Making a film is a busy and exciting time for producers, actors and the teams that make the process work. During this whirlwind of events, it can be easy to forget the myriad of things that can go wrong, both on set and off. Film production insurance exists to remove liability and soften the financial consequences of many common accidents that can occur during the project.
Whether you simply are unsure if your film truly needs production insurance or you haven’t heard of it before now, here are some of the top reasons why you shouldn’t skimp on production insurance coverage for your next film.
What Can Go Wrong During Production
Film production is a highly complex event, with dozens of individuals working together to achieve something great. With all of the moving parts in play, a bevy of things can potentially go wrong, all of which could leave a producer or company on the hook for financial damages and compensation. Some examples of things that can go wrong during the film production process include:
Equipment/Stunt Related Injuries
Films rely on heavy equipment like camera rigs or cumbersome props and set pieces. Sometimes, they even include stunts that could be considered dangerous. A mishap in any of these areas could leave a member of the team or even an actor injured. Film production insurance is necessary to cover any medical bills associated with these injuries. It can also pay for rehabilitative services to get the individual back to good health.
Loss of Film
The entire purpose of filming is to acquire the shots you will need to create a finished product. If recordings are damaged, lost or tampered with, investors and other involved parties may want to back out of the deal since the future of the film is threatened. Film production insurance can compensate for these losses, allowing the project to continue.
Damage to Expensive Equipment
With so much expensive equipment in use every day, it’s only a matter of time until something gets damaged. Maybe a camera is bumped into something or a leaky roof on set ruins electrical equipment. Film production insurance keeps your on-site materials safe and helps to pay for the cost of repair or replacement.
Loss of Actors
Not all actors are suited for every role. Sometimes, an actor might begin a project, then realize that they don’t fit in with the team and leave. In other situations, an actor might be injured and unable to finish the project. In these circumstances, how do producers fill the gap or compensate the actor appropriately? Film production insurance provides protection for these situations.
Copyright Infringement
Have you realized that an important element of your film has accidentally overstepped its bounds in the territory of copyright? Film production insurance helps to shield companies from liability in the event that they accidentally infringe on a copyright holder’s property.
Theft of Equipment
Because of all the expensive equipment that goes into making a film, individuals looking for a quick buck tend to target movie sets more often. Film production insurance helps you pay for the cost of replacement if critical equipment is stolen during filming.
Production insurance is a comprehensive product that includes protection for a wide range of potential losses. These are just a few of many examples; a professional film insurance agency can help you craft a blend of coverage that will address your greatest vulnerabilities.
Is Film Production Insurance Expensive?
Film production insurance is not free, but that doesn’t mean it has to be expensive. A $1 million general liability policy may only cost a few hundred dollars a year. A good rule of thumb is to plan for around 2% of your film’s budget to go toward production insurance. This ensures that you can afford the coverage you need, which does get more expensive the more protections you add to it.
While the cost may feel prohibitive, remember that it only takes a single mishap to leave your production company on the hook for an amount much greater than your insurance premiums would have been. Film production insurance is considered a staple in the industry, and it is worth investing in.
Get Film Production Insurance from Industry Pros
Whether this is the first film you have produced or you are an industry veteran looking to protect your work, film production insurance is a critical piece of the puzzle. The experts at MFE Insurance specialize in working with film producers to create a personalized blend of coverage that addresses their most significant needs. Reach out to learn more about how we can help you protect your next film project, or schedule an appointment to get started on a policy that’s right for you.