What's the secret behind a business insurance plan tailored to the unique needs of your photography or videography business? A freelance photographer's plan will look much different from a startup video-editing studio — just as it should. But before you can choose the right policy for your business, there are a few important things to consider. Use these guidelines to help you decide what's most important for your business insurance plan.
1. Policies available.
1. What business insurance policies are available to photographers and videographers?
A business insurance plan is made up of several different insurance policies — but photography and videography studios might not need the same kind of coverage as the construction company down the road. Below is the list of policies insureon recommends for business owners in the photography and videography fields:
- General Liability. Deals with claims that you, your employees, or your services caused someone property damage or bodily harm.
- Property Insurance. Reimburses your business for property loss caused by fire, theft, and wind damage.
- Business Owner's Policy. Combines your General Liability and Property Insurance plans for a discount on your premiums.
- Errors & Omissions. Protects your business from claims that professional mistakes or oversights caused someone financial loss.
- Workers' Compensation. Helps pay for the medical expenses and a percentage of the lost wages of employees who suffer from a work-related injury or illness.
- Umbrella / Excess Liability. Provides a boost to some of your existing policies.
- Cyber Liability. Protects your business from claims of data theft and mismanagement.
It's important to realize that any one or all of these policies can be adjusted to meet the needs of your growing business, so you end up with just the right amount of coverage.
2. The major risks.
2. What are the major risks of owning a photography or videography business?
Owning a startup or small business is inherently risky, but owning one in the field of photography or videography comes with its own set of challenges. Read on to learn about some of the most common risks in your line of work:
- Professional Errors. When you are a photographer or videographer, you often have a limited amount of time to get the right shot. This means that once, say, the wedding's over, you can't go back and do it again. A lot is at stake here, and one simple mistake could mean a very angry customer and a very costly lawsuit.
- Perceived Professional Errors. Unfortunately, you don't even have to commit a mistake for an unhappy customer to sue. And while you can do everything in your power to produce the images your client wants, you cannot always account for their temperament. Quality is a subjective thing — without hard evidence to back it up — and photographers and videographers should be aware of this, and try to manage client expectations as much as possible.
- Expensive Equipment. Your work simply cannot be done without your camera and / or editing equipment. Often, your property can be quite expensive. One accident or theft might put your studio out of business until you could afford to replace those oh-so-necessary items.
Understanding the particular risks of the photography and videography world can help you customize an insurance plan to suit the needs of your startup or growing business. This might mean more time and energy spent up front, but in the end you'll know your business it properly protected.
3. How often to speak with an agent.
3. How often should photographers and videographers speak to their agents?
Your photography or videography business should reassess its business insurance plan at least one a year or any time you…
- Buy or lease new equipment.
- Buy or lease new property (or move locations).
- Add or remove services.
The first two seem pretty obvious — but that last one is what you really need to be aware of. Some changes might seem insignificant to you, but can mean that a change to your business insurance policy is required. Let's say you own a portrait studio and want to branch out into wedding photography. You should discuss this service addition with your insurance provider to make sure you're still adequately covered. In this example, your Professional Liability risk might increase and you'd have to adjust your policy accordingly.
4. How to save money.
4. How can photographers and videographers save money on their business insurance plans?
Some startup and small-business owners might not think they can afford the kind of coverage detailed in this article. But remember: your growing business will not be expected to pay the same high premiums of larger companies. In addition, there are a few things you can do to make sure you're getting the best deal you can:
- Always compare quotes. Prices tend to vary from insurance company to insurance company — that's why it's always a good idea to shop around and compare quotes. Additionally, look for agencies that specialize in the insurance needs of small businesses or those in your field — or both, like insureon. We act as a liaison between you and insurance companies to provide you with multiple quotes tailored to your needs.
- Choose the highest deductible your business can afford. A deductible is what you must pay before you receive the benefits from your insurance policy. The higher the deductible, the lower the monthly premium. As long as you choose a deductible that you can still afford should an accident arise, you can save money month to month.
- Buy bundled policies. Sometimes, you may qualify for bundled policies — like a BOP — which combine coverage and offer you a lower monthly rate.
- Prevent potential losses. Often, there will be actions you can take that might lower your premiums for certain coverage. These actions might include installing a security system or bolstering workplace safety. Ask your insurance agent for recommendations.
Once your policy is purchased, there are a couple of things you can do to keep those premiums down. The first is to continue to prevent potential losses, and to make sure each employee understands safety. The second is to discuss each potential claim with your insurance agent. For example, if your claim is worth $600 and your deductible is $500, an agent might advise you not to file that claim, as your premiums might go up and eventually cost more than the extra $100.
More Business Insurance Tips for Photographers and Videographers
For more tips and tricks on how to protect your photography or videography firm, check out "3 Ways to Protect Your Photography or Videography Business" and "5 Costly Business Protection Myths for Photographers and Videographers." And when you're ready to purchase a business insurance plan, contact one of our expert agents.