Umbrella and Excess Liability Insurance
for Photographers, Videographers & Video Production Companies
What would happen to your photography or videographer business if you incurred a claim that exceeded your insurance coverage limits? Without Umbrella (Excess Liability) Insurance, you would have to pay the difference out of pocket.
It's probably safe to say that in your line of work, this rarely happens. But it only takes one large lawsuit to leave your business in financial ruin, forcing you to close your doors temporarily or for good.
Are the monthly savings worth that risk? Probably not — especially considering that Umbrella and Excess Liability coverage is so affordable. For a few hundred dollars, you could add hundreds of thousands of dollars' worth of coverage to your existing policies.
Read on to learn how Umbrella and Excess Liability Insurance can protect your photography or videography business.
Umbrella Insurance Protects
Photographers and Videographers: Let Your Umbrella Insurance Protect Your Business
As a business owner with Umbrella Liability coverage, you are protected in the event that a claim exceeds the limits of your current business insurance plan. There are three major reasons why business owners like you may purchase Umbrella coverage:
A Simple Boost to Your Business Insurance
For many startup and small-business owners, adding extra protection to your business insurance plan is a no-brainer. Why? Because you simply can't afford not to. Especially for businesses that rely on real estate or expensive equipment (cameras, computers, lighting, etc.), a bit of extra coverage makes a lot of sense.
Protection from Dangerous Geography
Perhaps you work in a part of the country that is prone to natural disasters — let's say flooding — that can damage everything from your building space to your business equipment. If your flood insurance (a special component of your Property Insurance policy) protects your business up to $500,000 and the rising river waters cause $600,000 in property damage, your Umbrella coverage would kick in and make up the $100,000 difference. Businesses without Umbrella and Excess Liability Insurance would either have to make up the difference on their own, or be forced to cease operations.
Umbrella Insurance to Meet Contractual Obligations
As a photographer or videographer, you tend to work with many different clients and may use many different contracts. What would happen if one of your contracts requires more coverage than you currently have? Let's say one of your contracts requires you to cover $2 million in your General Liability coverage, but your existing policy has a limit of $1 million. Adding Umbrella Insurance is the most economical way to increase your General Liability coverage while boosting most of your other policies at the same time. The alternative is to increase each policy individually, which often costs a lot more.
Photographers and Videographers: Key Details About Your Umbrella Insurance
Before you decide if Umbrella coverage is right for your studio or freelance photography or videography business, keep in mind that Umbrella Insurance…
- Cannot increase all insurance policies. While Umbrella coverage can boost most of your existing insurance policies, it cannot boost your Professional Liability Insurance (also called Errors & Omissions).
- Is sold in increments of $1 million. These $1 million increments may sound like a lot of extra coverage, but the monthly premiums only add up to a few hundred dollars each year.
- Can boost your Hired and Non-Owned Auto. If your photography or videography business rents or operates employee vehicles, it may be a good idea to add Umbrella and Excess Liability Insurance to your Hired and Non-Owned Auto Insurance policies. Ask an insureon agent if this option is right for you.
When you invest in Umbrella and Excess Liability Insurance, you are adding security not only to your finances, but to your peace of mind. Don't leave the future of your business up to chance!
Customize Your Business Insurance Plan