7 Key Things to Look For In Photography Business Insurance
If you’re a photographer you probably have an artist’s mind and serious things like photography business insurance might not be your cup of tea. But the consequences of not having the right kind of insurance can be very serious. It’s better to protect yourself. Check out the 7 key things to look for here.
Safeguarding your business through insurance policies is a wise choice. Insurance for photographers is no different. Without photography insurance, you are taking undue risks with your livelihood.
From the get-go, you should have at least liability and equipment insurance.
Consult with an insurance professional to help you select insurance for photographers. Though, you can do a little research beforehand to get an idea of what you need.
Here are seven things to consider when looking for photography business insurance.
1. Why You Need Photography Business Insurance
For photography business owners, equipment and liability insurance are critical insurance policies. They secure protection for your equipment as well as accidents on the job.
The purpose of insurance is to lower the risks that come with running a business. Those risks include losses, potential liabilities, and unfortunate events.
Limited Protection As an LLC
You may be a limited liability company (LLC) or a corporation. Regardless, you still need business insurance. Being an LLC or a corporation protects only your personal property from a lawsuit. Even then, your protection is limited.
Insurance for photographers ensures that your personal and business assets are fully protected.
Required Proof of Insurance
Also, some states may need your business to have certain forms of insurance.
Photography involves shooting at a variety of locations and venues. You may need proof of insurance for some of those.
As a photographer, you need several types of insurance.
2. Equipment Insurance
Photography equipment insurance covers any loss or damage to your equipment due to certain events. Your specific policy will detail the type of equipment, causes of loss, and amount of coverage.
Coverage for Your Essential Equipment
You need photography equipment insurance coverage for your essential equipment. Your lenses, camera, and computers/laptops/tablets are the heart of your business.
Equipment insurance should also cover losses due to damage, severe weather, and theft. Be sure to make a list of all your equipment and how much it would cost to replace it.
No one needs to tell a photographer how expensive gear is. Could you afford to replace a $4,500 DSLR if you drop it in a fountain during a wedding shoot?
What if someone steals all your lighting equipment from your studio or van while you’re on location?
Homeowners Insurance Does Not Cover Equipment
Note that renters or homeowners insurance may not cover business equipment. Many policies exclude equipment that you use for generating income.
Too often, home-based photographers suffer damage from a natural disaster like a hurricane. They find out too late that homeowner’s insurance doesn’t cover their photography equipment.
3. General Liability Insurance
You need general liability insurance for photographers. This is especially true if your work has a delicate specialization. Those would include weddings, newborn portraits, sporting events, and so on.
General liability is umbrella coverage. It protects you against any legal actions that may arise from injuries or accidents.
It is a broad form of protection. It covers anything from a person getting hurt while you’re photographing on the job. For example, someone may trip over your equipment.
It also protects you if you accidentally damage the client’s equipment. For instance, you accidentally knock over an expensive vase during a shoot.
4. Commercial Automobile Insurance
Commercial auto insurance covers you when your personal automobile insurance doesn’t. Personal auto insurance might not cover you if you were driving to or from a job. You may also need commercial auto if you use more than one car for your photography business.
Do you have employees who drive their personal vehicles for business purposes? Or, do you rent cars during business travel? IF so, you may also want to look into a hired/non-owned automobile liability policy.
Adding commercial auto insurance protects you against physical damage to your car. It also protects you against potential bodily injury. Some areas require you to have this insurance. Check local laws before shopping for insurance.
5. Disability Insurance
If you depend on your photography as your only income, then you need disability insurance. This insurance ensures your earned income against the risk of any disability or sickness that prevents you from working.
As a photographer, you are more than a business owner. You ARE the business. It’s worth investing in disability insurance when an illness can stop your income altogether.
6. Owner or Renter Property Insurance
If you own or rent a studio, you need property insurance. Property insurance protects against damage to the building and items inside it.
You may also want to choose a policy that includes business loss of earnings insurance. This protects your earnings in case something occurs that damages or destroys the shooting location.
Some policies include all equipment on the property. Though, others do not. Be sure to read your policy carefully. Also be sure to list all of your camera equipment and other gear under your policy.
7. Life Insurance
Life insurance brings peace of mind to any business owner. It covers your family in the event of your death. Life insurance can help supplement your savings. With it, you can settle any debts and related expenses involved in closing the business.
Before You Buy Insurance for Photographers
Before you begin shopping for photography insurance, gather some information about your business. This will help insurance brokers give you accurate quotes.
Have Your Information Ready
Insurance agents and brokers need this information to assess your risk. Then they can recommend the right coverage for your business. Aside from your contact information, they will need to know the history of your business.
Be ready to provide a list your equipment and its value. They also need a description of your products, three years’ work of claims history, and whatever business leases you may have.
Request Multiple Quotes
Never go with the first quote you receive. Gather several and see what price options you have. Keep in mind that an insurance agent works for one agency, while a broker works with multiple agencies.
Business Insurance Is Your Best Investment
If you don’t already have photography business insurance, there is no time like right now to change that. Photography business insurance is one of the most important investments you can make.
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