If entertaining is your gig, you need insurance that keeps you rolling
Prime time. Filmmakers and documentarians have never had so many options now that content can reach anyone at any time. And with countless ways to access entertainment, demand for filmed content is only increasing. Around the world, PwC’s recent Global Entertainment & Media Outlook 2018-2022 report has already been updated to a 2020-2024 Outlook to reflect how the industry is reconfiguring amid pandemic recovery.
Meanwhile in Canada, the content we’re watching is no longer defined by the physical channel. To clarify, PwC finds, “Canadian companies are changing strategies, and creating supercompetitors – combining content, technology, and telecom. By doing so, Canada’s traditional television sector is expected to remain the fourth largest market globally by subscription revenues through 2022.”1
In other words, precisely where people are tuning into content is what’s changing the most.
For instance:
- “The report shows that…by 2022, video streaming will account for well over 80% of online traffic”2
- “Canadian companies are transforming their products to adapt to online platforms to help retain and attract new audiences and customers. The game changer goes beyond content, it’s also about targeting fans and connecting more effectively to develop a more loyal customer base.”3
- “the Government of Canada introduced new initiatives to stimulate innovation, content creation on various platforms, and provide internet access to all Canadians. There are many opportunities ahead but only those players who are agile will be able to shape the future of the industry.”4
All of these changes are adding up to great opportunities for businesses in the entertainment industry to excel. Here at ALIGNED, our commercial insurance brokers work exclusively with Canadian businesses.
We know the market and have deep relationships with more than 65 of Canada’s top insurance companies. Most importantly, we are experts at connecting businesses with the best options for their commercial insurance needs.
If you are looking for insurance for your entertainment business, we can help you get rolling.
From opening credits to post-production, there’s an Intact entertainment insurance solution
At home entertainment has never been more important. Even before the pandemic, audiences were already shifting to digital content consumption. What this means for the entertainment industry is varied. While attending theatres and consuming content amongst crowds will take a long time to recover, entertainment businesses are finding unprecedented demand for engaging new content.
Entertainment businesses in Canada are already focused on some bright lights of opportunity. For example:
- “Shifting performances and other events online has proved popular, and Epic Games’ Fortnite can now be credibly described as the world’s largest event space, capable of hosting major live music, cinematic and other experiences.”3
- “More consumers are interacting with artificial intelligence (AI) technology through AI assistants on mobile phones…and by 2024, there will be 543m smart speakers owned across the 20 countries.”4
- “Subscription video-on-demand (SVOD) revenue is expected to overtake box office in 2020 and is projected to surge away in the coming five years, reaching more than twice the size of box office in 2024. The pandemic will also accelerate cord-cutting trends, particularly in major traditional TV markets like North America.”5
- “Data consumption will see strong growth, and usage via smartphone will see the largest jump, especially as 5G is adopted across the forecast period.”6
In other words, if you are working in the entertainment business, you are facing diverse and significant opportunities. Therefore, getting the best entertainment insurance solutions for your business is important. As a result, we work with Intact Insurance to deliver a comprehensive entertainment insurance product that meets the specific needs of Canadian businesses.
Most importantly, here’s a list of the different types of entertainment businesses that we can get aligned with Intact solutions.
For instance:
- Motion picture production
- Movies for television
- Television series
- Webseries
- Documentaries
- Animation
- Commercials
- Educational, industrial and training videos
- Camera, sound and lighting rentals
- Cinemobiles and video production trailers
- Feature film, television and DICE producers
- Post-production facilities
- Rental houses
- Studio facilities
- Soundstages
- Photographers and videographers
Contact an ALIGNED Insurance broker now to discuss the specific needs of your entertainment business.
We’ll get the insurance buying process rolling. Most importantly, we’ll help you secure a coverage solution that’s custom-fit to the specific risk exposures your business faces.
The credits | Intact Entertainment Insurance Solutions
In addition, Intact provides important value-added support and services to entertainment businesses.
For instance:
- “Access to the technical expertise of our specialized underwriting team, who understand the unique exposures arising inthe entertainment industry
- Tailored products for Motion Picture, Television (MPTV) and Documentary, Industrial, Commercial and Educational (DICE) needs
- 24/7 claims services with specialized expertise
- Flexible payment options including Intact easipay” 7
Meanwhile, “with our DICE & MPTV packages, we offer coverage for a production company’s camera, sound, lighting equipment, office contents, props, sets, wardrobe, negative film, faulty stock or extra expenses caused by damage to a filming location, in addition to cast insurance (additional expenses to complete principal photography arising from death, injury or illness to an insured cast member).”8
In addition, the Intact solution can include “Errors and Omissions (E&O) insurance for producers, including coverage for defamation, unauthorized use of names, invasion or interference with the right of privacy or publicity, piracy, infringement of copyright and breach of contract.”9
Similarly, the Intact entertainment solution provides some coverage solutions for risks uniquely associated with the industry. Most importantly, the Intact solution anticipates the exposures you are facing and provides coverage that will respond when worst-case scenarios occur.
For example:
- “General liability: Coverage for claims of bodily injury and/or property damage arising out of filming activity. The policy may be extended for worldwide coverage.
- Property: Coverage for business property can be added.
- Non-owned auto: Coverage for physical damage as well as liability.
- Umbrella: Liability coverage in excess of the limits provided in the primary general liability, auto liability, employers’ liability and third-party property damage policies.”10
To sum up | If entertaining is your gig, we’ll get you the insurance you need
People are tuning into content and you are meeting that demand. That is to say, right now, there are great opportunities for businesses in the entertainment industry to excel. Most importantly, ALIGNED insurance brokers are experts at connecting businesses with the best options for their commercial insurance needs.
In conclusion, if you are looking for insurance solutions for your Canadian entertainment business, we can help. In short, we deliver solutions that will keep your business rolling.
Source(s): 1,2 Newswire.ca: “Canada’s entertainment and media industry revenue to grow by 3.7% per year through 2022″ ; 3,4,5,6 PWC.com: Outlook segment findings: Macrotrends ; 7 Intact.ca: Entertainment Insurance ; 8,9,10 Intactspecialty.ca: Entertainment Insurance
