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

Chapter 4: Protecting Your Photography / Videography Business
Part 2: Keeping Insurance Rates Low: Risk Management for Freelance Photographers and Videographers
Photographers and Videographers: When Should You Update Your Business Insurance Policies?

As your business changes and grows, your business insurance plan should change and grow with it. As a general rule, your coverage should be reviewed at least once a year to make sure everything is in order.

But sometimes, your business changes in the middle of the year, making an immediate reassessment of your coverage necessary. Most insurance policies come with provisions that allow you to adjust your coverage for "significant events" — even when they happen in the middle of your policy.

It's important to keep your insurance provider aware of these significant events, because your coverage may no longer offer all the protection you need. But what, exactly, is a significant event? Read on to learn more about the kinds of business changes that often affect insurance coverage:

  • When you move. All types of moving can affect your insurance coverage. Perhaps you're moving your photography business from your personal property to a leased space. Or maybe you're doing the opposite. Whenever your business changes premises, a call to your insurance agent is in order. Your old Property Insurance policy that protected you in one space may not protect you in another. Also note: If you move across state lines, you may need to update all your policies!
  • When you provide new services. Whenever you decide to provide additional (or different) services to clients, you'll need to inform your insurance agent. Let's say that you're primarily a wedding photographer, but have gotten into sports photography during the winter months. That's a significant enough change to merit a call to your agent to see whether you need any new riders to ensure the safety of your gear.
  • When you purchase a new car. Premium prices can be greatly affected by the make, model, and year of your car.
  • When you hire employees. If you decide to expand your business and hire employees, you'll need to discuss the changes with your insurance agent immediately. Having employees means you'll be responsible for carrying a different kind of insurance: Workers' Compensation Insurance.

Remember: When in doubt about whether a business change will affect your insurance coverage, call an insurance agent to verify. Real live insureon agents, for example, are available during regular business hours to answer your questions.

Next: Quick Resource Guide

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