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5 Things You Didn't Know about Professional Photographer Insurance

Insurance is one of those things that fall on the "business" side of artistic careers. It can often go overlooked by people more passionate about ensuring proper composition in their photos than managing company finances. But it's an important part of protecting your business, and it's good to know what you can expect out of it. After all, it can make sure you don't have to pay out of pocket for lost gear or potentially devastating lawsuits.

How does your coverage work its magic? Let's take a look at five things you may not know about professional photographer insurance.

1. Photographer Insurance Can Replace Stolen Equipment

1. Photographer Insurance Can Replace Stolen Equipment

If you have a Property Insurance policy for your photography business, it compensates you when your camera, lenses, reflectors, or any other piece of equipment is stolen, lost, or damaged. The policy is available in two forms:

  1. Replacement-value coverage, which costs more but compensates you for the current market value of the lost equipment.
  2. Actual-cash-value coverage, which is cheaper and reimburses you based on the depreciated value of your items.

Property Insurance policies usually cover losses caused by fire, windstorms, theft, and vandalism. And if you own or rent a studio, your policy can protect your building space, furnishings, and other business assets.

2. Photographer Insurance Can Cover Frivolous Lawsuits

2. Photographer Insurance Can Cover Frivolous Lawsuits

Some photographers place themselves in hazardous situations for the perfect shot: in the middle of a warzone, on the slope of a frozen mountain, or deep in the remote jungle. But for many photography businesses, their clients are the biggest risks.

Some people can be angry, misguided, or just outright mean. If their expectations aren't met, they might come after you with a baseless lawsuit. (To see a few examples, check out our article, "The 6 Most Ridiculous Times Photography Insurance Came in Handy.") Unfortunately, even meritless suits can cost you time and money.

Ignoring a frivolous lawsuit isn't smart. A judge could issue a default judgment, and you'd be forced to pay even if you did nothing wrong. So when faced with these claims, you need to resolve them. Luckily, Errors and Omissions Insurance covers lawsuits over alleged professional mistakes and helps pay for attorney fees and legal costs. The policy applies whether the claim is legitimate or not.

3. Photography Insurance Can Replace Lost Income

3. Photography Insurance Can Replace Lost Income

What happens if a fire destroys your studio? Or if a cunning thief steals all your equipment?

Business Interruption Insurance (included in most Business Owner's Policies) can cover lost income when a covered Property Insurance claim forces your business to temporarily halt operations. The policy is designed to help you pay business expenses when you don't have the ability to generate income. It can be a lifesaver when you're unable to do business for a while but need to make loan payments or pay employees.

4. Photographer Insurance Isn't Expensive

4. Photographer Insurance Isn't Expensive

Photographer insurance isn't expensive, even if you're insuring tens of thousands of dollars worth of equipment. For example, a Business Owner's Policy (or BOP) bundles General Liability and Property Insurance policies together in one convenient package at a discounted rate. In fact, most freelance photographers can get a BOP starting at $500 per year. Check out our sample quotes page to get a ballpark estimate on what it might cost you.

5. Photographer Insurance Can Help You Attract Clients

5. Photographer Insurance Can Help You Attract Clients

Most people don't think of insurance as financial backing, but that's what it does. It has your back in case something goes wrong. Many clients are more willing to trust a business with insurance than one without, as that extra backing can assuage their fears of losing money by working with you.

For some photographers, insurance is absolutely necessary for getting clients. Depending on the job, insurance can be a requirement in the contract. That's because clients want to know that if a guest trips on your lights or if your assistant damages the product, you have the means to address the issues.

If you want to learn more about professional photography insurance, contact one of our photographer insurance specialists.

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