MFE Insurance, a California entertainment insurance firm, recently published a blog post explaining the benefits of holding short term production insurance compared to long term production insurance. Choosing the right type of insurance can help save productions from spending extra money on policies that are too broad.
Generally speaking, production insurance covers movies, web series, theater, and other types of productions from various liabilities. These can include on-set injuries, accidents with work vehicles, loss and damage to equipment, cyber liability insurance, and more. Production insurance can protect your company in the event that it is required to pay legal fees, replace equipment, and pay for workers' injuries, and more. Productions that use this type of insurance are less likely to face financial hardships if large payments or fees are suddenly required, as they will be able to lean on their insurance policies to help cover some or all of the costs, depending on the type of policy and the amount of coverage available.
There are two types of production insurance: short term and annual. Short term production insurance covers individual projects. It can be used for as little as one day, which is ideal for small projects or quick reshoots, or for a longer period of time for a short film, commercial, or other small production. Short term production insurance offers flexibility for small production companies that may not be able to tolerate the expense of a yearlong policy. Annual insurance, meanwhile, covers each of your projects without the need to reapply for insurance. It is ideal for independent films or companies producing more than four projects per year, as short term insurance will likely be more expensive or not properly cover the time needed for these projects.
For more information about how to acquire production insurance, speak with a professional entertainment insurance broker. MFE Insurance can cover productions of any size and length of time. The brokerage works with each client to determine the proper type of insurance for their needs and can construct a custom insurance package designed to provide peace of mind and save money. MFE Insurance can be contacted at 213-266-7990 or online at https://www.mfeinsurance.com/. The brokerage is headquartered in Los Angeles and serves clients across the country.
For more information, visit: https://www.mfeinsurance.com/