What Insurance Do I Need for My Media & Entertainment Business?
Jun 26, 2020
Find out what insurance coverages your Media & Entertainment business needs.
For this creative industry, one size does not fit all. There are different insurance solutions depending on the type of Media and Entertainment business you operate. From film productions, live events and activities, personnel or equipment, all of these require unique insurance coverage.
Who Needs These Insurance Coverages in the Media & Entertainment Industry?
- TV productions
- Advertising companies
- Live event planners
- Documentaries/educational videos
- Touring entertainers
- Protesting organizations
What Insurance Coverages Do Businesses in the Media & Entertainment Usually Need?
Production insurance is essential in filmmaking. This type of coverage will protect the liability of your cast, producers, film crews, faulty stock, production gear, public and employers (to name a few). It may also include extra expense coverage that might occur as a result of damage, loss or destruction of property.
Live Media Insurance
This will cover your property, business interruption, money (in-transit), public liability or employers' liability.
Some insurance companies may also provide additional coverage such as:
- Kidnap & ransom
- Nuclear, chemical, biological or radiological attacks
- Accident & health
- War, terrorism and violence
Here's an Example of When This Insurance Could Help Protect Your Media & Entertainment Business:
When the production crew left a light too close to the fire sprinkler system setting off the sprinklers, Commercial General Liability could cover the costs associated with property damage.
When the production crew accidentally damages a very expensive lens on a camera while setting up for a set, Equipment Insurance could cover any rented or owned equipment from damage, theft or loss.
A radio station runs a contest offering the winner tickets to a sold-out show sponsored by the radio station at a local venue. During the live event, the winning participant is injured and later dies. The radio station is then sued by the family for wrongful death. In this case, Media Insurance helps cover court expenses.
Other Frequently Asked Questions:
How much does entertainment insurance cost?
Insurance for the Media and Entertainment industry will vary depending on factors such as revenue, number of employees, prior claims and value of assets.
How important is it to have this type of insurance?
Depending on the nature of your operations, having the right insurance is crucial to protect your assets. Some of the major risks associated with this industry include high risk shooting locations, pyrotechnics, animal participation, usage of aircrafts/watercrafts/railroads and crowd control.
Every business and situation is different - especially in this unique, creative industry. That's why, it's important to speak to a broker to help examine your scenario and assess your specific insurance needs as a Media and Entertainment business. At Foxquilt, we can help provide you smarter business insurance tailored to fit your needs. By joining our Foxquilt community of Media and Entertainment business owners, you can receive better buying power and even unlock group savings on your insurance premiums. Get started on a quote for insurance built for your business.
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