Videomaker – Learn video production and editing, camera reviews › Forums › General › Video and Film Discussion › Insurance… Is it Neccesary??? If so then WHO???
- This topic has 4 replies, 1 voice, and was last updated 12 years, 7 months ago by Anonymous.
April 19, 2009 at 12:52 AM #40313AnonymousInactive
I<span style=”font-size: 7.5pt; color: black; font-family: "Verdana","sans-serif";”>recently started my business and I have been struggling to decide whether or not I should get insurance for my company I have warranty on all my equipment but my question is should I get insurance also because I do not have an office I do freelance Videography and edit on my computer at home. I also heard about getting insurance on a case by case basis depending on the location of the shoot. My question is what companies provide insurance for video production companies/services at the best price and is it necessary with a warranty on all my equipment???</span>
<span style=”font-size: 7.5pt; color: black; font-family: "Verdana","sans-serif";”>Rube-OWNER</span>
<span style=”font-size: 7.5pt; color: black; font-family: "Verdana","sans-serif";”>Power Moves Productions</span>
April 19, 2009 at 3:44 AM #173188CraftersOfLightParticipant
This has come up a few times now. The one thing all agreed on was that you run a serious risk without it. In your case it sounds like you are at different locations from time to time. You will want insurance to protect you in case of property damage that was caused during your project. Setting up lights you knock over an expensive vase, setting up a mic you scratch some special furniture, etc.
As for warranties, they typically cover normal use failure. I don’t think they would cover the forgotten camera left on top of the van during packing for a shoot and is now multiple pieces in the road.
Talk with your insurance agent (Home owners or auto). If they are unable to cover you I am sure they could refer someone in the business that could. It does pay to get to know your agent on a personal level at any rate.
April 19, 2009 at 6:36 PM #173189CvilleParticipant
I agree with Crafters of light follow upwith your current insurance agent.
I believe that sinceyou are operating a business if someone breaks into your house and steals all of your comercial equipment I don’t think your standard home owners will cover that loss.
April 20, 2009 at 6:56 PM #173190composite1Member
Having gone through this before here’s my input;
Crafters and Cville are both correct. You need insurance. I’ve worked with it and without it. With it is an expense you must budget for and can be a ‘female dog’ to find for a low-budget film with stunts involved. Without it is cheaper up front but ruinously expensive if anything goes wrong on your shoot. Here’s a couple of links to get you started:
Be advised: though these and other company’s do offer inexpensive short-term insurance packages for film & tv productions all bets are off when it comes to productions with stunts, weapons, pyrotechnics and gangsta rap themes (music videos). They won’t cover any of these types of productions. You’ll have to get separate insurance to cover those aspects. On average, stunt insurance starts covering production budgets of $300k which knocks out most of the people participating in these threads. However, there are brokers who will cover such things but you’ll have to dig for them.
Another thing to consider; many facilities you may wish to use as locations will require you to have a minimum amount of insurance coverage. I’ve seen it as low as $300k, but the more high-profile the location the more you’ll need to have.
When on a budget, short-term production insurance is the way to go. Just make sure the period of coverage encompasses the time needed prior to production to prep your locations / receive equipment and the time to get everything cleaned up, inspected and returned/signed off. For regular operational insurance that’s a more ‘interesting knot to untie.’
If your freelancing or running your biz out of your house, you still need insurance but you have to weigh the everyday costs versus the ‘what if?’ costs. Your house / rental insurance will not cover your equipment losses in the event of loss to theft or damage due to human activity or natural disaster. The tough part is finding an affordable package that will allow you to continue to work without sucking away money needed for so much other stuff. Again, if you decide to get your own facility of any size, most states/cities will require you to have business insurance in order to do so.
April 28, 2009 at 12:58 AM #173191AnonymousInactive
Thank alot guys I will be gettin insurance cause the warranty wont cover it!!!!!!!!!!!!
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