24 Feb What is Film Production Insurance?
Are you starting out in the business of film production? Film production insurance is vital to safeguard the investment in the film, even if you aren’t exactly making millions of dollars right now! A lot stands to be lost in the event a film hits major snags – or never becomes a film at all.
Many factors need to be taken into consideration when picking the proper coverage for film production businesses. Accidental damage to expensive equipment, injuries sustained by the star or stuntman, and unforeseen financial situations are three such threats taken on by a film producer.
Insurance can help cover everything from injuries to broken equipment, and it’s just as important for filmmakers to undertake a thorough risk assessment as it is for any business. Employers’ liability insurance covers damages and claims of injuries or deaths during the production. Props and sets need to be covered separately. Industry-specific traps may be covered by errors and omissions insurance. This could include infringement of intellectual property, defamation, and privacy laws.
Many times a studio must show they have sufficient funds to finish the shoot. Bonds need to be secured in case the film does not get finished, and insurance for unemployment has to be in place. Film production insurance may be a niche industry, but perhaps also one of the most-needed forms of protection.