Production insurance is the type of insurance that is used to protect individuals or companies in the film industry from a host of maladies that could potentially occur. Obtaining cheap production insurance is essential to anyone in the entertainment industry who is connected with the production of films or other related media or events. This is especially important for those who must operate under a low budget. There are many situations that may arise in relation to the production of a film that can seriously slow down and in some cases even stop production. Having effective insurance can go a long way to getting the cameras rolling again.
Coverage
Cheap production insurance policies can cover many things and in many cases people are unaware of exactly what issues are covered under this type of policy. The basic production insurance policy covers such things as damage or loss to equipment that is owned or rented by the production company. In the matter of rented video equipment it is usually required by the rental company that this equipment be adequately covered by the production company to protect their inventory.
Types of Policies
When searching for cheap production insurance you first must consider the type of film you are producing as there are three basic types of this insurance. These types of insurance include short term, long term and annual. How long this type of insurance is needed is largely dependent on the type of film that is being made as this has a major impact on how long it will take to make a film. If a full length feature film is the goal, long term or annual coverage will most likely be needed whereas if it is a simple short film or documentary then short term coverage should be sufficient.
Other Types of Insurance
In addition to obtaining cheap production insurance it is also necessary to secure worker's compensation insurance. This insurance is required by the law for anyone who operates any type of business in an effort to protect the employees from any injury or illness that occurs while working. This insurance will cover such things as wages lost due to this illness or injury as well as any resulting medical bills that may be incurred.
Adding on to your Existing Policies
If a person is operating a home based production company by maintaining an office within his or her home then it may be possible to avoid taking out a policy for cheap production insurance. In cases such as this you may be able to implement certain add on features known as riders or floaters to an existing home owner's policy in order to increase the amount that will be paid in the event of damage or loss to office or business equipment owned or rented by the policy holder. By taking these steps a person will be able to avoid the huge expenses of repairing or replacing damaged or stolen equipment.
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