Corporate insurance can protect photographers and videographers from a number of financial risks, such as replacing expensive stolen equipment or paying medical bills for an injured employee.
Here’s what you should know about photo business insurance and how to get the right policies for you.
What is photo business insurance?
Photo business insurance can refer to different types of policies that protect photographers and videographers from financial liability.
Whether you run a photography business or just snap family photos on the side, it can make sense to invest in Business insurance. The right insurance policy can protect your photography business from the devastating effects of a loss or theft by covering expenses that would otherwise be payable by your company.
What are the risks to my photography business?
Photographers and videographers are often exposed to the following and other risks:
Defective, lost, or stolen equipment, including camera lenses, lamps, and computers.
Not in time or not at all for a customer’s event.
Allegations that your services did not meet a customer’s expectations.
Car accident while driving to a photo shoot.
A damaged flash card or hard drive causing you to lose all of your files.
Types of photo business insurance
Here are some common types of business insurance that photographers and videographers can find helpful. Note that some types of insurance may not be required for smaller businesses with fewer assets.
Claims for damages from third parties or property damage caused by you or your employees.
For example, if a DJ breaks their turntable after tripping over your light stand at a wedding, your liability insurance could cover the cost of a replacement.
Repairs or replacements for damage or loss to your office, studio, equipment, and other belongings.
This type of insurance, also called commercial property insurance, can help you pay your bills if your camera equipment has been damaged and has taken some time to work again.
Failure or inability to provide adequate professional services in accordance with the terms of your contract. For example, if your index card fails before you have the opportunity to back up your files, your professional indemnity insurance will reimburse your customer for the loss of pictures.
Utility costs, wages, rent and other expenses if you cannot run your business for reasons that require insurance. If your studio has to close for a month because of a fire, this type of coverage, also known as business income insurance, can help keep the lights on.
Medical bills for employees and / or contractors who suffer an injury or illness while working for you.
If one of your photographers breaks their ankle during a shoot, employee compensation can help cover the cost of their bills.
Medical expenses, vehicle repairs or replacement as well as property damage due to accidents with a professionally used car. If you and your second shooter have a car accident on the way to a photoshoot, you can count on your commercial auto insurance to cover your vehicle repairs, as well as the cost of repairs, damage to property and other party’s body injuries.
Many insurers offer general liability and commercial property insurance in a bundle known as a Business Owner Policy, or BOP. Insurance providers such as Next can also customize insurance packages for you and offer discounted rates for multiple policy purchases.
How do I get photo business insurance?
Here are a few simple steps to take when taking out public liability insurance:
1. Find out which insurance you need – and how much
If you photograph events as a sole proprietorship on the side, you don’t need as much insurance coverage as a full-fledged studio with 20 employees and freelance photographers.
For part-time freelancers, some insurers offer policies that protect you on a per-event basis rather than requiring a monthly or annual commitment.
2. Get multiple quotes and compare insurance plans
3. Buy your insurance package and keep your policies updated
Read the fine print in your policy so you know how and when you are covered. For example, you might want protection if your equipment is stolen, but not all insurers offer this as part of their public liability insurance.
You can set up calendar notifications to remind yourself when it is time to renew your insurance policy to make sure your coverage doesn’t accidentally expire.
How much does professional liability insurance for photographers cost?
The price of photo business insurance can vary significantly depending on the policies you choose, the amount of coverage you have, the size of your business, the number of people you employ, and your location.
But in general, photography and videography are relatively low-risk occupations. Your insurance premiums shouldn’t cost as much as someone working in a more dangerous industry like construction.
Photographers and videographers who bundled general liability and public liability insurance under a BOP through the insurance marketplace Insureon paid an average of $ 521 per year, or about $ 43 per month, according to its website.
As with any major decision, be sure to get a few quotes from different insurers to ensure you are buying the best plan for your individual needs.