Business Owner's Policies
for Photographers, Videographers & Video Production Companies
Not all photographers and videographers encounter the same kind or the same amount of risk on the job. Studio photographers, for example, might not tread to the same dangerous locales as a freelance wildlife photographer, but she still has her building to insure. And as the business-owner of a production and editing studio, your risks may be a lot different than the photojournalist down the street.
Often, photographers and videographers and their businesses fall into a category that insurance providers refer to as "low-risk." If you are one of these low-risk insurance applicants, you may be eligible to purchase a Business Owner's Policy, or BOP. A BOP is a discounted insurance bundle, which combines your General Liability and Property Insurance policies.
To find out if your photography or videography business qualifies for a BOP, contact an insureon agent who specializes in the insurance needs of business owners in your field.
How a BOP Can Work for You
Photographers & Videographers: How a Business Owner's Policy Can Work for You
As a photographer or videographer, your whole business depends on the good, working order of your assets: your studio and your business equipment. The tools of your trade — cameras, computers, editing software, lighting equipment — tend to be quite expensive. If you are like most startup or smaller photography and videography businesses, you wouldn't be able to replace all that equipment on your own. Imagine what might happen to your business if…
- A thief breaks into your studio, stealing both your film and digital cameras.
- An over-burdened electrical outlet shorts in your editing offices, causing a fire that spreads to neighboring spaces.
- A client trips over an extension cord in your portrait studio and breaks a bone.
- The interior of a client's classic convertible is ruined when an unexpected storm interrupts your shoot.
Without a BOP, any one of these scenarios could end in a lawsuit that takes money out of your pockets — even if the claim is found to be unmerited. That's because it's not just settlements and judgments that cost businesses money — your own defense can be quite pricey, too.
Fortunately, BOPs provide coverage for these legal costs and, in the event of property damage, can exchange the items with new ones at full replacement cost, not the item's depreciated value.
Key Details about Your BOP
Photographers & Videographers: Key Details about Your Business Insurance Policy
Remember: a Business Owner's Policy is a combination of two insurance policies, so it's important for any business owner to understand what is and isn't covered. Read on to learn how a BOP fulfills the goals of both a General Liability policy and a Property Insurance policy.
General Liability Claims for Videographers and Photographers
The General Liability portion of a BOP kicks in under two conditions:
- Allegations of property damage.
- Allegations of bodily harm.
The claims come when people outside of your business, including clients, accuse you, your employees, or your services of foul play. So if your employee was assigned to transfer a client's old videotapes to DVDs and misplaces a couple of tapes in the process, your BOP will kick in if the client sues.
A BOP may also include other liability coverage, such as completed operations liability, contract liability, personal and advertising injury, and liquor liability. Contact an insureon agent to see if your business would benefit from these types of coverage.
Property Claims for Photographers and Videographers
In general, the Property Insurance portion of your BOP will protect your business from property damage or loss in the following situations:
- Fire. Whether it was started from an external source or whether it accidently started in your space and spread, the BOP has you covered.
- Theft. While it's a good idea to install security cameras and follow other safety protocol, you can't always stop a thief. Please note that the BOP only covers physical property loss. For data theft, please refer to our Cyber Liability page.
- Wind Damage. Whether it's a tornado or a strong storm, your BOP will help you repair the damage. However, the BOP doesn't cover all natural disasters. If you live in an area prone to flooding or earthquakes, you may need to add extra coverage to your plan.
With a BOP, it doesn't matter whether you rent your space or own it. An insureon agent can help you adjust your plan so it fits your business's needs.
Business Interruption Insurance for Videographers and Photographers
One of the most damaging results of property damage or a liability lawsuit is that your photography or videography studio might be forced to shut its doors. A BOP can offer you Business Interruption Insurance, which helps you, say, pay for that move to a temporary location while your studio is repaired.
Customize Your Business Insurance Plan
Photographers and Videographers: Customize Your Business Insurance Plan
Ready to find out whether your business qualifies for a Business Owner's Policy? Contact an insureon agent who is an expert in the insurance needs of photographers and videographers.