Owning a photography business is a great way to exercise your creative side while making a living. Plus, you get the privilege of being present for some of life's most exciting moments. But how do you protect yourself? How can you ensure all your hard work isn't ruined by unfortunate circumstance? By having proper insurance coverage, of course! Here is a bit more information.
The different types of insurance photographers need vary. A business owner's policy (BOP) is usually the best option.
General Liability Insurance
The first type of insurance every photographer needs to have is general liability insurance. This policy protects you from lawsuits associated with injuries or property damage as a result of your business operations. An example scenario of when this might be pertinent is a client tripping over cords during a photo shoot and breaking their arm. Coverage might help you pay them for their medical costs.
However, it is important to realize that general liability insurance does not cover damages associated with your actual photography or videography work. Other coverage might apply in these cases.
Commercial Property Insurance
Some photographers opt to have a physical studio where customers come to have portraits taken. Others work from home, but still have valuable equipment in their possession. In these cases, it is important to have adequate commercial property insurance.
This type of policy includes common items required to run your business. Covered items might include camera equipment, computers for editing, lights, props, backdrops and more. Furthermore, if you don't have a physical studio, it is possible to have coverage for them if they become stolen or damaged while on location at a photo shoot.
Loss of Business Income
What would you do if you couldn't run your business at your photography studio? If you've experienced a covered loss and are facing weeks of being unable to operate, then your insurance coverage might be able to help fill in the gap. For small studios, this is crucial coverage in the event of an incident.
How A BOP Helps Photographers Stay Protected
In most cases, having a business owner's policy (BOP) is a wise choice for photographers. Why? It combines the three coverages previously mentioned into one convenient policy! If you run your business out of your home, this can be especially handy, as most homeowner's insurance policies exclude business materials in the home.
Are you ready to learn more about business insurance coverage for your photography business? Contact your Bruening Insurance agent today to schedule a no-obligation coverage review.