Photography is a profession growing in popularity and faces risks like damage to property and failure to perform services. Learn how insurance can mitigate these risks.
Photography is an art that has become more valued over time. With the exponential growth of technology and the new and improved cameras, lenses, and lighting, there is a limitless potential market for photographers; however, there is also vast risk. Being a professional photographer is a unique profession. The purpose of this article is to discuss three common risks that every photographer and photography business will face and how photographer’s insurance can help mitigate those risks.
camera_alt Damage or Theft of Equipment
Photography is a profession is both physically demanding and expensive; therefore, every professional photography business should take precautionary steps to prevent injury to the photographer in addition to damage to the equipment. Cameras, lenses, and memory cards are extremely valuable items, thus there is the risk for potential damage or theft of these items. As a professional photographer, you’re dependent upon your equipment, so what happens in such instances? Would your company have enough cash on hand to pay for brand new equipment out of pocket? To avoid this potentially stressful situation, you should properly insure your business with a business property insurance policy. A business property policy reimburses your photography company in the case of damage or theft of any “property” owned by the company and crucial to operating. Yes, a property policy is also used for insuring the items in any office or physical space occupied by the business; however, it also insures your cameras and other equipment such as computers because they are important pieces of equipment for the success of your business.
sd_card Failure to Perform Services
In contrast to the loss or damage to physical equipment, damage or theft of a memory card before a photographer has time to download and backup the photos can result in a client’s entire photo shoot being lost forever. In this scenario, your client will understandably be upset because they lose the memories of special life moments. For events like weddings, a reshoot might not be possible, thus there is potential risk for lawsuits over what would be considered failure to perform services. To avoid the high expenses associated with litigation, your business can invest in photographer’s error and omissions insurance. We are only human, and mistakes do happen whether we anticipate them or not. An errors and omissions policy will cover the legal defense costs while providing financial support up to the policy limit in cases of theft or damage to your photography equipment, including memory cards, that prevent you from completing your job. As a business owner, you must make sure that you are prepared for these unfortunate events to ensure the future success of your company.
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directions_car Automobile Liability
Photography is a profession that requires a lot of traveling to various event venues and on-site shoots, so there is a greater risk that you or one of your assistants gets into an automobile accident. Unfortunately, personal auto insurance policies do not cover vehicles while they are being used for commercial purposes. Therefore, investing in commercial auto liability insurance would be beneficial to your company just in case you or your employee are the party at fault in an automobile collision. The insurance policy then covers the costs of property damages and personal injuries that resulted from the accident while driving to a photoshoot or while performing other businesses-related tasks.
healing Physical Injury
In addition to the risks of driving, employees or yourself can face other injury risks such as putting yourselves in awkward or dangerous positions to capture the perfect photo. In this situation, personal health insurance will not cover the medical bills of the injuries while photographing commercially. This is where workers’ compensation insurance can be beneficial and provide protection in this scenario as well as other situations that result in bodily injury because it provides the financing for medical care regardless of who is at fault. This insurance policy provides coverage for workers who are injured on the job, thus protecting you and your business from potential lawsuits that could be filed by employees or assistants without this coverage. It is also important to know that even though it varies by state, workers’ compensation is usually required by law, and the penalties of having employees without a workers’ compensation insurance policy are extremely steep.
If you’re a photographer and currently operating without the coverages discussed in this post, consider bring Layr into the picture and let us help you insure what matters most.