As a filmmaker, you probably spend most of your time devoted to the art of making films, but you must also consider the business side of things, such as insurance. When making a film, it is vital that you have insurance to protect you and everyone involved in the production. If something goes wrong and you do not have insurance, you can face financial, legal and criminal charges. These are a few of the types of insurance you need to make sure that you are covered.
Short-term insurance is used to cover only one project. This type of insurance is best if your projects are well spaced out, especially if you are doing one project or less per year. You can also get short-term insurance if you need to do reshoots. You can actually get insurance that covers only one day of filming.
Long-term insurance covers multiple projects that you produce. This option is best if you plan on doing multiple projects in a year. It is also a good idea to get long-term insurance coverage if you own a production company. It can be cheaper to use this form of insurance instead of insuring each project individually.
When making a film, you always run the risk of copyright infringement. People can pop up out of nowhere claiming you are stealing their idea. Copyright insurance can protect you and your project from these claims. Legal insurance can also protect you from libel suits.
Liability insurance covers injuries and medical expenses for injuries as well as damage to property in unintentional film accidents. For example if a scene being filmed involves a motorcycle, you may need motorcycle liability insurance. Costs vary depending on the amount of coverage you need as well as the type of bike being used. There is always a risk of cast or crew getting injured, even in a film with few stunts. You also want to double check that your liability insurance covers any damage to equipment or properties. Liability insurance can protect you from paying tens of thousands of dollars in the event of an incident.
It is important to have workers’ compensation in case one of your cast or crew gets hurt on set and has to miss work. In the event of a workplace injury, workers can seek compensation for medical bills, lost income, and pain and suffering, among others. Worker's compensation will replace their income during their recovery. Without worker's compensation insurance, you may be paying their income out of pocket well beyond the term of your shoot.
It is essential to get all of your insurance coverage sorted out during the pre-production stages of filming. Make sure to include insurance costs in your overall budget. Obviously, doing everything in your power to keep your crew and cast members safe is what you should focus on. But sometimes accidents and incidents can’t be avoided, and that’s why you get insurance. Insurance will protect your cast and crew in the event of injury, and will protect you from significant financial responsibility. Once you have your insurance coverage set up, you can focus on the important thing: making your film.