Photographers Business Insurance

Insurance risks of starting a photo studio:

Social media awareness alert!  Whether you just opened a new photography business, or perhaps you have been in the business of capturing events for your personal or business clients for decades, the business of photography has dramatically changed and warrants an immediate high degree of awareness when it comes to protecting yourself and your business against dissatisfied customers or from others seeking damages (for example, a lawsuit filed by the innocent bystander that happens to be in your film or video in the background).

It is amazing how quickly legal fees can build up, regardless of the outcome of the case.  Because of technology available to everyone today, photographers are more likely to be involved in a variety of law suits with the exposure they bear in today’s social media world.  Defense events can be expensive and timely, taking away countless earning hours and thousands of dollars from your business. 

Those in the photographic business or videography business should examine and revise their contracts to button up exposure in today’s world of socialized media

How do you protect your investment?  You have invested thousands of dollars in specialized computer and photography equipment.  Be sure to discuss your business equipment inventory insurance needs with your insurance specialist.  Seek protection for your cameras, computers, digital storage, unique lenses and other special equipment. Discuss all available options and costs that insurance companies will offer such as business interruption insurance, theft insurance, and damages that could occur as a result of weather related activities. Because the replacement cost of your inventory is very expensive, you will want to be in a position to have the coverage you need to replace all in a timely fashion.  Don’t rely on your homeowner’s insurance to cover your business losses, even if you work out of your home. If you have more equipment at your home than the average person not in the photography business, and/or you are using your equipment as a source of income, you will generally need a separate policy or rider (if available in your state) that would cover more of the loss than a typical homeowner’s policy.

You may also want to consider carrying an umbrella insurance policy, especially if you are a photographer covering special events such as sporting events. Umbrella protection would allow you to expand your liability limits.  You may also want to consider disability insurance if you do not already have this coverage in place.

Discuss your needs, budget, and risk exposure with an InsuranceTrak expert today.  Consider a photographer business insurance package that will include:

1. Theft insurance
2. Accidental damage protection for your photo equipment inventory
3. Liability insurance for your building or space
4. Public liability coverage
5. Insurance that would pay for legal defense if a person or business files a lawsuit against you or your business

InsuranceTrak Services can save you money with its advanced state of the art software to search multiple carriers for the best coverage at the best price for you and your business. We will shop and provide you with quotes from various top of the line companies based on your individual needs.  By obtaining a variety of quotes from different companies you will have the advantage of choosing a provider that could result in substantial savings with better coverage than you have ever experienced.  The policy you choose for your photography business will serve as a security blanket and should be designed to fully protect you. 

We provide excellent service for photographers and videographers alike and explain in detail:

1. What should be covered based on your personal situation
2. Options available in your state (know what is in your policy)
3. Deductibles – how do they work and apply to your losses and what is best for your business and personal situation
4. What is actually covered in your policy, and what is not covered by your policy and why
5. Riders: what is available that is not covered by your basic policy
6. Liability limits? InsuranceTrak will explain what the limits and options are and you can decide if you need to adjust limits based on your personal situation.

Risk management for a photo studio:

There are a number of risk management controls you can put in place:

• Privacy Statement
• Information Security Policy (you can find some great templates for Information Security policies on SANS website)
• Customer Contract Revision Provisions
• Standard Customer Contracts
• Standard Agreements for Vendors
• Recall Plan
• Vendor Certification Process
• Quality Control Program
• Obtaining Customer signatures on each phase of the project.

But just having all these controls in place isn't enough.  Sure they'll help you from preventing potential claims or lawsuits, but these days you can pretty much be sued by anyone for any reason.  Next, we'll help you to identify some of the potential claims that could arise and how your insurance coverage would protect you in the event of a claim.  We'll first look at the common types of business insurances.  Then, we'll look at potential claims and how these different business insurances can protect you.

Types of business insurance for photographers:

Below is a list of common types of business insurances:

• General Liability Insurance. This insurance covers your business against claims for bodily injury and property damage.  When adding property coverage to a General Liability policy, this is often referred to as a Business Owner Policy or BOP insurance.  There are many facets to BOP insurance.  General Liability protects your small business from injury or damage caused by your employees cause or injury to 3rd parties while on your premises.  Often a BOP will include products and completed operations liability insurance which helps to protect from injury or damage done by your products or completed operations once they are out of your control.  There are many other coverages that can be afforded by having a business owner policy like commercial auto insurance, commercial property insurance and even loss of income insurance.
• Commercial Auto Insurance. As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists.  While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects.
• Workers Compensation Insurance.  Most states require that an employer has Workers Comp in place for their employees.  Workers Comp covers the medical and lost wage costs (similar to disability) when an employee suffers a work-related injury or illness.  There is also another part of Workers Comp that doesn't come up often in discussion which is Employers Liability Insurance.  
• Professional Liability Insurance.  Professional Liability insurance is also referred to as Errors and Omissions (E&O Insurance) or Medical Malpractice Insurance.   This insurance provides coverage in the event that a business is held legally liable for damages which are cause by your improper advice or negligence.  Malpractice insurance is very important in the medical field.

Insurance claim examples for a photo studio:

Below are some likely claims examples and how your business insurance coverage would protect you in the event of a claim:

• General Liability Insurance claims-  Let's say that one day a customer or a vendor is in your office for a routine visit.  The night before the visit, your cleaning crew left a very slippery floor and didn't use non-skid wax. The customer is walking around your premises and they trip and fall.  They are severely injured and are rushed to the emergency room!  Having General Liability Insurance can protect you by paying for legal defense if the customer or vendor decided to bring a lawsuit against you for their injuries.
• Property Insurance claim- Let's say that one night your circuit breaker malfunctions and starts an electrical fire.  The fire spreads throughout your location burning your possessions and the building.  If you have Property Insurance then the damages for these damages are covered.  They will typically cover not only the cost to replace your damaged content but also the cost to clean the debris from the location.
• Worker's Compensation Insurance claim- Let' go back to the first claim example for General Liability insurance and say that your cleaning crew left a very slippery floor the night before work and didn't use non-skid wax. One of your employees slips on the slippery floor and gets injured.  Workers Compensation insurance can pay for the employee's medical costs and lost wages from being out of work.  

With a little research you can assure that you have the best up to date coverage and best pricing your photography business insurance and videography business insurance. Be happy with the insurance policy you purchase to protect your photography or videography business!  You can be confident with the insurance services you will receive from InsuranceTrak Services.

Photographers business insurance is just one of the many business types we provide business insurance services for.