Photographer Insurance: Everything You Need to Know
If you are a photographer, you know that being a professional is what makes your business flourish. It doesn’t matter if you are only photographing weddings or working as a freelancer for media. The people you work for rely on you to document the important events and turn them into something that will last.
However, there is an essential part of every photographer’s job — to protect your client’s photos just like you are protecting your company’s reputation and assets. That part is choosing the right photographer insurance for your business.
Photographer insurance can protect you from financial hits associated with mistakes on the job, any breach of contract, misrepresentation, and even negligence. Photography liability insurance is a combination of insurance coverages that can help you protect your business if something unexpected like theft, an accident, or a fire happens.
Here’s everything you need to know about photographer insurance and the types of coverages you can get.
Do I Need Photographer Insurance?
If you are a professional photographer, everything you do at work might be risky. When your clients pay you money to do something they can’t do, they have the right to sue you if something goes wrong. For example, you could be liable for the cost of reshooting a session or compensating a client because you accidentally lost their images.
All these situations are covered by photographer liability insurance. Even if you get in a dispute with a client, your policy will cover the costs of defending any allegations against you.
What Does Photographer Insurance Cover?
Insurance companies usually offer several types of business insurance policies:
Business Property Coverage
Every professional photographer knows that investing in your photography business costs a lot of money. From specialized cameras and lenses to computers you use to edit your photos, professional equipment for photographers is essential and expensive. If any of these and many other vital items get stolen or damaged, your business can be affected.
Business property coverage can help you replace or repair your equipment and furnishings like tables, file cabinets, desks, and others in case they are damaged or destroyed by some kind of peril. Common perils include fire, vandalism, and storms. However, to make sure what risks are covered, always read your policy thoroughly.
General Liability Coverage
This type of photographer insurance coverage can help you pay for the medical costs and legal expenses if a piece of your equipment injures someone and you get sued.
For example, if your camera fell and smashed a glass table at a wedding, this type of coverage can help you cover the costs of replacing or repairing the table. The amount your insurance company will pay for property damage depends on the coverage limits you select when you buy the insurance policy.
Business Interruption Coverage
Business interruption coverage can help you replace the business income you lost due to a covered loss, such as damage from a fire or vandalism. If you don’t think your business could survive if a fire destroyed your studio, this type of coverage is definitely something you should consider.
Professional Liability Coverage
This type of coverage can help you cover damages if you are sued because of professional mistakes you made while you were working. This insurance policy is also called Errors & Omissions or E&O insurance.
Data Compromise Coverage
Like other photographers, you might be storing private customer data on your business computer. In case of a data breach or cyberattack, this type of coverage can help you protect your business. Data compromise coverage pays for notification and credit monitoring services as well as legal costs if you are sued over the incident.
Employment Practices Liability Coverage
If one of your employees sues you, this type of coverage can help you cover legal costs and potential damages.
Commercial Legal Expenses Coverage
When you run a business, there are many problems, such as a considerable amount of legislation to keep up with and other legal issues that can catch you unprepared. Some of the most common issues include tax, property, and employment disputes, and they all require a lot of time, effort, and money to resolve. This type of coverage can help you provide expertise and advice when you need it the most.
How Much Does Photographer Insurance Cost?
Professional liability insurance costs can vary, but usually, photographers pay a median premium of $50-$60 per month. The rate of liability insurance for photographers depends on the type of services you offer and other factors. On the other hand, the median cost for workers’ compensation insurance for photographers is usually $50 per month, and it can vary significantly depending on your location.
How Quickly Can I Get a Photography Insurance Policy & Certificate of Insurance?
Usually, getting a photographer certificate of insurance doesn’t take a long time (some insurance companies can get it for you in a few minutes). The process of getting the certificate is also straightforward. All you need to do is select an insurance policy, make the purchase, and you will receive the certificate in your inbox.
What are Photography Insurance Limits?
As a professional photographer, you can usually choose a policy limit of $1,000,000 or $2,000,000, depending on the coverage you require and the size of your business. The policy you select directly correlates with the amount of risk inherent to a specific event or your business. If you decide to invest more in a higher policy limit, you can potentially save yourself an additional $1,000,000 in out-of-pocket fees.
Finally, if you are running a photography business, you should always think one step ahead and protect your company with the right insurance. Photographer’s insurance can cover many aspects and areas of your business and prevent you from dealing with serious legal issues and financial losses. From faulty media storages to dissatisfied clients or employees, insurance for a photography business can come in handy no matter how experienced a professional photographer you have become.
Did you like this article? If so, you might also want to learn more about business property insurance at East Insurance Group.
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