How Much Is Film Insurance?

Film Insurance

The cost of film insurance depends on several factors, including the policies you choose, the risks your business faces, and the value of your video equipment. The following are some typical costs for different types of film insurance:

  • General Liability Insurance: Video production studios pay a median premium of about $29 per month, or $353 annually, for general liability insurance. A business owner’s policy costs film production studios $51 per month, or a median annual premium of $611.
  • Equipment Coverage: The typical cost for $1 million in general liability policy coverage is $300-$600 per year, based on the average film production company in America.
  • Errors and Omissions Coverage: This kind of coverage can be vital to your production’s success, especially when there are a number of creative elements involved. The typical cost is $2,500-$2,800 for productions with budgets under $250,000.
  • Short-Term Production Insurance: Short-term film production insurance covers only a single production. The typical cost is $400-$2,500 per year.
  • Public Liability Insurance: You can expect to pay an average of about $20 per month, or $237 per year, on public liability insurance for filming.
  • Commercial Production Insurance: Film production insurance is expected to cost somewhere between $400 and $35,000, but this depends on many factors. A production company doing $250,000 of Gross Production Costs (GPC) per year with around $100,000 in payroll should expect to pay $5,000 for their annual DICE insurance. On the other hand, a production company doing $2,000,000 in GPC with $1,000,000 in payroll should expect to pay closer to $75,000 on insurance.

It’s important to note that the cost of film insurance can vary widely depending on the size of your production, the number of employees, and the types of policies you need. It’s recommended to discuss the particulars of your shoot with potential brokers to get a better understanding of the costs involved

Cost Of Film Insurance.

Film insurance is a type of insurance that protects filmmakers and production companies from financial losses due to unexpected events. It can cover a wide range of risks, including:

  • Property damage
  • Personal injury
  • Equipment breakdown
  • Errors and omissions
  • Contractual disputes

Film insurance is essential for any filmmaker, regardless of the size or budget of the production. It can help to protect your investment and ensure that you are able to complete your film without any major setbacks.

The cost of film insurance can vary widely depending on a number of factors, including:

  • The size and budget of the production
  • The type of film being made
  • The location of the filming
  • The risks involved in the production
  • The insurance company you choose

Generally speaking, however, you can expect to pay between 2% and 10% of your total production budget on film insurance.

Here is a more detailed breakdown of the different types of film insurance and their costs:

Type of Film InsuranceDescriptionCost
General liability insuranceCovers third-party claims for bodily injury and property damage.2%-10% of production budget
Equipment insuranceCovers the cost of repairing or replacing damaged or stolen film equipment.2%-10% of value of equipment
Workers’ compensation insuranceProvides coverage for employees who are injured on the job.Required by law in most states for businesses with employees. Cost varies depending on state and industry.
Errors and omissions insuranceProtects filmmakers from financial losses due to professional negligence.2%-10% of production budget
Contractual liability insuranceProtects filmmakers from financial losses due to breaches of contract.Cost varies depending on specific terms of contract and risks involved.
Other types of film insuranceCast insurance, crew insurance, location insurance, props and wardrobe insurance, special effects insurance.Cost varies depending on specific coverage needed and insurance company chosen.

In addition to the table above, here are some other factors that can affect the cost of film insurance:

  • The size and budget of the production
  • The type of film being made
  • The location of the filming
  • The risks involved in the production
  • The insurance company you choose

To get the best possible price on film insurance, it is important to compare quotes from multiple insurance companies. It is also important to read the fine print carefully to understand what is and is not covered by your policy.

General liability insurance

General liability insurance is the most common type of film insurance. It covers third-party claims for bodily injury and property damage. For example, if a crew member is injured on set, general liability insurance would cover their medical expenses and lost wages.

General liability insurance is typically sold on a per-project basis. The cost of a policy will vary depending on the size and complexity of the production. For example, a short film with a small budget might only cost a few hundred dollars to insure, while a feature film with a large budget could cost several thousand dollars to insure.

Equipment insurance

Equipment insurance covers the cost of repairing or replacing damaged or stolen film equipment. This type of insurance is essential for any production that relies on expensive equipment, such as cameras, lenses, and lighting gear.

The cost of equipment insurance will vary depending on the value of your equipment and the risks involved in the production. For example, if you are shooting on location in a high-crime area, you will likely pay a higher premium than if you are shooting in a studio.

Workers’ compensation insurance

Workers’ compensation insurance is required by law in most states for businesses with employees. It provides coverage for employees who are injured on the job.

The cost of workers’ compensation insurance will vary depending on the state in which you are filming and the industry in which you are working. For example, filmmakers in California typically pay a higher premium than filmmakers in Texas.

Errors and omissions insurance

Errors and omissions insurance, also known as E&O insurance, protects filmmakers from financial losses due to professional negligence. For example, if you make a mistake that causes damage to someone else’s property or reputation, E&O insurance would cover the cost of any damages or settlements.

The cost of E&O insurance will vary depending on the size and budget of the production and the type of work you are doing. For example, filmmakers who are working on documentaries or commercials typically pay a higher premium than filmmakers who are working on narrative films.

Contractual liability insurance

Contractual liability insurance protects filmmakers from financial losses due to breaches of contract. For example, if you are unable to deliver a film on time or on budget, contractual liability insurance would cover the cost of any damages that you are liable for.

The cost of contractual liability insurance will vary depending on the specific terms of your contract and the risks involved in the production.

Other types of film insurance

In addition to the types of film insurance listed above, there are a number of other types of insurance that filmmakers may need to purchase, depending on the specific needs of their production. These types of insurance can include:

  • Cast insurance
  • Crew insurance
  • Location insurance
  • Props and wardrobe insurance
  • Special effects insurance

The cost of these types of insurance will vary depending on the specific coverage you need and the insurance company you choose.

How to get film insurance

The best way to get film insurance is to contact an insurance broker who specializes in film and television insurance. An insurance broker can help you to find the right coverage for your needs and get the best possible price.

When you are shopping for film insurance, be sure to compare quotes from multiple insurance companies. It is also important to read the fine print carefully to understand what is and is not covered by your policy.

Film insurance is an essential part of any film production. It can help to protect you from financial losses due to unexpected events. The cost of film insurance will vary depending on a number of factors, but you can expect to pay between 2% and 10% of your total production budget.

How to save money on film insurance

There are a number of things you can do to save money on film insurance, including:

  • Shop around for quotes. Compare quotes from multiple insurance companies before you choose a policy.
  • Increase your deductible. A higher deductible will lower your premium. However, it is important to choose a deductible that you can afford to pay in the event of a claim.
  • Bundle policies. If you have other types of insurance, such as business owner’s insurance, you may be able to save money by bundling your policies with the same company.
  • Take safety precautions. Insurance companies will charge you lower premiums if you take steps to reduce the risks on your production. This could include things like hiring experienced crew members, using safe filming practices, and maintaining your equipment properly.

Tips for choosing a film insurance company

When choosing a film insurance company, it is important to consider the following factors:

  • Reputation. Choose a company with a good reputation and a track record of paying claims.
  • Financial stability. Make sure the company is financially stable and will be able to pay your claim if you need to file one.
  • Coverage. Choose a company that offers the types of coverage you need at a price you can afford.
  • Customer service. Choose a company with a good reputation for customer service. This is important because you will need to be able to get help if you have a claim or need to make changes to your policy.

Conclusion

Film insurance is an essential part of any film production. It can help to protect you from financial losses due to unexpected events. There are a number of things you can do to save money on film insurance, such as shopping around for quotes, increasing your deductible, bundling policies, and taking safety precautions.

When choosing a film insurance company, it is important to consider the company’s reputation, financial stability, coverage, and customer service.Consider reading another article i wrote about >Short Film Insurance Cost: A Comprehensive Guide to learn more.

I am a highly experienced film and media person who has a great deal to offer to like-minded individuals. Currently working on several exciting projects, I am a film and media practitioner for over a decade. I have achieved a great deal of success in my professional career.

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Author – Dennis

am a highly experienced film and media person who has a great deal to offer to like-minded individuals. Currently working on several exciting projects,

I am a film and media practitioner for over a decade. I have achieved a great deal of success in my professional career.