Why is insurance a must for production companies?
Damaged cameras, employee injuries, and missed shoots are just a few of the risks that production studios face. Production studio insurance coverage protects your small business from financial devastation by helping to cover costs related to lawsuits, medical expenses, property damage, and other risks.
Get the right coverage quickly
6 insurance policies every video production studio should consider
These insurance solutions defend against the most common risks and liabilities faced by production studios.
General liability insurance
A general liability policy defends against third-party injury and property claims, such as a client who suffers an injury at a video shoot. It's often required for a commercial lease.
- Client bodily injuries
- Third-party property damage
- Slander and other advertising injuries
Business owner's policy
A business owner's policy, or BOP, combines general liability coverage and commercial property insurance at a discount. Low-risk small businesses are often eligible for this bundle.
- Personal injury lawsuits
- Business property or equipment damage
- Business interruption coverage
Professional liability insurance
Professional liability insurance covers claims related to mistakes or poor quality of work, should a client decide to sue. It's also referred to as errors and omissions (E&O) insurance.
- Missing video footage or edits
- Professional negligence accusations
- Arriving late or missing a shoot
Workers' comp insurance
Workers' compensation insurance protects production studio businesses and sole proprietors from work-related medical bills that health insurance won't cover. Most states require this coverage for employees.
- Medical costs from workplace accidents
- Disability benefits for injured crew members
- Legal costs from employee injuries
Commercial auto insurance
Almost every state requires commercial auto insurance for vehicles owned by a business. It covers financial losses in the event of a car accident involving your production studio's business vehicle.
- Auto accident legal fees
- Vandalism or other vehicle damage
- Vehicle theft
Commercial property insurance
Property coverage protects your building and its contents, such as computers and furnishings. Add inland marine insurance for cameras and other items that travel to off-site locations.
- Fires
- Storm damage
- Theft and vandalism
Video and film production insurance costs
From our customer data, here's a quick look at average production studio insurance costs:
General liability: $29 per month
Business owner's policy: $54 per month
Professional liability: $35 per month
Factors that can influence your photography and videography insurance costs include:
- Types of filmmaking services offered, such as music videos, feature films, podcasts, or documentaries
- Annual revenue
- Value of your business property, including videography equipment
- Business size
- Insurance products purchased
- Policy limits and deductibles
- Add-on coverage options, such as an additional insured
Why production companies choose TechInsurance
Get insured quickly with TechInsurance
Get insurance fast so you can get started working with clients. Fill out our easy online application, choose a policy, and pay online to start coverage today.
Common questions about business insurance for video production studios
Review answers to frequently asked questions (FAQs) about production studio insurance coverage and more.
Can I get short-term insurance for my film production business?
Yes, you can purchase short-term production insurance. Even though buying insurance for only when you need it may seem like a good idea, there are a few reasons why you should maintain continuous coverage or purchase annual production insurance policies:
- Insurers increases their rates when you start and stop coverage. Insurance companies like consistency. If you cancel a policy, they might be unwilling to sell you another policy, or decide to charge more for the same coverage.
- Some policies won't provide coverage for a project after you cancel them. Claims-made policies, such as professional liability insurance, only cover claims made while the policy is active. If you're sued for a completed project after you've canceled coverage, you won't be covered—even if you were insured while you did the work.
- You could lose out on attaining clients. Some clients may require you to obtain insurance, which means you're at risk of losing out on potential clients if you cancel your policy and are unable to provide proof of long-term production insurance.
Remember, you're responsible for any business-related losses while you don't have commercial insurance. That includes:
- Work-related auto accidents. For that you need commercial auto insurance, or hired and non-owned auto insurance (HNOA) for vehicles used by your business but not owned by it. Your personal auto policy will only cover a commute.
- Work-related medical expenses. Your personal health insurance won't cover injuries that are related to your job, which is why you need workers' compensation insurance. It's also required by law in most states.
- Accidents and damages at your home. Homeowner's insurance won't provide coverage if a client is injured at your office or your video equipment is stolen. That's why you need general liability insurance and commercial property insurance—or the two together in a business owner's policy.
What film equipment insurance do I need for on-location shoots?
Commercial property insurance only covers items at your business address, so you will need additional insurance policies to protect your film equipment for on-location shoots or while you're in transit.
Inland marine insurance safeguards your production equipment (such as cameras, video recorders, lighting equipment, etc.) while it's at a filming location, in transit, or when stored at an off-site location. Given the travel involved in the entertainment industry, this policy is ideal for production studios.
Specifically, tools and equipment coverage is perfect for production studios that use videography equipment valued at less than $10,000 and under five years old.
What other types of insurance coverage do production companies need?
In addition to the policies mentioned above, production studios often invest in the following types of coverage:
- Builder's risk insurance: Also called course of construction insurance, this policy helps pay for damage to a structure in progress and set materials.
- Commercial umbrella insurance: Umbrella insurance boosts the coverage of your general liability, commercial auto, and employer's liability insurance once they reach the limit on a claim. It is bought in $1 million increments.
- Special event insurance: You may need special event insurance to cover activities outside your typical operations, such as holiday parties, fundraisers, or other events.
- Environmental insurance: This policy protects production studio owners against legal costs related to claims related to environmental mishaps, such as accidental stream pollution that occurred while creating a short film.
Our licensed insurance agents can help you choose the right entertainment insurance coverage that not only matches your insurance needs, but helps you comply with state laws and other requirements and save money. Once you select the production insurance policies you need, you can get a certificate of insurance (COI) within 24 hours.