Guide to Properly Protecting Your Photography Business
If you’re in the photography business, you know how crucial it is to protect your customer’s images – but are you protecting your business as well?
Your clients rely on you to document their most precious moments, so a part of safeguarding their irreplaceable images is protecting your business. Having the right insurance in place can reduce damage to your bottom line and can prevent harming your company’s hard-earned reputation. To be sure you’re covered, you need to select the right Business Insurance for your specific niche.
A combination of coverages can be tailored to protect your unique business in case of the unexpected; fire, theft, or otherwise tragic accident. Here’s what our experts at DRS Insurance Group recommend for Photography Professionals:
How to Choose the Best Insurance for the Photography Industry:
You’ll want to diversify your coverage in three main areas: General Liability, Business Property Coverage, as well as Business Interruption Coverage.
So what do these three types of coverage protect against, and why do you need them?
General Liability Insurance
With General Liability Insurance, you can protect yourself in case of accidental injury if lighting equipment were to fall and injure a client or employee or if an employee were to trip and injust themselves while on a job. This coverage can help pay for medical costs and legal expenses that can rack up if you are sued. This coverage could also help pay for costs associated with damaged property. The more coverage limits you select when purchasing the coverage, the more that could be paid out in case an unexpected event occurs.
Business Property Insurance
Business Property Insurance will protect your EXPENSIVE photography equipment against theft or accidental damage. Having to replace highly specialized photography equipment required for operating a successful business in this industry could severely impact your bottom line – or, worse, put you in danger of losing your business. Depending on your policy, you could also recoup replacement or repair costs associated with studio furnishings, technical equipment, and more in case of fire, vandalism, or storm damage. Be sure to ask your agent if you have any questions on what’s covered!
Business Interruption Coverage
Business Interruption Coverage is essential for any small business. Not having it puts your business at risk for having to close your doors permanently. Ask yourself this – if your studio caught fire today, could your business survive the 3-6 month average rebuild time? Keep in mind that forty percent of businesses do not reopen after a fire or disaster. If you’re not sure if your company would, then speak with an agent today to see the best way to protect yourself. You will need to present proof of past profits to help your agent determine your rates.
While General Liability, Business Property, and Interruption Coverages are our top recommendations for photography businesses – other coverages may be beneficial for your unique situation. Here are just some coverages to consider:
- Professional Liability (aka, Errors & Omissions Insurance): Protection for damages caused by professional mistakes that occur during work.
- Employment Practices Liability: Protection in case a photographer’s assistance or handy-man sue due to discrimination or wrongful termination.
- Data Compromise Coverage: Protection in case your customer’s data is breached. Depending on the coverage level you purchase, it may also help with costs associated with credit monitoring services to mitigate the damage done.