Whether you are a freelance photographer or a growing studio, your photography insurance is just as important as your physical equipment. Here, we explain the different types of coverage for photographers and outline what each policy will cover. So, before you buy photography insurance online, make sure you read this first.
You may have already looked at buying insurance for your photography business online, and if you have, you will appreciate there are so many different levels of coverage and insurance additions to choose from. Knowing which is best for you and your photography business isn’t always clear.
Here are the most typical types of insurance policies for photographers.
If you are a freelance photographer or a fully-fledged business entity, then a business owner policy (BOP) can give you the foundational insurance you need. It is a combination of either two or three different insurances, and typically includes general liability, commercial property, and business interruption coverage.
People buy a BOP because it’s cheaper to buy these products as a bundle, and most photographers like to know they are dealing with a single company for all their insurance needs; it saves time and money.
Most photographers look to buy insurance for their equipment before anything else. Without a doubt, buying insurance for your commercial cameras and other technologies is fundamental and offers peace of mind that should the worst happen, then a replacement, or money towards a replacement is taken care of.
Please be mindful that photographers' insurance will vary from one insurance company to the next. The cost you pay to buy the original equipment might not always be the cost you are insured for. Some insurers offer like-for-like replacements, whereas others deduct depreciation costs and only pay out the current market value.
Also known as errors and omissions coverage or professional liability coverage, this insurance is designed to help you should a client deem it necessary to file a lawsuit against you for incomplete work, errors, contract breaches, oversights, or work that is not viewed as being up to standard.
It doesn’t matter what type of photographer you are; you need to buy liability coverage for your business. If you end up having to deal with a lawsuit, this can prevent your business from suffering from extreme financial stress.
Generally speaking, if you have a studio, there will be lots of electrical equipment. With this, there is an added risk of fire. This will cover the portion of the building you lease should your photography equipment cause a fire.
You store a lot of private data on your servers, and this coverage can help your business recover should you suffer from a data leak or other security compromise.
If you hire employees in your business, you need to provide them with workers’ compensation coverage in case they are injured at work or suffer from a work-related illness.
When you need to insure your photography gear and your business, you want to be certain you’re getting value without compromise on coverage. Talking with an expert business insurance agent will give you access to the most up to date insurance information, and they will help you find the best insurance policies for your individual needs.