You’re in the film business to make money, and one way to increase your bottom line is to cut insurance expenses. We are not saying that you should NOT have insurance. On the contrary, film insurance is necessary and in some cases required by law. However, you can save money on film insurance just by following a few easy tips.
1. Bundle Your Film Insurance Policies
A filmmaker’s policy often combines several common types of protection into a single plan. This bundle costs less than if you shopped for those coverages separately. The most common types of film insurance you find bundled together are property, business interruption and certain kinds of liability.
However, make sure you read your policy carefully. Many of these bundles don’t include hired auto insurance or professional liability insurance. They also don’t cover Workers’ Compensation (which is required by law). You could need separate policies for these.
Learn more about Annual Coverage vs. Short-term Insurance by clicking here.
Contact us about multi-project discounts, annual coverage discounts and our Zero Down policies!
2. Evaluate Your Risk and the Amount of Coverage You Need
If you only plan to film for a few days, there is no need for an annual policy. Instead, ask your insurance agent to quote you on short-term insurance. If you plan to hire actors, then you will need Workers’ Compensation but not if you plan to film a nature documentary.
Take a look at your quote and make sure it does not include coverage you don’t need.
For example, if you don’t have employees, you don’t need employment practices liability coverage.
3. Increase Your Deductible
Many filmmakers don’t realize that there is a direct relationship between their deductible and the cost of their premiums. In a nutshell, if you lower your deductible, then you pay more in premiums.
So, if you raise your deductible, then you can save money on film insurance. However, you must first evaluate your risks. You will have to pay that deductible before any payouts are made on a claim.
A secondary benefit is that a higher deductible will discourage you from filing smaller claims.
What?
Insurance companies love policyholders who don’t file claims. If your production company has been claims-free for a significant amount of time, then you could be eligible for a discount. This discount is why it’s a good idea to avoid filing smaller claims.
Take a strategic approach to getting film insurance. Consider bundling and always consult with your insurance agent. You can save money on film insurance rather than pay for coverage you don’t need.
Where to Purchase Film Insurance Policies
For more information on production insurance in California, contact Equipment & Production Insurance. The team at Equipment and Production Insurance are film, photographic & entertainment industry insurance specialists. Whether you need short-term, annual, post, documentary, commercial, equipment, rental house, or E&O, you can rely on their quick and knowledgeable assistance to meet all of your production insurance needs.
