Insurance for Toronto Film and Television Businesses
If you’re in Toronto’s film and television industry, you’ll know that there can be mishaps, injuries, and accidents. Do you have enough business liability insurance to protect your film or TV business should there be a lawsuit?
Insurance for Toronto film and television businesses needs to be customized to your industry. Your commercial insurance needs to cover what is relevant to your film and television business, such as coverage for camera equipment, errors and omissions in your work, and third-party injury or property damage.
Wherever your film or TV business is located in Toronto, the Greater Toronto Area (GTA), or anywhere in Ontario, your Western Financial Group business insurance broker will get you commercial coverage that uniquely protects your film, television, or entertainment/media business.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best coverage for your business insurance needs.
We make the process easy by getting insurance quotes for you and giving you policy coverage options that you can choose for your Toronto film or television business’s specific needs.
Toronto’s film and television sector
The Toronto area’s film and television cluster is the third largest in North America. Toronto's broadcasting, film, and television industry is the largest in Canada, earning the city the nickname “Hollywood North.”
Examples of Toronto film and TV industries that need customized insurance
- Film producers and crews
- Freelance videographers
- Video production studios
- Film/TV post-production studios
- TV producers and crews
- Actors, musicians, performing arts professionals
- Film/TV equipment rental companies
Liability insurance is an essential part of your customized insurance as a film or TV company. Here are the liability coverages that you need to protect your Toronto film or television company from lawsuits.
Professional liability insurance
Professional liability insurance helps protect Toronto film and TV production companies against claims of negligence or failure to perform services as promised. It’s also called errors and omissions insurance.
For example, your film company doesn’t complete a shoot on time, putting a film project behind schedule. Your Toronto film company is being sued because of this. E & O insurance can help cover the legal fees and other related costs.
Note: It’s important to understand the specifics of your professional liability coverage to ensure adequate protection as a Toronto film and TV Production company.
Commercial general liability insurance
This is necessary liability insurance for Toronto film and TV companies. Without commercial general liability insurance, you will pay costs related to third-party (customer/supplier/member of public) injuries or damage to their property out of your own pocket.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your Toronto film or television business in court, as well as costs to cover damages to compensate third parties whether you win or lose your case.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Cyber liability insurance
You keep sensitive data and financial information belonging to your clients and your Toronto TV, film, or entertainment company could be hacked by cyberthieves. Cyber liability insurance will help protect the firm financially should there be a cyber-attack.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages.
Commercial umbrella insurance
You may want to consider commercial umbrella insurance for your Toronto film, TV, or entertainment business. Commercial umbrella insurance, also known as just umbrella insurance, addresses liability coverage gaps. It’s used when the primary liability coverage, for example on your commercial general liability insurance, has reached its coverage limit.
The protection that umbrella insurance provides applies only to expenses related to liability such as legal fees, court fees, and legal settlements.
Drone liability insurance
Do you film footage using a drone? If so, you need to consider drone liability insurance. Drone usage is usually excluded by a general liability policy. Drone insurance provides financial protection for commercial drone operators against third-party liabilities such as property damage or bodily injury while using the drone to film footage.
How much does film and TV insurance cost?
It depends on what your Toronto TV or film company does. What is its area of specialty?
The following factors are usually considered when determining the cost of your business insurance:
- Location(s)
- Services provided
- Number of employees
- Years of experience
- Annual revenue
- Any past claims
What other insurance do Toronto film and TV businesses need?
Commercial property insurance
Commercial property insurance provides financial support to replace or cover repairs to your Toronto film, entertainment, or TV business and its equipment if it is damaged by a flood, fire, or severe weather. It also covers vandalism and theft.
Commercial property insurance protects contents such as computers, furniture, tools, equipment, and inventory. Commercial property coverage also extends to protect others’ property that is under your care.
Business interruption insurance
This type of insurance supports you when your Toronto film or TV production company can’t operate due to a covered loss.
There are a number of losses that can force your company to shut down. Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial auto insurance
If you are using your car for your job in Toronto’s TV and film industry, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your insurance package.
What do I do if I have a claim against my Toronto film or TV business?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best Toronto business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage as a Toronto film or TV production company. Our experts are available now to help you navigate the business insurance journey to protect your Toronto business.
Talk to an Insurance Expert
Call Us Now 888-595-3104