What to consider when choosing insurance for your film production

If you are making a film, it makes sense to want to protect your investment, and insurance is a key way of doing this.

All productions should have insurance in place, but it can be difficult to know what sort of policy is required and how to go about getting one, especially if you’re a first-time filmmaker. Here, we take a look at some of the things to consider when taking out a policy…

What kind of insurance do you need?

There are two primary types of film insurance, short term production and annual. Short term is ideal for a project-by-project basis, so if you are planning a one-off shoot for example, this insurance would be ideal. If you are a production company with numerous and/or ongoing projects (or a freelance filmmaker working on four or more projects a year), having an annual policy in place to provide year-round coverage is smarter. Depending on the nature of your project, you may require some special coverage, such as insurance for use of pyrotechnics, stunts, drones, animals, live ammunition and underwater filming. These can be added to either a short-term or annual policy to cover a specific time period of filming.

What sort of budget do you have?

As a rule, filmmakers should set aside around 2.5 per cent of the production budget to cover the cost of insurance. The cost of film insurance will vary greatly depending on a range of factors, such as the size of the production, shooting schedule, equipment used, shooting locations and much more. Make sure to compare numerous quotes before committing to a policy.

A rugged black storage case sits on wet pavement in the rain, water droplets pooling around it—a reminder of why choosing insurance, like film production insurance, is crucial for protecting valuable gear on set. Other cases and wooden pallets blur in the background.

You’ll need a broker

Before you can start comparing quotes or deciding on the type of insurance you’ll need, you’ll need to make a broker your first point of call. That’s because you simply can’t obtain production insurance without one. Unlike other industries where you can select your own products online, when it comes to film and video, you need a middleman. Also, you can only work with one broker at a time, so it is incredibly important to work with someone accredited and experienced to ensure you find the right product.

You’ll need Errors and Omissions insurance

If your film project is going to be distributed for profit, you are required to have Errors and Omissions insurance in place. This means that any discrepancies or issues with the content in your project will be covered, and this insurance is therefore required for all films, television series and other broadcaster projects such as filmed theatre.

If you are unsure about the ins and outs of obtaining film insurance, one of our fixers is available to help. Get in touch today to have your questions answered by a professional.

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