Don't Shoot in the Dark
A Risk Management Guide for Self-Employed Photographers and Videographers

Chapter 2: Special Insurance Considerations for Photography and Videography Professionals
Part 2: Freelancers: What Business Insurance Can't Cover
Protecting Your Income with Business Interruption Insurance

Business Interruption Insurance is a rider that photographers and videographers can add to their Property Insurance policy or their Business Owner's Policy. This type of coverage usually kicks in after covered property damage hurts your business so badly that it cannot open and operate.

Business Interruption Insurance works by helping you pay for the kinds of expenses that don't go away just because your business is non-operational. This includes costs like…

  • Rent.
  • Loan payments.
  • Relocation costs.
  • Salaries.

Sadly, these huge natural disasters are becoming more frequent and more dangerous in the United States. In "Insurance Covered Half of U.S. Disaster Costs in 2012 New browser window icon.," Insurance Journal New browser window icon. reports on a study that shows nine of the ten most costly "insured loss events" occurred in the United States last year:

InsuranceJournal.com Chart: The most costly insured catastrophe losses in 2012.

9 out of the 10 most costly "insured loss events" in 2012 occurred in the U.S.

Small and micro businesses often have the hardest time recovering after a catastrophic event. According to "Climate Change Preparedness and the Small Business Sector [PDF]New browser window icon.," a report issued by the American Sustainable Business Council New browser window icon. and the Small Business Majority New browser window icon., these businesses simply don't have the means to rebuild quickly.

The report states that "of the 60,000 to 100,000 small businesses negatively affected by Hurricane Sandy, up to 30 percent are estimated to have failed as a direct result of the storm."

30% of businesses hurt by Hurricane Sandy failed as a direct result of the storm.

Business Interruption Insurance is just one way you can provide your business with a fighting chance after a devastating storm. You can also…

For more information on this topic, watch our video about Business Interruption Insurance New browser window icon..

Next: The Problem with Stopping and Starting Insurance Coverage

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