With the exponential growth of technology and new and improved cameras, lenses, and lighting, there is a limitless potential market for your professional photography business; however, there is also considerable and unique risk associated with your profession. The purpose of this article is to discuss four common risks that every photographer and photography business will face and how business insurance can help mitigate those risks.
camera_alt Damage or Theft of Equipment
Because cameras, lenses, and memory cards are extremely valuable items, your photography studio faces the risk of equipment theft or damage. If your studio’s equipment is stolen or damaged, the cost to repair or replace equipment out-of-pocket can be extremely steep.
What’s more, as a professional photographer, your business is heavily dependent upon your equipment; depending on the severity of the damage or theft, your business may have to cease work until equipment is repaired or replaced. To avoid this potentially stressful situation, invest in protecting your photography studio’s operations with a Commercial Property Insurance policy.
A Property Insurance policy will reimburse your photography company if any of your company’s property that is crucial to its operations is damaged or stolen. This includes your cameras, computers, and other equipment essential to your company’s ability to do 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 loss of photos and damage to the client. Depending on the content of the photographs lost, they might not be replaceable. In the case of an event like a wedding, a reshoot may not be possible. This type of loss carries the potential risk of a lawsuit over what would be considered failure to perform services.
To avoid the high expenses associated with litigation, your business can invest in photographer’s Errors and Omissions Insurance policy. No matter how hard we work as business owners, we are only human, and mistakes do happen, whether we anticipate them or not. An Errors and Omissions policy will cover legal defense costs incurred when they do.
Additionally, an Errors and Omissions policy provides financial support up to your policy’s 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, preparing for these unfortunate events with the proper insurance coverage ensures that your company is financially flexible when your business hits a bump in the road.
directions_car Automobile Liability
As a photographer, you likely travel to various event venues and on-site shoots. If you mostly travel by car, truck, or van, there is a greater risk that you or one of your assistants could get into an automobile accident. Because personal Auto Insurance policies do not cover vehicles while they are being used for commercial purposes, a Commercial Auto Insurance policy is needed to cover work-related travel.
If you or an employee are the party at fault in an automobile collision while you are traveling for work, your Commercial Auto Insurance policy will respond to cover the costs of property damage and personal injuries that occur as a result of the accident.
healing Physical Injury
Photography can also be a physically demanding profession. You and your employees can face risk of injury by putting yourselves in awkward or dangerous positions to capture the perfect photo. If you or an employee are injured on the job, your personal health insurance will not cover the resulting medical bills. In this scenario, a Workers’ Compensation Insurance policy provides coverage for medical care, regardless of how you were injured at work.
In many states, Workers’ Comp coverage is mandated, therefore not not carrying a policy or being underinsured opens your business to steep fines and potential lawsuits filed by injured employees. To ensure that your business is compliant, check state-specific requirements to determine if you are legally obligated to carry a policy.
If you’re a photographer and currently operating without the coverages discussed in this post, consider bringing Layr into the picture and let us help you insure what matters most.
