Essential Takeaways
- DICE insurance (documentary, industrial, commercial, and educational) covers a range of film products commonly made by indie filmmakers.
- DICE insurance coverage can vary, but typically includes industry-standard protections: general liability, workers’ compensation, equipment insurance, E&O, and production interruption.
- Indie filmmakers benefit from DICE coverage because it allows them to film and rent gear, and it can secure the production and its investors from financial catastrophe.
Introduction
Every film project will encounter snags along the way, whether major or minor. While some are easily fixable, some can expose the studio to the risk of significant financial harm. This is why securing a strong insurance portfolio before beginning a project is the industry standard. However, choosing the right coverage can be complex, and there is no single right answer for everyone. For indie studios, however, one of the most commonly useful types of insurance is DICE insurance for filmmakers.
Independent filmmaking is already risky, both functionally and financially. DICE insurance can mitigate some financial risk if the film falls into certain categories. To understand how indie filmmaker insurance coverage, such as DICE, can help you, you must first learn what it is and when it can be used.
What Is DICE Insurance?
DICE insurance is an abbreviation for documentary, industrial, commercial, and educational films. It is a specialized insurance package designed for productions that do not fall within the purview of large, feature-film studios. Indie filmmakers and content creators often rely on DICE for coverage when other insurance is too expensive or provides unnecessarily broad coverage.
Some of the most common project types DICE can be useful for include indie and short films, corporate videos, web series, and even streaming projects. Documentaries are similarly common, which is why DICE is sometimes referred to simply as documentary production insurance. Most DICE projects do not require the in-depth coverage (such as for complex stunts) demanded by larger studios, and there is no sense paying for it if you will never use it.
What Does DICE Insurance Cover?
DICE coverage varies by provider and should always be customized to your specific needs. However, most policies will include the basics:
General Liability
General liability coverage addresses the risk to third parties who come into contact with your production. This might mean that someone nearby is harmed when you are filming in public, or that one of your light stands falls and damages the floor of your rented set. This type of insurance can pay for the damages.
Equipment
Equipment is one of the most vulnerable aspects of a film production. Theft, damage, or loss can easily happen, especially if films are not being produced on a privately owned set. If you rent equipment, you may experience even more expensive consequences if something happens to the devices. Equipment coverage can help to cover these costs.
Workers’ Compensation
Most films are produced in cooperation with teams larger than one person, so protecting others from harm becomes a top priority. Workers’ compensation insurance can cover the cost of cast and crew injuries sustained through the course of working on the film. Should someone pass away due to an injury or job-related event, insurance can assist the family with funeral expenses.
Errors & Omissions
Sometimes, even the most carefully planned film makes mistakes. Your film might accidentally show a brand logo you did not pay for the rights to use, or your script could have defamed someone. E&O insurance addresses the financial risk of lawsuits involving issues such as copyright infringement, invasion of privacy, and other errors.
Production Interruption
If your film production grinds to a halt, you could be on the hook for costs despite the delay: continued rentals, crew compensation, and more. DICE serves as production interruption insurance, helping cover these expenses until production resumes.
Why Every Indie Filmmaker Needs DICE Coverage
DICE coverage is more than a “nice to have.” In many cases, locations will demand a certificate of insurance (COI) before they will even allow a team to film on the property. The same is often true of rental houses before they will release gear.
If you plan to distribute your film (whether by selling or streaming it), distributors and platforms usually require you to purchase E&O insurance to protect them against your potential mistakes. Even small missteps can financially devastate a low-budget studio, and short film insurance coverage such as DICE can mitigate that risk (for both you and your investors, if you raised funds).
Get the Coverage You Need for Your Next Indie Project
If you are investing your time, money, and self into a film, be sure to protect it properly. DICE insurance is one of the most accessible forms of insurance for indie filmmakers, and its coverage addresses the most common pitfalls in the film industry. However, every DICE insurance policy should be customized to the particular studio and project it protects; for that, you need a trustworthy industry partner. Contact MFE Insurance for help on a customized DICE insurance policy to mitigate the risks your production could encounter so you can film with confidence.