for Photographers, Videographers & Video Production Companies
Even the smallest photography and videography studios usually house and use expensive equipment. An uninsured professional photographer or videographer may have a difficult time replacing photography equipment, should it be stolen or damaged.
That's why it's important for studio owners — and freelancers! — to carry adequate Property Insurance coverage.
Read on to learn more about how Property Insurance can protect your photography or videography equipment.
Property Insurance Protects
Property Insurance: Protecting Cameras, Laptops, and Electronic Equipment
Unlike some other startup and small-business owners, photographers and videographers rely heavily on specialized and often expensive equipment. Unless your business photographs strictly using pinhole cameras made exclusively of found items, it's doubtful you'll be able to do your work without your camera. In addition to cameras, Property Insurance can protect…
- Video equipment and recording accessories.
- Lighting and sound equipment.
- Computer equipment and digital editing software.
- Supplies like film and photographic paper.
- Your space, whether rented or owned.
And under what circumstances are these items protected? Property Insurance will kick in if there is…
- An accidental fire. Imagine that an over-burdened outlet shorts out and causes a fire. Your property would be covered, and in some cases, any damage to neighboring properties would be covered as well.
- A theft. If someone breaks into your studio and steals your camera, Property Insurance will have your back.
- Wind damage. Damage caused by strong winds and tornadoes are covered under most Property Insurance policies.
Property Insurance is a good idea for any business owner who can't pay out-of-pocket for stolen or damaged items. Sometimes, photography and videography businesses are considered "low-risk" by insurance agencies. This may qualify you for a Business Owner's Policy, or BOP. This bundled insurance package combines your General Liability and Property Insurance policies and offers you one discounted monthly rate. If you think this might describe your company, ask an insureon agent if you qualify.
Property Insurance: Key Details for Photographers and Videographers
Property Insurance, like other business insurance policies, is customizable to accommodate the specific risks of your photography or videography services business. Before you buy your plan, you may want to consider whether you…
- Own or rent. Depending on your photography or videography studio's situation, your Property Insurance policy can be adjusted. For example, if you rent your space, you may not need the same comprehensive package as the photographer who owns her building. Renters can purchase more basic plans to protect the property housed within their rented space. It's important, though, for renters to realize that their protecting their property is usually their responsibility, according to their lease agreements.
- Travel on location. Many photographers and videographers must travel to various locations or work in their client's space. You can purchase Property Insurance that travels with you.
- Handle client property. If there is ever a time where you are handling client property, or their property is in your care — like if you often photograph pets, for example — you might want to make sure this kind of protection is in your policy.
- Need your property replaced at full value. Full-replacement plans, while a bit more expensive month-to-month, will pay the full current-market cost of any items that need replacing. A cost-value plan, while cheaper monthly, will only reimburse you for the depreciated value of your items.
- Work in an area prone to certain natural disasters. Since Property Insurance generally only covers common incidents, you may need to add certain coverage to your plan if you live in an area prone to flooding or earthquakes.
It's important for photographers and videographers to understand all the particular risks of businesses in their field. If you are unsure about the risks of your studio or freelance business, an insureon agent can provide you with a free risk assessment.
Customize Your Business Insurance Plan
Photographers and Videographers: Customize Your Business Insurance Plan
When you're ready to add Property Insurance to your business insurance plan, contact an insureon agent who specializes in the insurance needs photography or videography studios like yours.