It may sound strange, but photography is a dangerous profession. Press Freedom Tracker is a website that records and reports any threats to press freedom. There are many articles about photojournalists being harassed or having their equipment stolen.
These threats come from many sources, including the general public, private security companies, and criminal groups. However, some photojournalists are being threatened almost every day.
Your daily job may not be as risky if you are an artist-photographer or special event photographer. However, you are not completely safe from all risks.
Let’s suppose you are a wedding photographer and that a couple hires your services for their special day. You take the gig and keep their photos on a memory card. If the memory card crashes, all your photos are lost and you don’t get paid.
These risks can impede your career and make insurance the best option for photographers.
Do I need insurance for my photography business?
It is not possible for a business to run on its own. It must be protected against any financial loss. Your photography business can have liability insurance that covers all of its equipment and business expenses. The policy covers photographers’ liability. Insurance companies spent a lot of time designing it.
Liability insurance provides more than protection against lawsuits. It will also help you recover any losses that result from a disaster. If anything happens to your studio or equipment, this coverage will pay you.
If you are one of these photographers or have a similar business, you will need to insure yourself against liability.
- Fine Art Photographer
- Sports photographer
- Photo Studio
- Photobooth Operator
- Wedding photographer
- Fashion photographer
- Photojournalist
- Freelance photographer
- Real estate photographer
What types of insurance do photographers need?
Photographers can be subject to multiple third-party lawsuits and claims. You need to have a variety of protection options, from general liability to the policy for business owners.
Copyright infringement lawsuits can be costly if you or your company use a copyrighted video or image without permission. Copyright Alliance points out that copyrighted media owners are entitled to statutory damage, which can easily amount to thousands or even hundreds of thousands of dollars.
You never know when you might get into trouble on the job. You should not buy a policy that has loopholes. Let’s take a look at what types of policies photographers require.
Business Owners Policy (BOP)
A BOP protects against all possible risks that could cause you to close your business, including fire and burglary.
You will be covered by liability insurance in the event of a lawsuit, property damage, equipment malfunctions, and other contingencies.
BOP also covers business interruptions such as lost profits due to the shop closing. This is especially useful for freelance photographers. Imagine that you are taking photos on a real estate property and fall down some stairs.
Your arm and camera are both broken. BOP will pay for any income loss caused by your temporary disability until you are able to return to work. Your camera’s repairs will also be covered by your BOP.
General Liability Insurance for Photographers
Photographer liability coverage is first-class.
You will be traveling all over the world for your job, whether it’s in the outdoors, at a wedding, or even in the home of your client.
Your equipment and you could inadvertently cause injury or damage. You could inflict serious injuries if your tripod or lighting equipment falls. Your public liability insurance (also known as commercial general liability) will cover your medical expenses.
As a professional, general liability coverage is a very important policy to have. It covers your clients as well as third parties.
Commercial Property Insurance
Commercial property insurance protects your property from damage. Photography requires a high-end camera and specialized equipment. Your photographs will also need to be edited using high-end software. As soon as you begin your photography business, you should get photo gear insurance.
Commercial insurance will protect you against theft, vandalism, and storm damage. Your insurance agent can help you include your studio building or structure in your policy.
Commercial Auto Insurance
It can be enjoyable to travel for work, but it is not fun to have your camera broken due to poor road conditions. Photographers can be protected by commercial auto insurance to cover damage and injuries from accidents, theft, or vandalism.
Professional Liability Insurance for Photographers
Professional liability insurance covers professionals against losses due to negligent or incorrect advice. Photojournalists and photographic institutes need it to protect themselves against any malpractice.
If someone files a lawsuit against your business, a professional liability policy will protect you. If you are unable to provide the requested product for your clients, they might file a lawsuit against you. Your legal fees will be covered by your insurance until the case is resolved.
Sometimes, business liability insurance for photography can be the only thing that will keep you from going bankrupt.
Errors and Omissions Insurance (E&O).
E&O insurance protects you from lawsuits and claims by third parties arising out of your mistakes, incompetence or delay in services, breach, or violation of contract, among other things.
The insurance policy protects you from any consequential losses that result from the above-mentioned causes. If your client asks for you to photograph their wedding ceremony, and you fail to deliver, they may sue you. This policy will pay for your defense costs.
Cyber Liability Insurance
Photography is more than just a click-and-pose. Photographers spend hours editing raw images to make sure they are exactly what the client wants. Photographers and businesses that deal with photography store images and other digital assets in the cloud. Hackers can access any data or sensitive information stored on your computer.
Cyber liability insurance protects against data breaches and damages.
Photographers can get Workers Compensation Insurance
If you have employees, workers compensation insurance is mandatory. If your employees are injured on the job, a policy with photography compensation will cover them.
How much does photographer liability insurance cost?
Your photographer insurance costs will be determined by many factors, including the value of your equipment, business size, state, credit history, previous claims, and gear. Fit Small Business states that coverage costs can vary from policy to policy.
It is estimated that general liability coverage can cost $250-$800 annually, and professional liability insurance policies cost $800-1,500 annually.
It is important to realize that not every policy will work for your photography business. A majority of the time, an agent will assess your risks and recommend the best insurance for photographers.
Lastly, let’s briefly discuss the factors that determine photography liability insurance costs:
Location
The cost of liability insurance you need to pay will depend on the state. Some states are notorious for having high-cost insurance claims. Photographers might be required to spend more than half of their annual income on insurance premiums.
Company Size
Higher coverage limits are required for property damage and business income in larger companies with more employees. You will also need to have more coverage for legal aid and other types (such as property insurance).
Equipment values
Your equipment’s value will affect the amount of insurance you need. If your equipment is valued at $10,000, you will most likely need a $10,000 general liability policy.
Many photographers believe that buying expensive equipment will lower their insurance premiums. This practice could be counterproductive as thieves may be attracted to the expensive equipment. A photographer could end up with no gear or unpaid premiums. Be safe and select the right equipment for you.
Credit score
A policy for photography insurance will cost you less if your credit score is higher than average. A high credit score usually means that you are a low-risk customer. In this case, you might be eligible for lower premiums.
Even if your credit score is not perfect, there are still ways you can lower your premium. Ask your agent about discounts.
Photographer Liability Insurance Claims
Insurance companies may not want to work with high-risk clients. This is very common with photography liability insurance.
In conclusion
Photographers need insurance. Not every policy you see is right for you. Your risk level is an important factor in deciding how much insurance you should have.
It is important to find the right agent to help you determine risk levels, your budget, and what insurance is best for you.