Are you one of the lucky ones who have turned your passion for photography into a professional business? If so, you know running a photography business is far more complex than having a shutterbug and a creative eye.
Much like all other businesses, you have come up with a business plan, secured a location for your operations, and have acquired the equipment you will need to run your business. Depending on the scale of your operation, you might even have employees handling your expensive equipment and working on your project for your client.
You know by now, the biggest investment you had to make was in your equipment – professional photography cameras. You have saved and scrimped every penny to get together the funds needed for the camera.
Now, you will need to protect your investment – in other words – protect your gear! This is where Photography Business Insurance comes at play. If you are going into business to earn a living, you will need the protection insurance can provide from unwanted consequences.
We will explore five reasons why you need to have business photography insurance by looking at the types of insurance available and why they are needed.
Reason #1 – Equipment Insurance
This should almost go without saying. A professional photography camera can cost tens of thousands of dollars. This is likely the largest investment you will make in your photography business. So, insurance for your equipment is a must.
You may feel that you won’t need to insure your equipment because you are always very careful with your camera. Regardless of the personal caution you take, you can never protect yourself from every unavoidable accident. From weather elements (a sudden hail storm maybe) to accidental falls and even theft – there are many incidents you don’t have control over.
Now, some of the insurance can be covered by general home insurance if you store your cameras at home. However, a specific photography equipment insurance will cover for all types of damages and incidents, giving you the peace of mind that your investment is protected.
Reason #2 – Business Liability Insurance
The moment you start operating a business where you will be working with a client or a partner, you will need liability insurance for your business. This may not be as apparent if you are just starting out your own business. However, as soon as you receive a payment for a job to do, there is liability involved.
It is not unusual to face adverse circumstances that can cause personal injury or property damages. There have been several lawsuits filed against businesses over such disputes and disagreements.
A business liability protects your assets and wealth from that of the business and will cover the costs and losses associated with such liability cases.
This is why liability protection is a top reason to get photography business insurance. If you are working with a business partner or another employee, be sure to include them in the business liability insurance policy as well.
Reason #3 – Errors & Omission Insurance
Also known as E&O, this is another critical reason to purchase insurance. Because photography is subjective in its interpretations, it is not usual for clients to not be satisfied with the work photographers do.
Clients may feel that you have not delivered on the services agreed upon, or they may think your work was unsatisfactory and below an acceptable standard. It will not be unusual for these clients to launch a lawsuit against you claiming financial losses for substandard work.
This is where E&O insurance will protect you from the costs of lawsuits and damages.
Reason #4 – Camera Insurance for Travel
If your work involves traveling to international or overseas destinations, you will need to consider camera insurance for travel. You will want to protect your camera from any damage related to travel – loss, theft, or other damages.
If you travel often for photography projects, it might sometimes be cheaper to rent insured photography equipment. Travel insurance alone will not cover equipment protection. So, be sure to consult with your insurance provider for specific camera insurance for travel.
Reason # 5 Venue or Event Insurance
If your photography work often takes you to different venues or events, you may want to consider venue insurance for your photography business. This protects you from any damages that can occur to the venue because of an incident you were involved in.
Venue or event insurance will cover any damages, losses, or lawsuits from any damages you have incurred because of the event or the event organizers/venue owners have incurred because of you.
Some insurers will allow you to include venue or event insurance in your business liability insurance.
Final Thoughts
We have outlined the most common reasons to purchase photography insurance. As a responsible business owner, you have to look at all possibilities of where your business could be vulnerable.
Whether it is to protect your photography equipment or to protect you and your employees’ actions, or to protect yourself from an irate customer who has taken you to court, there is no denying how important insurance is for your photography business.
Because your work involves your client’s opinion of your work, error and omissions are more common. This is another great reason to obtain the appropriate insurance.
Always work with a reputable licensed insurance broker who will be an expert in this field. They will sit down with you and assess your needs and come up with the perfect insurance policy that has you covered.
Insurance can be a boring product to consider. For those of us who thrive in creative work, insurance could be one of the last things in our minds when we launch our business.
It is precisely to keep the risk and worries of legal actions and liabilities out of your mind that you need insurance. Therefore, be sure to get the right insurance so you can focus on creating the beautiful masterpieces of your collection.
