Production insurance is one of the essential pieces of paperwork a filmmaker must have before they begin shooting their film. It will cost a lot of money but it will also cover a lot of expenses if anything unexpected happens on set. It is important in every logistical aspect of production such as getting permits, equipment, even insuring the crew and actors.

Getting production insurance can cost anywhere from $500 for students to $2000 or more for a 1 million dollar policy. For production companies, they can cost even more than that for a 1 million dollar policy. Sometimes the equipment has to be insured up to 2 million or 3 million dollars depending on how much equipment you have or how many people you have on set.

Permits are one thing that even student filmmakers must get if they are planning to shoot in the city or on the streets of the city. Permits themselves can cost a lot of money, sometimes not much at all. But to fill out a permit application, you must have a copy of you insurance. This insures the city if you cause any damage to it. If you have to shut down city streets or if you have a scene with weapons, an officer will need to be present. If they are present, they their time will have to be paid for by the filmmaker. If that officer or monitor is injured, then the insurance policy is there to pay for anyone who is technically working for your film.

This also goes for anyone on set working for your film. In your insurance, you will have to get worker's comp insurance especially if you are paying anyone. Equipment rental companies will require this before renting you any equipment because if someone is injured while handling their equipment, this would make the filmmaker responsible for the injury and not the equipment company.

For permits, the city streets will be covered by your insurance if you have a 1 million dollar policy. Locations will also be covered. In Los Angeles, you always have to get a permit even if you are shooting inside someone's private residence or building. So, the owner of said place will also be covered with your insurance policy.

Equipment rental houses and prop houses will require your insurance policy before renting you anything. They want to make sure that they will be getting their money's worth. If you happen to run off with their equipment or props, they can get their money back with your insurance policy. These film companies have to protect themselves and it is better to be safe for them than sorry.

Protecting the actors on set is also as important as protecting the crew. If an actor gets injured, you will definitely have to pay for it, but if their hospital bill goes beyond what you thought was possible, your insurance will cover it. You have to have an insurance policy if children are on set anyway. An established production company has to follow the guidelines of child labor laws as well as students. You have to have coverage for minors on set.

With an insurance policy, you can also avoid getting sued by the city. If you are shooting a film and don't have insurance or permits, you will most definitely get shut down if you are caught and in LA you will get a major fine. So getting an insurance policy will save you money in the end.

An insurance policy is not only good for all of these reasons but for the filmmaker as well. A filmmaker will most likely be getting loads of equipment, shooting in different locations and having tons of people on set. In the worst scenario, someone breaks a light and someone has to go to the hospital. A 1 million dollar policy has a deductible of $5000 so that if you spend over that much on broken equipment or injuries, or even getting fined by the city, you will only pay that much. The insurance will take the rest of it. Each million dollars added to the policy, the deductible will go up $5000.

So the first thing to do after deciding where and when you want to shoot is to get your insurance. If you have that, you will be more secure in everything you do. Plan out part of your budget for that and also keep some of your budget aside if any accidents happen on set.

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