Fundamentals of Filmmaking: What You Need to Know About Film Production Insurance
Part of your duty as an independent film producer is to decrease costs. Can you spend two days instead of five at that location? Can you do without as many production assistants? However, there are some expenses that a filmmaker cannot avoid, and film production insurance is one of them. Obtain the Best information about film tv production.
Producers require more than one sort of insurance. Moreover, they need various insurance policies since each covers a different part of film production.
Every manufacturer needs General Liability Insurance. It is required to rent places and to supplement your equipment rental insurance. When booking locations and renting equipment, you will frequently be asked to present a general liability insurance certificate naming the owner of the equipment or property as an additional insured. Failure to get this insurance can be a severe hurdle for scale production. This insurance costs a few hundred dollars annually and is purchased in installments.
You can rent manufacturing equipment and automobiles with Equipment Rental Insurance. Get this insurance well before you intend to rent because it is not a quick process. The greater your rent limits, the more you can rent and pay. In addition, when renting equipment, the rental company will want you to present an equipment rental certificate naming them as additional insured, which can take several days to obtain. This means prospective filmmakers should get this insurance around a month before they want to shoot. Policies are valid for one year.
Workers’ Compensation insurance is among the most expensive types of coverage. On the other hand, shooting anything with SAG actors is required, and a neural range is a prerequisite for acquiring corporate health insurance as a business owner. In California, forming an LLC and obtaining a worker’s compensation policy may be cheaper to bring better health insurance than purchasing a policy on your own. You also get better coverage if you get sick or injured. Therefore, workers’ compensation is an excellent investment for you and your organization.
Because most of these policies are obtained annually, they apply to several film productions. However, you must add riders or get new approaches to cover stunts, pyrotechnics, and other unusual operations.
Failure to have this coverage effectively puts your current and future property at risk. If someone is wounded on set, a location is damaged, or you drop a light or a camera, you are personally liable. Students frequently believe their lack of assets is a barrier to being sued. The truth is that their future earnings are jeopardized. So, if you want to make it big, you’ll have to deal with the insurance issue.
If you can’t afford this insurance, start a production business and look for other filmmakers who need your insurance to shoot their movies. You will become a producer on their project, allowing your insurance to pay for their needs. It will require you to be actively involved in their production, protecting the equipment, location, and staff you are insuring. Still, you will quickly gain numerous professional credits and establish long-term commercial partnerships.