- Date: April 12, 2024
- Topic: Filmmaking
- By: Peerspace Staff
Source: Peerspace
As a producer, securing short-term production insurance from the outset of prep through the final day of production is essential. The unpredictable nature of film sets means that a multitude of mishaps, both minor and major, can occur at any stage.
Whether it’s crew members falling ill, equipment being misplaced or stolen, injuries during stunt sequences, or a camera drone being lost to a sudden storm, the risks are endless on a production. With the right insurance in place, you can safeguard your project against the unforeseen. This way, no matter what happens, the show can go on.
However, if you’re just starting as a producer — perhaps producing your first short film or music video — you might not know all the ins and outs of production insurance. In a scenario where this is your first project, it’s best to start with short-term production insurance.
And for those in the market for affordable yet incredible video shoot locations, you’ve come to the right place for that. Peerspace is the largest online marketplace for hourly venue rentals.
So what does that mean for your production? It means that you can easily book spaces that match the vision you have for your film. Whether you’re looking for a cabin in the woods, a cozy neighborhood cafe, a mountainside mansion, or a professional production studio with all the bells and whistles, it’s on Peerspace.
Ahead, we’ll tell you what you need to know about short-term production insurance, including:
- What is short-term production insurance?
- What are the risks if you don’t have production insurance?
- Why short-term and not long-term production insurance?
- What are some essential tips on short-term production insurance?
- What are the important things to consider?
- How Peerspace can help bring your film production to life
- The bottom line on short-term production insurance
What is short-term production insurance?
So what is short-term production insurance? Short-term production insurance is a specialized type of coverage designed specifically for the unique needs of a particular production, whether it’s for film, television, or any other media project.
When you opt for this insurance, you’ll collaborate with an insurance broker who is well-versed in the intricacies of the entertainment industry. They will assess the specific risks and requirements of your production to craft a policy that offers the most comprehensive protection possible. This ensures that from equipment damage to on-set accidents, you’re well-protected against a wide array of potential setbacks that could otherwise disrupt or even halt your project.
Short-term production insurance can provide for the following:
- Health insurance
- Protection from injury
- Workers’ compensation
- Protection of high-risk workers (e.g., stunt workers and pyrotechnic engineers)
- Protection for animals
- And much more
Providers of short-term production insurance work specifically with the entertainment industry and tailor packages to the particular needs of a production. You can rest assured that when you work with short-term production insurance companies, they’ve seen it all and understand where you’re coming from.
Check out everything you need to know about pre-production!
What are the risks if you don’t have production insurance?
When your equipment is worth hundreds of thousands of dollars, you can’t leave things up to chance. Your home doesn’t go without home insurance for even a single day. Why? Because no one can afford to lose an asset worth hundreds of thousands of dollars in a single day. (Almost no one, anyway.)
And these days, many films are shot on rented equipment. These require huge deposits upfront. And, sadly, when you have a large number of people on set, rented equipment is the most likely equipment to be stolen.
If you think about it, it makes sense psychologically. The rental company can “afford” to lose it, is the thinking of the thief. But it’s you, and not the rental company, who is on the hook for the stolen property. It’s a nightmare scenario, to be sure.
But equipment theft is minor and petty compared to the other risks involved with working on a production. If you’re running an operation without insurance, you’re also risking lawsuits and even criminal proceedings can be brought up against you. It’s up to you as the producer to protect the film and everyone involved.
Production insurance also protects you if you have to reshoot any of the movie for unforeseen reasons. If the footage is damaged or lost, negatives get exposed, or actors drop out of the movie, production insurance will pay to help you complete your film.
Why short-term and not long-term production insurance?
Before you choose a short-term policy, consider your working schedule. Short-term insurance is a great option for short shoots (some people only need to shoot for a few days) and producers with only a handful of projects each year.
Conversely, if you shoot five or more times yearly, you’re almost certainly going to be better off with an annual policy. More expensive long-term policies make sense when you’re working months on end, but are less necessary for occasional short-term shoots.
Short-term production insurance is often the ideal choice for projects with a specific start and end date because it’s tailored to cover only the duration of the production. This makes it a more cost-effective option compared to long-term insurance, which might include coverage for risks not relevant to shorter projects.
By opting for short-term insurance, your coverage precisely matches the lifecycle of your project — whether it’s a single-day shoot or a production that spans several months. This flexibility helps you manage costs more effectively, avoiding the expense of unnecessary coverage outside the production period.
Additionally, short-term policies can be customized to the unique needs of a particular project. This way, you’re not just covered, but covered in all the right ways. For instance, if your project involves complex stunts, you can include specific stunt coverage that might not be necessary in a long-term policy.
In essence, short-term production insurance is about getting maximum coverage without paying for more than you need.
What are some essential tips on short-term production insurance?
Keep these tips in mind when shopping for production insurance.
Budget for it
You should budget 2% to 3% of your film budget for short-term insurance — at the very least $2,000-$3,000 dollars, even on a one-day shoot. And of course, the more complex your production, and the more expensive your equipment, the more this will increase.
You can only buy through a broker
If you want to buy production insurance, you have to go through an insurance broker. A producer may have one broker only, so put a little effort into it. Three or four phone calls could provide all the insight you need. You’ve probably got friends who can connect you with their brokers. If not, check out LA / NY 411.
You need to be able to give certificates of insurance at any given moment
When you look for a broker, look for one that can provide certificates of insurance whenever you need it, like immediately. Film schedules can be wild. If your insurance provider cannot respond immediately in an emergency, they’re not doing their job. Remember to enquire about this precise situation before you sign anything with an insurance broker.
Brokers understand the biz
Discuss the particulars of your shoot with your potential brokers. The better they understand your production environment, the better they’ll be able to cover you. Every production has a different amount of risk attached to it. If you’re working on one of those explosion-heavy action movies, your risks are significantly different than if you’re shooting an Elizabethan-period drama.
Factors that make production insurance more expensive
Different productions have different types of equipment and action sequences to consider. Dangerous stunts, vehicles (helicopters for shooting, transport vehicles, filming vehicles, motorcycles, etc.), expensive film equipment, difficult shooting conditions (such as shooting underwater or in dangerous terrain), if you’re working with animals, and, of course, if you use live ammunition.
So, if your film has any of these elements, make sure to discuss them with your broker.
What are the important things to consider?
What you should know about short-term insurance is that it’s all about being prudent and humane. Many producers look for the cheapest insurance possible — just what will cover their risks — and then when someone gets sick on set or twists an ankle, there’s unneeded conflict.
Lean on your broker’s experience, and get enough short-term production insurance to ensure that everyone on set is taken care of. Once you’ve done that, focus on the important work of helping your production go off without a hitch.
You’ve already got so much to worry about from day to day — you don’t have time to worry about everything that could go wrong. And that’s what you should know about short-term production insurance.
Wondering what is a production assistant? Find out with our resource guide!
How Peerspace can help bring your film production to life
As the largest online marketplace for hourly venue rentals, you can count on Peerspace to connect you with incredible film production spaces in cities across the globe. No matter if you’re shooting in London or Columbus, Ohio, there’s likely a fantastic Peerspace near you.
And since Peerspace’s search tool is so simple to use, it’s easy to discover and rent spaces that suit your production vision. So what types of spaces can you rent on Peerspace for your production?
Here are a few of our favorite film shoot venues:
- This Zen and contemporary design brownstone in Brooklyn, NY, (pictured above) with more than 3,300 square feet of space, an open layout, and a spacious backyard
- The largest independent film studio in Merseyside, UK, with a cyc wall, a greenscreen, optional crew and equipment use, and flexible rates
- This unique vintage cabin in the woods in Crestline, CA, with a stone fireplace, a large deck, no road noise, and panoramic mountain views
- This classic all-white art gallery in Vancouver, BC, Canada, with high ceilings, black epoxy floors, white walls, and lots of unique artwork
- This West Logan cafe and restaurant space in Chicago, IL, with a recycled industrial interior, a kitchen, and front and back patio spaces
- This Olympic swimming pool venue in Barcelona, Spain, with a retractable roof, a fitness area, tennis courts, squash courts, fronton courts, changing rooms, and a terraced restaurant
Easily discover and rent any type of space in just about any global location when using Peerspace. It’s the fast (and fun!) way to location scout for your next production, large or small.
The bottom line on short-term production insurance
Short-term production insurance saves you a lot of time and hassle down the road. Property damage and crew injury are common filming happenstances. You’ll replace the property and pay for crew medical care out of pocket, or else you’ll face liability lawsuits. Clearly, not having short-term production insurance is not an option.
Remember, if you’re a producer looking for incredible filming locations, why not give Peerspace a shot? We have thousands of production spaces available in cities across North America and the world. From state-of-the-art studios to ancient castles, it’s available to rent by the hour on Peerspace. You can even search by the type of aesthetic you’re in search of. Bohemian, contemporary, rustic — you name it, and we got it.
And if you book a venue that is without a crucial piece of equipment, see how your host can help. Simply shoot them a message on Peerspace. Many of them have either worked with productions before or are in the biz themselves and understand how to provide support.
Check out our platform and see what spaces are available near you or in your filming destination. And to find more relevant information about filming productions, be sure to visit our filmmakers’ resources page.
