The Los Angeles Film Insurance Brokers at MFE Insurance recently released a blog educating readers on the differences between annual and short term production insurance. A production company's yearly schedule can help determine which type of film insurance is best for their needs.
Short term production insurance covers individual projects and is ideal for producers who do not work continually throughout the year. This can cover TV shows, films, documentaries, music and web videos, and more. Coverage can last anywhere from one day to several months, depending on your needs. Different types of short term production insurance cover different areas of liability, such as property damage, rented equipment, and workers compensation needs. As a result, you will likely need to purchase several policies to fully protect your project and should speak with an insurance broker for assistance in creating the right package for your project. In states that require production companies to carry insurance, short term policies provide an affordable solution.
For those who produce multiple films each year, annual insurance is likely a better option. This type of insurance covers all of your projects, without the need to reapply for insurance at the start of each new one. Those creating long-term projects, like independent films, or who work on more than four films per year will likely find that annual insurance is more affordable than short term production insurance, which must be repurchased for each individual project. Annual insurance policies can therefore help you save both time and money as you work. As with short term insurance, annual insurance is made up of several policies that can be used to protect against different types of liability.
Speak to the production insurance brokers at MFE Insurance for more information and to acquire short term or annual production insurance. The agency's experienced brokers can help you choose the right type of insurance and create a customized package of film insurance policies to help you protect your investment in your crew and equipment. 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