A company can employ photographers to take photos for their advertising department, landscaping, aviation, wedding, newspapers, and the list is endless. Also, some photographers specialize in certain areas of photography, for example, sports photographers where they work independently by capturing photos and selling their photos to clients. The location varies as well, with some opting to use their studios or third-party sites for the shoots.
Photography has changed and evolved to better quality images captured with high-tech cameras and equipment through the years. A photographer’s job is to capture customer’s magical moments that they can keep and see for years to come.With all the good intentions that a photographer may have, something wrong can go wrong. A day meant to be the best can end up being the worst and end up in a lawsuit.
Importance of Photography Insurance
Photographers invest in quality equipment that is expensive so that they can capture top-quality images. The equipment carries risks that can end up being costly in the event it is damaged or stolen. Hence, it is crucial to ensure you get the right coverage to safeguard your business and livelihood.
Cost of Photography Insurance
The average cost of general liability insurance for a small photography business depends on the location of the business, in terms of whether it is home-based or in a rented space. It also depends on the equipment owned, the number of employees, area of expertise, experience, and payroll.
Best Insurance Coverage for Photographers
Many photographers opt for Business Owner’s Policy (BOP) which combines three policies. They include
General Liability Insurance
It protects your business from claims that involve property damage and bodily harm. It covers your business in case a client falls during a shot and gets hurt.
Business Property Insurance
If your business premise gets damaged, the policy covers the damage of the property and your photography gear. The cover includes equipment like a camera, flash and memory cards, laptops, etc
Business Income Insurance – damage such as fire to your property can cause you to close down your business or relocate to another location. The policy covers your lost income during this period.
Other insurance policies that you should consider include
Commercial Auto– your photography business depends on off-site shots, and you use company vehicles. The policy covers your car if it is involved in an accident.
Workers Compensation – covers your employees should they be involved in a work-related injury. It covers the medical bills and wages lost.
Professional Liability Insurance – Covers your legal costs as well as settlements. For example, a client can claim that the quality of the photos presented is different from what they had been promised.
Business Income – the policy covers your equipment if it is damaged while out of your business premises.
General Liability – It covers you in case a client sustains an injury while at your business.
Before you settle on a particular coverage, it is essential to shop around and compare the different options and prices. It is also necessary to consult a reliable insurer who understands the photography business and will advise accordingly.