Photographer businesses often come with several risks. Due to these risks, business insurance is made almost mandatory for photographers to shield them from financial losses. Photographer business insurance is a type of small business insurance designed to protect photographers and their businesses from potential risks and liabilities in their work.
Photographer business insurance covers the cost and replacements of costly camera equipment if damaged or stolen; it also covers medical bills for injuries to employees at the place of work. Generally, small business insurance offers financial coverage as well as peace of mind to businesses by offering coverage for injuries, lawsuits, equipment damage or theft, natural disasters, and accidents.
Who Should Get Photographer Business Insurance?
While this insurance plays a notable role in shielding businesses from unforeseen costs, your business may not need it. Some photography business owners who need this insurance include?
- Freelance photographers and videographers
- Passport photographer
- Portrait photographers
- Sports photographers
- Event photographers
- Nature photographers
- Photography studio operations
- School photographers
- Wedding photographers
If your business falls under any of the above, getting a photographer business insurance policy is very important to cover unexpected costs that may financially affect your business.
What Photographer Business Insurance Covers
While there’s a wide variety of business insurance options, beginning with a business owner’s insurance policy is a good idea. This insurance plan offers three main types of coverage for different potential issues. Purchasing a business owner’s insurance may cost less than purchasing business insurance coverage individually. However, business owners insurance policy covers the following:
• Business property insurance
This insurance provides coverage for the physical surroundings of a business as well as equipment in cases of damages due to a covered event like a tornado. It shields owned and leased equipment, which includes cameras, studio furniture, backdrops, business records, and memory cards.
• General liability insurance
General liability insurance offers financial protection in cases where a photography business is accused of accidental injuries or property damage to others. Also, it covers legal expenses if the business gets sued in the process.
• Business income insurance
Business income insurance is also referred to as business interruption coverage. This type of business owner insurance policy keeps your business floating if your business is forced to shut down due to unexpected situations like fire.
What Photographer Business Insurance Does Not Cover?
Photographer business insurance coverages make them a good option to consider, but there are several things this insurance does not cover. These include:
- Damages due to earthquake.
- Unlawful discharge.
- Damages due to flood.
- Fraudulent or intentional acts.
It is very important to be knowledgeable about these exclusions when purchasing insurance coverage. Considering additional or special insurance policies may help you cover gaps not covered by your insurance coverage.
How Much Does Photographer Business Insurance Cost?
Photographer business insurance costs vary depending on several factors most insurance companies consider. These factors are used to determine risks and how much your insurance policy will cost. While these factors may vary, the following are general factors that determine insurance costs:
• Size of business
The number of employees your business has as well as the size of your payroll determines the cost of worker’s compensation insurance. This means the more your employees, the higher your insurance premiums.
• Coverage type
The details of your policy are an important factor considered when your premiums are being determined. These details include coverage types and limits, and the lower your insurance coverage limits, the lower your insurance cost.
• Other considerations
To accurately determine costs, most insurance companies look into factors such as business location, property ownership, and business assets. Using these factors, they can assess the risks the business shows and how much insurance you need.
Where Can I Get Photographer Insurance?
A photographer’s insurance policy covers businesses against a variety of risks. While we have these, it is important to know the insurance companies that offer photographer business insurance. The following companies offer business insurance, such as business owners insurance, workers compensation insurance, and commercial auto insurance:
- American Family Insurance
- Auto-Owners Insurance
- Chubb
- Clear Blue Insurance Co
- Erie Insurance
- Farmers Insurance
- The Hartford
- CAN
- Travelers
- Westfield Insurance
- Allianz
- State Farm
- Nationwide
- Liberty Mutual
- Allstate
Why Do I Need Photographer Business Insurance?
Photographers who have at least one employee will need compensation insurance. This is because it is mandatory by state laws for employers to have compensation insurance. Aside from this, it is a wise idea to get a business owner insurance policy to protect your business against accidents that may affect the business financially.
