Whether you are an aspiring filmmaker or already have several completed productions under your belt, it is important not to underestimate the importance of film production insurance. Filmmakers are at risk for a variety of legal issues ranging from personal injury to property damage.
Having adequate insurance coverage is key to keeping yourself and your production company safe from the repercussions of costly lawsuits. Learn more the liabilities faced by filmmakers and how film production insurance can reduce these risks.
Liabilities Faced by Filmmakers
No matter how careful you are, accidents can happen at any time that affect your production crew, actors, props, sets, or film equipment. These liabilities often result in massive payouts, especially when someone becomes injured on set leading to piles of medical bills and lost wages. Having film production insurance can help protect you from certain liabilities.
Personal Injuries On & Off Set
Personal injury is one of the biggest concerns when undergoing production. Your production crew, actors or actresses, or even a stuntman can succumb to injuries during filming or while off set. If the injury is severe, you could be stuck paying for any hospital bills that stem from the incident, as well as any extra costs like physical therapy or specialist visits.
If the person is unable to work for an extended amount of time following the accident, you could also be responsible for any loss of income. The total cost of these damages could be substantial and financially cripple the production of the film or your production company.
Property Damage Jeopardizing Production
Property damage is another major concern for professionals in the production industry. Set equipment and props can become stolen, lost, or damaged and may need to be replaced. If these items have been customized for the production, the cost of replacement can be even more substantial.
Set equipment can also become damaged during production. Expensive lighting, audio and video equipment, and other types of equipment can fall and break, be dropped by a staff member, or stop working due to an electrical failure. When these types of situations happen, you want to be prepared for what comes next. Having film production insurance can help ensure that you are well protected against property damage and related claims.
Importance of Film Production Insurance
Acquiring a film production insurance policy is crucial to the success of your production. For legal reasons, most venues now require filmmakers to carry some type of insurance policy to protect against bodily injury to third parties or possible property damage. Property owners will also want to stay protected from possible damage to a location caused by a scene gone wrong during a production. If you rent some of your props or production sets, the rental company that you are using may also require that you have some type of film production insurance before you are able to rent these items.
Film production insurance may cover a wide range of scenarios ranging from injuries on set to accidents in working vehicles. It will also protect against any loss, theft, or damage to rented equipment. Depending on the policies you choose and the unique needs of your production company, you may also find policies that protect against copyright infringement. This can come in useful if you are worried about someone infringing upon your exclusive rights to reproduce, distribute, perform, or display your production. Video equipment insurance is one of the most important types of production insurance as the amount of your equipment can be substantial.
Consider The Costs Of Potential Liabilities
Once you understand what liabilities your production company faces, consider what type of film production insurance is best for your business. The two main types include short-term and annual. Short-term film production insurance covers your productions on a project by project basis. This means that your production may be covered for as little as one day if needed.
An annual film production insurance policy will cover all of the productions you are working on at once. This is a suitable choice for more active filmmakers who work on multiple projects throughout the year. An annual policy is also a good choice if you are producing an independent film or have your own production company.
Acquiring Film Production Insurance With MFE Insurance
The filmmaking industry is not just exclusive to major TV shows and movies. Production companies may also work on documentaries, web series, short films, commercials, and similar projects. No matter what type of production project your company is working on it is important that you keep your company and staff protected against possible accidents.
Film production insurance is an affordable solution for filmmakers who want to protect themselves against costly liabilities. For more information about film production insurance or to acquire a film production insurance policy for your production, speak to the entertainment insurance brokers at MFE Insurance today.