Movie Theater Insurance
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What Insurance Do Movie Theater Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Umbrella Policy adds an extra layer of protection to professionals if a serious event or cumulative claims exhaust your current polcy limits. It also covers you for events that would otherwise be excluded from your other policies.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Movie Theaters need insurance?
Establishments in the motion picture theater industry provide motion picture and film viewing services. Businesses include drive-ins, small and large movie theaters and stock footage film libraries. Businesses may also specialize in film distribution and may host film festivals or movie exhibitions or premiers.
Movie theaters need insurance to protect the business from the many known and unknown risks. If your business encounters risks like a fire, an employee or customer injury or a liability claim, it will cost your business a lot of out-of-pocket expenses. With insurance, these risks are covered, so any big and immediate expenses won't be a problem. The insurance will cover the expenses until it reaches its limits.
What risks do Movie Theaters face?
Below are some of the common risks movie theaters can face:
- Your movie theater catches fire, losing profits from that day. If any of your customers were injured, you'll be responsible for their medical payments.
- Your storage room flooded due to a burst pipe. Your film equipment broke, losing your ability to host a film that day.
How much does Movie Theater insurance cost?
There is no fixed cost of insurance for movie theaters. Each insurance carrier will have its own set of criteria to determine the cost of a policy. Without taking criteria into account, below are some average costs of insurance policies for movie theaters:
- General Liability costs $500 in annual premiums.
- Commercial Property insurance costs $700 in annual premiums.
- Workers' Compensation costs $1200 in annual premiums.