Media companies produce some of the most impactful cultural phenomena in the world, the contents of which may linger in the minds of audiences for the rest of their lives. The grand scope of this work may lead to success for the company, but it can also pose numerous challenges.
For example, a studio may experience allegations of plagiarism if its creative content is closely similar to that created by another party. DICE insurance is a simple and effective way to mitigate these challenges.
DICE insurance, made for documentaries, industrials, commercials, and educational films, is an accessible product that bundles multiple protections into a single policy. Media companies can benefit from the year-round security that DICE insurance can provide, making it a better choice than multiple short-term production insurance policies.
Here are a few reasons why.
1. It Provides a Multi-Pronged Approach to Protection
One of the most valuable facets of DICE insurance is that the financial protection it offers is not limited to only a single type of risk or liability. Some of the most common inclusions in a DICE policy are those that make up the most essential elements of a successful media company:
- Workers’ Compensation – Insurance that compensates workers if they are injured on the job, including paying for their medical costs, rehabilitation fees, or compensation to their families if they pass away as a result of their injuries.
- General Liability – Insurance that financially protects the studio from costs such as legal fees or bills if a third party or property is harmed during the making of the film.
- Equipment – Insurance that helps cover the costs of repairing or replacing film equipment, allowing the production to continue uninterrupted.
- Cast & Crew – Insurance that addresses crewing challenges, such as paying for a replacement employee when another is ill or scouting new talent if a lead actor can no longer perform.
- Errors & Omissions – Insurance that shields the studio from the financial ramifications of mistakes such as copyright infringement and other errors after distribution.
2. It Simplifies Insurance Holdings
Media companies have numerous tasks to contend with every day, and managing insurance coverage that may lapse or require renewal should not be part of the process. DICE insurance provides year-round coverage, eliminating potential coverage gaps and keeping projects protected without the need for additional oversight. This way, media teams can focus on other, more pressing tasks.
3. It Can Be More Cost-Effective
Purchasing a single DICE policy is often more affordable than securing multiple short-term production insurance policies. This comes down to both the scope of the policy and the ability to bundle multiple protections together, which can enable the provider to offer a discounted cost.
Additionally, some teams may be working on multiple projects concurrently. Purchasing separate insurance for each one across numerous individual projects can quickly become expensive. Meanwhile, DICE insurance offers complete protection for all the work a studio undertakes within a year.
4. It Financially Protects Against Intangible Damages
DICE insurance policies include protections against certain types of financial damage that are often overlooked when selecting individual policies. For example, DICE incorporates coverage against trademark disputes, copyright infringement, defamation, and other types of conceptual harm that may cost a studio a significant amount of money, either in settlements or court fees. Without DICE insurance, many media companies are more likely to skip this type of protection entirely.
5. It Is Easy to Manage and Use
One of the primary benefits of DICE insurance is its simplicity. There is no need to constantly renew policies, review coverage for gaps, or find new protection when a project changes course. DICE insurance is a single product, and when managed by an insurance agency with years of experience in the film industry, it can address the many challenges a studio may experience without additional hassle.
For optimal results, work with a responsive and adaptable team that can pivot quickly when production needs change. Insurance agencies with responsive agents and online portals for filing and tracking claims quickly can make DICE insurance even more effective.
Get DICE Insurance Before Your Next Project Begins
If your media company has one (or more!) projects in the works, the time to get insurance coverage is early on. However, choosing your policies doesn’t have to be complicated.
The team at MFE Insurance can help you create a customized DICE insurance policy to address all the exclusive needs of your production so you can avoid coverage gaps while minimizing expenses.