Insurance

1. cybor462
   Member

   

   Ok I am a newbie at trying video for a living. I have been learning sooo much from this and other sites.

   My next question is about insurance. I should have my business started officially May 1 2009 I do already have a couple jobs already, actually 4, one paid fully, 2 free for the experience and portfolio and 1 no up front pay but DVD sale percentage.

   My real question is do I need insurance? I am a loaner, will have my son in law as needed but as a sub-contractor as well as a mutual arrangement with a photographer/video business (mostly weddings) which I have been asked to partner with him for the wedding or video end.

   With this all in mind would there be any insurance needed to operate this business. I do not see any liability here but I have been wrong in the past. If there should be insurance what type, coverage and best place to get it.

   Next question is for contracts, how should these be handled and is there a place where I can get info on these and maybe docs?

   Thanks a bunch

   Posted 3 years ago #

2. Eventvideoguy
   Member

   

   My next question is about insurance. My real question is do I need insurance? I am a loaner, will have my son in law as needed but as a sub-contractor as well as a mutual arrangement with a photographer/video business (mostly weddings) which I have been asked to partner with him for the wedding or video end. With this all in mind would there be any insurance needed to operate this business. I do not see any liability here but I have been wrong in the past.

   Yeah, I'm going to say you are dead wrong and it could cost you big.  General Liability (business) Insurance can be a life saver and a must-have if you are opening a serious business. But especially if you are going to be filming or working in Hotels and restaraunts.  Many (nice) venues won't even let you film if you don't have this.  It covers them in case you mess up their facilities and it covers you in case any of your equipment breaks/lost/stolen/etc during filming.  There is one thing I get every year.  And this is it.  Don't leave home without it.  Equipment coverage isn't as important as being covered in case you break someone elses property... like that 5 star Hotel where you knocked that light down and poked the hole in the wall and caused 3k$ in dammage.

   The other insurance you could consider getting is "Errors & Ommissions".  I would say though, as long as you have a VERY detailed contract, this is not necessarily needed.  If you like, I can send you a copy of mine.

   If there should be insurance what type, coverage and best place to get it. Next question is for contracts, how should these be handled and is there a place where I can get info on these and maybe docs? Thanks a bunch

   Again, I can send you a copy of mine so that you have a starting place.

   Posted 3 years ago #

3. NewBirthProductions
   Member

   

   Yes event loves the drama but he is right, there is liability in this business, your going to have hot lights, cables streched on the floor, you will be moving with your eye and attention attached to your camera, "stepping on babies comes to mind"  and a host of other things that may not be your fault but rest assured you will get the blame for it.

   Posted 3 years ago #

4. Coreece
   Member

   

   >>>like that 5 star Hotel where you knocked that light down and poked the hole in the wall and caused 3k$ in dammage.

   Ahhh...yes. This reminds me of the all shinanigans with the production crew after the martinini shot....good times.

   Hotel living rocks!

   neways, Insurance helps...People are crazy, didn't you get the memo?  :)

   I would just talk to an insurance agency and browse various options that apply specifically to what you'll be doing...If you go basic, you can always get temporary insurance for a specific event if you need aditional coverage.

   Also, many production rental companies require you to have basic insurance to use their equipment....I can't think of any production company or freelancer that have never benefitted from a rental agency.

   Posted 3 years ago #

5. cybor462
   Member

   

   Wow yep I guess there is risk. Great info, I think it may help me from getting sued the first day anyway.

   Thanks

   Posted 3 years ago #

6. composite1
   Moderator

   

   Help you indeed it will!

   One thing you can look into to cut initial costs is to get short-term insurance per project. Though ideally, you want to get full-time general liability short-term insurance per project is an economical alternative until your outfit can afford annual coverage. There are a number of reputable insurers that can give you an inexpensive policy that will cover the duration of your shoot and also provide you with reasonable coverage under an E&O policy if you plan on having your final product distributed. The drawbacks are that said companies will not cover your production if you have stunts, firearms or pyrotecnics attached. A few will give a waiver if you have a separate policy, but acquiring stunt insurance is a whole other ballgame. The good points are you'll have general liability for your equipment (we use mostly company owned gear, but on occasion have loaner or rented items to supplement), costumes (if any), damage (done by you) and many times 'acts of God' provisions. Insurance is an extra expense, but the peace of mind having it is worth it.

   H.Wolfgang Porter, Composite Media Producer
   Dreaded Enterprises Unlimited, Inc.
   http://www.dreadedenterprises.com

   Posted 3 years ago #

7. NewBirthProductions
   Member

   

    I haven't bought insurance for video yet, but I have bought it when I had a railing business, it was high risk work, I had 2 mil coverage with 4 mil agg and I paid about $675 a year for it.  I can't imagin it costing anywhere near that much for video unless your camera man is hanging off the side of a building at 300'

   And I don't even want to rehash what I paid in workman's comp, WC is why I don't hang rail anymore. 

   A few words you never want to say in front of the agent: Explosions, burning down the house, dangling 300' in the air, and working on the other side of those "fall danger do not cross" signs. 

   Posted 3 years ago #

8. cybor462
   Member

   

   I see E+O insurance come up a few times. Ok now I am lost. I am a notary and have E+O but how does that relate to video production. For a notary it helps if I screw up on doing paperwork and cost the client because I failed to notarize or sign correctly. How does this relate to shooting video.

   Seems like I didnt do my homework! I thought getting and learning the equipment was the hard part.

   Posted 3 years ago #

9. composite1
   Moderator

   

   Cybor,

   Errors and Omissions insurance at it's simplest is coverage for 'everything you forgot to get clearance for'. You'd be surprised what could derail your production come distribution time because permission wasn't documented. A simple font, a face in the crowd, a name, a building, a logo, not to mention big stuff like if your talent changes their mind about what was said in an interview or if someone is inadvertently left off of a list of credits! In the case of video/film production, the insurance is just another layer of protection between your production and a potential distributor. E&O insurance can get real pricey real quick especially if you're operating on a small scale.

   Posted 3 years ago #

10. cybor462
    Member

    

    I guess I will call the carrier. I wonder if the policy I have now covers everything or if I need to get one just for the video work. Yes money, money ,money

    Posted 3 years ago #

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