How much is video and film production studio insurance?

General liability insurance for video production businesses costs an average of $40 per month, or $485 per year. This type of insurance covers accidental third-party property damage or injuries.

General liability insurance, sometimes called public liability insurance, also pays for lawsuits related to advertising injuries, such as defamation or copyright infringement. It would cover legal costs if a filmmaker at your production company slanders another film producer and gets sued, for example.

Below is the average general liability policy for video production businesses that buy from TechInsurance:

Premium: $40 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

You might need general liability coverage to rent space for your rented and owned equipment, sign a contract, or get a business loan. It shows your landlord and partners that they're protected against financial losses from the most common risks.

The cost of general liability insurance depends on numerous factors, including the policy limits and deductible you choose, the type of videos you shoot (such as documentaries versus music videos), and the number of employees you have.

Video and film production studios pay an average of $55 per month, or $663 per year, for a business owner's policy.

A business owner's policy bundles general liability insurance with commercial property insurance at a lower cost than buying these policies separately. You can often include additional coverages as well through endorsements.

A BOP provides coverage for your business property in the event of a fire, storm, or burglary. It also protects against liability claims for bodily injuries and property damage, such as if a visitor were to trip on pyrotechnic equipment and break their phone. Your BOP policy would help cover the repair costs for physical damage to third-party property.

Common endorsements to a BOP include business interruption insurance (or business income coverage) to cover lost income and operating costs during a temporary closure, and equipment breakdown coverage to help your business recover from the failure of a point-of-sale system or other necessary equipment.

This is the average BOP for video and film studios that buy from TechInsurance:

Premium: $55 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

Businesses that are eligible for a BOP usually are small in size (fewer than 100 employees) and low risk.

Film studios with higher-risk businesses should consider a commercial package policy (CPP). A CPP is a customizable insurance product that bundles policies such as general liability, property insurance, and cyber coverage.

The cost of a business owner's policy depends on factors such as the value of your property and inventory, your business operations, and whether your studio has a burglar alarm, sprinkler system, or other loss control measures.

On average, video production businesses pay $77 per month, or $926 per year, for professional liability insurance.

Professional liability insurance covers lawsuits related to professional negligence. For example, it would cover attorneys' fees and other legal costs if an employee makes a major editing error during post-production that costs an investor a significant amount of money. This policy also covers frivolous lawsuits and baseless claims against your studio.

You might see professional liability insurance coverage referred to as errors and omissions insurance (E&O) in other industries. Business partners and clients might require you to carry this type of coverage, as it'll cover legal bills that might otherwise affect them.

This is the average professional liability policy for film studios that buy from TechInsurance:

Premium: $77 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

Insurers consider several factors when determining professional liability insurance costs, including the coverage limits and deductible you choose, the size of your film business, the specific type of productions you create, and your claims history.

Video production studios spend an average of $56 per month, or $676 annually, on workers' compensation insurance.

Workers' comp pays for medical expenses and disability benefits in the event of an employee injury. For example, if film equipment falls on a crew member's foot and they suffer an injury an injury, this policy covers their medical costs and provides partial wages during recovery.

Workers' compensation policies usually include employer's liability insurance. This type of coverage covers legal costs if an employee sues their employer for an injury.

State laws often require film studios to secure workers' comp as soon as they hire their first employee, but that's not always the case. It's required in California and New York for every business with employees, in Florida for every business with four or more employees, and it's optional for most companies in Texas.

Even though workers' comp may not be required for sole proprietors or independent contractors, such as a single-person studio, it's still recommended. Medical bills are expensive, and most health insurance plans can deny claims for injuries that happen on the job.

The cost of workers' compensation mostly depends on the number of employees you have and the type of work they do. It's often less expensive for businesses in states that have lower healthcare costs.

Small businesses, including video production companies, pay an average of $245 per month, or $2,942 per year, for commercial auto insurance.

If your company-owned vehicle is involved in an accident, this policy would help cover any damages you cause. It would also cover your legal fees if you're sued.

You can also buy coverage for other risks. For instance, collision insurance covers repairs when your vehicle is damaged in a collision, while comprehensive insurance covers damage from other causes, such as hail, theft, and vandalism.

Almost every state requires this coverage for businesses that own a vehicle, as personal auto insurance won't cover business driving. To protect personal, rented, and leased vehicles used for work, you'd need hired and non-owned auto insurance (HNOA) instead.

The cost of commercial auto policies can vary considerably. Some of the most important factors are your employees' driving records, the policy's limits and deductible, exclusions, the number of vehicles you own, and the coverage options you choose.

Photography and video companies, including production studios, pay an average of $43 per month, or $519 per year, for production equipment coverage, typically called inland marine insurance.

Business-owned and rented equipment utilized and stored on the business property is typically covered by a commercial property policy. However, if you're a studio with expensive camera equipment that you bring to off-site shoots, you'll need inland marine coverage to protect your property while in transit over land or while stored off-site.

Inland marine insurance can be purchased as a standalone policy or as an endorsement to commercial property coverage.

Inland marine insurance protects equipment from theft, accidents, and collision-related damage. This policy helps cover the repair or replacement costs of videography equipment and other business property during transit and while off-site.

Equipment insurance costs vary based on several factors, including the total value of your equipment, where you're traveling, and whether you own or rent it.