22 Mar How to Insure a Photography Business
Whether you own a small photo booth business, or a full fledged photography studio, it is important to have the proper Business Insurance to protect all of your hard work. Your Insurance needs can vary dramatically depending on your business operations. We will go over some basics to get you started on how to insure your photography business.
How to Insure a Photography Business – General Liability
Chances are you have heard about General Liability already, and there is good reason for it. General Liability is very affordable and can offer millions of dollars of coverage for property damage and bodily injury claims that can arise from your photography business. For example, let’s imagine you are setting up a photo shoot in a public area and a bystander happens to trip on your equipment and get severely injured. However unlikely, this may seem, it happens all the time and in many cases the business will be held liable for these types of claims. When you are purchasing General Liability, it is imperative that you explain any outside exposure to your Agent/Broker. Not every carrier allows coverage for photography operations outside of your primary location. This is extremely important because if your carrier does not allow these outside operations, they may deny a claim, if an accident like this were to occur.
How to Insure a Photography Business – Business Personal Property
Camera equipment, as you know, can be very expensive. Being that this equipment is the life line of your business, you should have coverage in case the equipment gets damaged or stolen. There are many routes of going about insuring the property, the most cost-effective route is purchasing a Business Owners Policy, which is a package that combines the General Liability and Business Personal Property into a single, affordable policy. If you have a specific lens or other item that is very expensive, you can schedule these specific items on the policy in order to receive a full replacement if a property claim was to occur. With that said, there are many other options to insure your equipment and most of them are very affordable.
How to Insure a Photography Business – Other Important Coverages
There are many additional important and affordable coverages to consider for your photography business, depending on your operations. If you and your employees drive to various locations as part of your operations, you should consider adding Hired and Non-Owned Auto Liability. Hired and Non-Owned Auto Liability is a very common coverage and can often be endorsed onto your General Liability policy for a nominal cost. In addition, if you have employees, you must purchase a Workers Comp policy to protect them in case of an injury. Workers Comp is not optional if you have employees, it is required by law.
Would you like to learn more about which coverages you need for your Photography Business? We can help! Call our Business Insurance specialist at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.