Choosing a photographer insurance is an essential part of your photographic business. This not only guarantees that your photographer insurance policy is reliable and affordable, it also ensures that your personal customized quote for insurance is also the price that you will actually pay. There are several factors that go into setting your personal photographer insurance price. Here are some of these factors:
One of the main factors that goes into quoting a price on a photographer insurance policy is the level of coverage that is offered. Different coverage policies come with different levels of coverage, and you will want to make sure you get enough coverage to protect your interests in case any unforeseen accidents happen while you are on the job. Most professional photographers choose to have full coverage policies, as they cover all the medical expenses, replacement equipment, repair and restoration costs, loss of income and more.
Another factor that goes into setting up your photography business insurance cost is whether or not you need liability insurance. This coverage protects you and your clients from lawsuits as a result of bodily injury or property damage incurred by you while taking pictures. While most photographers already have liability insurance, it is always good to know that you can add additional insured individuals to the policy in the event that you run into legal trouble during your business. Additional insured individuals will be charged additional premiums, so it is up to you to decide whether or not additional insured individuals are worth it in this particular area. Legal costs in the area of taking photographs can be quite high, so you might consider liability insurance cost when setting up your photography business insurance policy.
Many studios feel that they do not need any insurance coverage because they take pictures on their own property. However, if an accident happens while you were on your private property and another individual is injured, then the liability coverage protects you and your client. Additionally, bodily injury liability protects you if someone gets hurt while visiting your studio. Property damage liability protects you if something gets damaged while in your studio or office. Professional indemnity insurance is needed for freelancers, although it is not a necessity for studios.
When a person hires a freelance photographer, then that person becomes a legal liability. The more expensive the photography equipment, the higher the liability. If an accident occurs while using the equipment, then that equipment will be at fault and you could be sued. Professionalism indemnity insurance is designed to cover the cost of legal fees that occur during an accident involving your studio, client, or even yourself. Studio insurance may cover things like telephone bills and studio rental payments, but freelance photography insurance covers any accidents that occur while on site. Some of the types of coverage that are available include collision damage coverage, liability coverage, and special coverage that cover legal fees or other expenses.
When you operate a studio, it is especially important to protect yourself from the possibility of frivolous lawsuits. Legal fees can bankrupt small studios and the cost of frivolous lawsuits can quickly become overwhelming. It is better to invest in insurance than to risk a lawsuit that could end up going to court and forcing you to pay out a settlement worth many times more than the amount of insurance that you actually have.
