Why do Production Companies need Film Errors and Omissions Insurance?
As a producer you’re exposed to a variety of risks as soon as your film is distributed. Broadcasters, distributors and financiers of film and television productions expect you as the producer to insure against these risks. The solution is to take out Errors & Omissions (E&O) Insurance prior to the distribution of your work, to cover the costs of investigation, settlements and defence if a claim is made against you, as the producer.
Errors and Omissions insurance protects your organisation from the financial impact of professional mistakes - either negligence or breach of contract or rights.
With the meteoric rise in video content, it's not just film production companies who need Film Errors and Omissons Insurance. Video content for Marketing and Advertising is subject to the same scrutinies and risk exposures - and podcast producers also need Errors and Omissions Insurance.
Errors and Omissons Insurance does not cover you for costs arising from criminal charges or any deliberate wrongdoing. But professional mistakes do happen, and E&O insurance can help with:
Despite slick production management and strict legal clearances, a producer could still face legal action from an error or omission. For example, the script of your production may be slightly similar to another film or programme, or even a published novel. This could lead to a claim that you’ve committed plagiarism i.e. copied someone else’s idea, and defending yourself at court can be very costly.
The first step in arranging your Errors and Omissions Insurance is to speak with an experienced insurance broker as their advice will be invaluable. They’ll ensure you get the right levels of cover, at the right premium. For example, you’ll need guidance around your “delivery requirement”, which dictates the length of the policy period. This could be 1, 3 or maybe 5 years and will be clearly stated in your distributor’s contract.
Some things to think about…
Film Errors & Omissions Insurance premiums start at £1,900 plus tax - contact us now to talk through your needs.
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