Photography Insurance: Cost & Policy Types

When it comes to insurance, there are two things you need. You need protection from the risk of something happening and you also want a fair price for that protection. This article will discuss photography insurance costs as well as the types of policies available in the market today.

Professional photographers and videographers need photography insurance to safeguard their assets from litigation and property damage. Having general liability, professional liability, and equipment coverage is typical. Photographers’ general liability and professional liability insurance rates range from $1,250 to $2,300 per year, based on the dangers associated with your field of business, as well as your clients, venues, and equipment.

When you partner with a broker like Simply Company, getting inexpensive insurance for your photography business is a lot simpler. You can acquire numerous rates and get the correct insurance for your company in minutes using its easy online application.

Costs of Photographer Insurance by Policy

Because each photography company is unique, the cost of insurance varies accordingly. Some people just need insurance to protect their camera equipment or to reimburse them if they are sued by a customer. Others may have the personnel and a studio to consider, which means their prices will be greater.

General liability, commercial property, and professional liability are the three most prevalent coverages required by photographers. These insurance range in price from $1,500 to $2,900 per year. The worth of the photographer’s operations and equipment, as well as whether they own or rent their studio, all influence the price.

Photographers are unlikely to need every policy. Furthermore, professional photographers who do not have a publically accessible studio may not need as much commercial property or general liability coverage, resulting in reduced total expenses.

Other elements that influence the price of photography insurance include:

• Deductibles: A higher deductible lowers your premium but increases your out-of-pocket expenditures should you file a claim.
• Lower coverage limits put you at more financial risk, but they might help you save money on your yearly premium.
• Your earnings: Insurers think that firms that earn more money have more to lose, therefore they boost premiums to reflect this.
• Your workers: In addition to necessitating workers’ compensation, employing additional people generally entails a higher risk of responsibility. This may result in an increase in your insurance rate.
• Your previous claims history: This is a warning signal for insurers, who will often raise your premiums if they believe you will cost them money by submitting more claims.

What Types of Business Insurance Do Photographers Require?

The policies you’ll need are determined by how you manage your company. Most photographers need general liability insurance at least in the event that they are sued for injuries or property damage, such as if a customer sues them after an accident during a picture session. They should, however, consider purchasing business property insurance to protect their assets. For a minimal yearly premium of roughly $500, photographers may receive both of these coverages under a business owner’s policy (BOP).

Then you must consider the hazards that your company confronts. You may need supplementary business insurance, for example, if you:

• Hiring employees increases risk therefore, in most places, workers’ compensation insurance is required.
• Photographers should consider purchasing cyber liability insurance in case hackers get access to digital data such as credit card details or client photographs.
• Organize photo sessions outside of your studio: Only the equipment at the location mentioned on the policy is covered by commercial property insurance. Inland marine insurance is required for equipment in other regions.
• Work in advertising: Except for firms that participate in media-related activities, general liability covers advertising damage such as copyright infringement. Media liability insurance protects media practitioners from this risk.
• Filmmakers may need entertainment production insurance to protect their substantial property and higher liability risks while operating a live movie set or producing films.
• Take aerial photos: Using a drone exposes you to liability claims that aren’t covered by other policies, therefore photographers who use unmanned aerial vehicles (UAVs) should consider adding UAV coverage to their general liability insurance.

The Most Common Insurance Policies for Photographers

Legal expenses in third-party claims for personal injury or property damage are covered by general liability insurance. Liability claims are a substantial financial concern for most photographers, therefore it’s a must-have policy. Many venues demand that photographers have a certain level of general liability insurance before they would work with them.

Third parties include anybody who isn’t an employee, hence a general responsibility claim might arise if:

• A customer says that your aide used a tripod to break their plate glass window.
• On the way to your studio, a delivery worker stumbles on the sidewalk.
• Smoke damage at a nearby store is caused by an electrical fire in your studio.

In situations like these, general liability insurance covers your legal expenditures, as well as the cost of urgent medical treatment for wounded customers, suppliers, and other third parties.

Note: A certificate of insurance is a one-page document that displays your company’s policies and coverage limitations in a standardized format. Using this to demonstrate to your suppliers that you satisfy their standards gives you a leg up on the competition. It’s worth noting that some insurance providers charge a modest cost for each certificate issued, which may add up quickly if you’re contracted to film in many locations.

Commercial property insurance protects both the structure and the contents of a company’s buildings. For photographers, this might include studio and office space, as well as any furniture or fixtures in such spaces. This may also refer to simply your photographic gear; this is known as contents-only and is often acquired by photographers who rent studios and offices.

Most commercial property policies contain a blanket limit, which is a single restriction that applies to all of the property at a particular site. Unfortunately, if an incident wipes out all of your business’s equipment at once, that limit may be inadequate. This may make it a good idea to schedule your most valuable equipment. Scheduling entails making a list of specified things and setting distinct restrictions for them in your policy. In most cases, it will raise your total premium, but it will give greater protection to your company.

Any company that depends significantly on equipment should understand the differences between replacement cost value (RCV) and actual cost value (ACV) property insurance. RCV covers the entire replacement cost of your company property, allowing you to repair or replace damaged or stolen equipment with equal quality, while ACV only covers the cost of your property less depreciation.

A BOP may cover most photographers’ general liability and property insurance. This is a bundle insurance created by insurers to provide small company owners with these essential coverages at a lower cost. A photographer, for example, may spend $600 to $1,400 for both plans, but just $500 to $700 for a BOP that combines both.

Inland marine insurance, often known as floater insurance, is a kind of property coverage. Because the coverage “floats” with the property it protects, it’s given that name. Inland marine, for example, maybe activated if you:

• When meeting clients at the pier for a shooting, drop your new camera into the water.
• Someone will take your belongings if you leave them in your vehicle unattended.
• In a vehicle collision, your lenses, laptops, and cameras will be destroyed.

Because shooting on-site is so frequent in the business, many photography insurance companies automatically include inland marine in their property coverage. This isn’t a hard-and-fast regulation, so contact your agent for clarification.

Both company-owned cars and businesses driving in personal vehicles are covered by commercial auto insurance. Most states require some kind of liability insurance in the event that you cause an accident, however, many company owners choose additional coverages, such as:

• Collision: Covers damage to your company’s vehicle caused by an accident.
• Other than an accident, comprehensive coverage pays for damage caused by anything other than an accident.
• Medical payments: Covers you, your insured driver, and your passengers for emergency medical attention.

Photographers who use their own vehicles for professional reasons are often underfunded unless they get commercial car insurance. Many personal vehicle plans restrict business usage, but you may be able to add a commercial auto rider to your general liability policy.

Professional liability insurance, sometimes called errors and omissions (E&O), covers your legal fees when someone claims your negligence cost them money. For photographers, negligence claims usually stem from allegations that you failed to provide or made mistakes in providing contracted services, such as:

• At a client’s wedding, missing particular photos
• Failure to provide required proofs by the timeframe set by the customer

Client expectations might be difficult to satisfy as a photographer. They could sue because they don’t like your work, but most professional liability insurance plans will pay your legal bills, even if the claim is baseless.

Other Insurance Policies for Photographers

Photographers often need to add their contract locations as extra insureds to their current liability insurance. As a result, adding venue owners as additional insureds covers them, but it may cost you an extra $15 or $30 each time. Some insurers, on the other hand, provide a blanket extra insured endorsement, which automatically grants additional insured status to any organization that needs it under their contract.

Photographers should also think about purchasing cyber liability insurance, which protects your company from data breaches and hacks. The cost will vary based on the number of images and videos you want to save and the associated dangers.

Conclusion

Most professional photographers may get general liability and commercial property insurance to cover their biggest risk exposures. Insurers generally provide a company owner’s insurance that combines these coverages into one low-cost, high-value package.

Simply Business makes it simple for photographers to get liability insurance. The online application is simple, and its staff of nationally registered agents shops the information to numerous carriers, giving you the best opportunity of finding coverage that’s suited for your company at a reasonable price.

Frequently Asked Questions

How much does insurance cost for photographers?

This is a very difficult question to answer because so many variables are in play. Things such as the photographer’s experience, their location, and how far they have to travel for jobs can all affect what type of insurance coverage photographers might need.

What is photography insurance?

If something happens to your camera during the time you are using it for photography, then you will be able to claim a replacement from the insurance. This is done so that photographers can continue taking pictures without having anything happen to their equipment.

Why do I need photography insurance?

If you have a photography business, or if your job requires professional-quality photos of people and/or places, then it’s advisable to get coverage. The cost may be quite small for the peace of mind that comes with insurance.