film production work. This may include feature-length films, television commercials, short films, infomercials, TV pilots or series, and corporate videos.
These insurance packages insure against expenses that arise from cast member illness or injury, damage or loss of videotape or negative film, or problems that stem from faulty cameras, processing or film.
2. Foreign Film Production Insurance
A foreign film insurance package will provide protection for productions carried out overseas, including feature films, documentaries, music videos, TV shows and short films. It may cover property and liability exposures, injury and illness to cast members, issues due to faulty cameras, or damage to negative film or videotape, among other risks.
3. Recording Studio Insurance
This type of insurance will protect studio owners from the loss of business property or assets and any third-party lawsuits. Insurance brokers can build a customized policy that addresses the needs of all manner of studios, from small home studios to multi-room professional studios.
The cost of this insurance will depend on factors such as the size and location of the studio, its gross annual revenue and the amount of coverage purchased.
4. Musicians Insurance
Musicians insurance policies are written according to the specific exposures faced by the musician in question, which will depend on their type of music, the venues at which they play and management involvement, among other factors. For example, the coverage for a musician who is involved with a record label or an agent will be different from the coverage needed by a musician who operates independently and produces and distributes their own music.
5. Carnival And Circus Insurance
Carnivals and circuses face unique risks compared to other types of amusement parks because of their mobile nature. The fact that they must travel to different locations and employ short-term employees, combined with the need to dismantle and reassemble rides at each stop, means that a comprehensive insurance package designed by experts in the field is essential to ensure all of the potential exposures are addressed.
6. Theater Insurance
Theater insurance will address the liability exposures faced by a theater group, such as the potential for copyright infringement, risks related to their audiences, and exposures to any owned costumes and props involved in the production. Some professional theater groups might also have risks related to travel and transportation that need to be addressed.
7. Special Event Insurance
Special event insurance offers protection for a broad range of events in the entertainment world, from concerts and festivals to rodeos, parades, races and galas. Event liability coverage can offer protection should the event holder be found responsible for an injury or property damage caused during the event and is required by many venues prior to holding an event.
Event cancellation coverage, meanwhile, may provide coverage on the occasions where an event needs to be cancelled unexpectedly due to circumstances beyond the planner’s control, such as the non-appearance of a key headliner.
8. Touring Insurance
Touring insurance is a type of policy aimed at creators or performers who are on tour, including local performers. It covers the costs associated with accidents that can occur during transit, protecting people as well as the equipment that is needed to perform. This type of insurance will typically include general liability as well as commercial auto insurance components.
9. Sporting Events Insurance
The sponsors of sporting events need a general liability insurance policy that covers the premises and their participants’ liability risks. Sporting event insurance can be obtained for a broad range of sports and special events, such as cycling competitions and marathons.
10. Liquor Legal Liability Insurance
A liquor liability insurance policy can protect a company that sells, serves or manufactures alcohol against claims that may arise when an individual drinks too much and causes an injury to themselves or others. Entertainment venues that sell alcohol on-site could be held liable for the wrongdoings of patrons who are impaired due to alcohol consumption. Organizers of special events need to obtain this insurance in case a lawsuit arises over damage due to alcohol-related incidents.
Reach Out To The Entertainment Insurance Professionals
MFE Insurance has built its reputation on providing superior service to entertainment businesses. Contact our specialists to help you identify the potential hazards your business faces and develop a comprehensive package that can prevent or mitigate losses.