Insurance for Post Production Services
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What Insurance Do Post Production Services Need?
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
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.
Frequently Asked Questions
Why do Post-Production Services need insurance?
These establishments provide services such as film or tape closed captioning, motion picture or video editing, motion picture or video titling, post-synchronization sound dubbing, subtitling of motion picture film or video, and tape transfer services.
Post-production services need insurance to protect you from the risks that could otherwise force your business to close. The insurance will pay for the covered expenses up to the limits you select. You, therefore, won't have any expenses on your end when, for example, you are faced with a lawsuit that's covered by your insurance.
What risks do Post-Production Services face?
Below are some of the risks that your business could face:
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An inside job leaks a film that is set to be released in a few months. This causes your client to experience a huge financial setback and they sue your business for the damages.
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The equipment you use for post-production catches fire, causing you to lose the income that your business would have earned that day. Due to the fire, most of the property around the equipment got damaged as well.
How much does insurance for Post-Production Services cost?
There is no fixed amount of insurance for post-production services as the cost depends on various factors. To help you decide, below is a list of common insurance policies bought and their average cost:
- General Liability insurance costs $500 in annual premiums.
- Commercial Property insurance costs $600 in annual premiums.
- Cyber Liability insurance costs $700 in annual premiums.