Ask any successful businessman how they manage to stay in business even when things get challenging, and they will tell you that having an insurance policy is the key. Many businesses have been victims of unpredictable events like FL annual premiums for 2019; and, if it were not for insurance policies that cover the risks, then those businesses would not be in existence anymore.
If you are a photographer, do not assume that having an insurance is just for that construction company your friend works in or the jewelry shop you see around the corner. Photography is also a business and an industry by itself. Therefore, you should also insure your start-up photography business with several policies, even if it’s not yet a recognized limited company.
To help you out, here are some of the insurance policies that a photographer may need to protect their business.
This is an obvious cover that any photographer should have. Photography equipment is quite expensive, so it is important to cover the equipment against any loss or damage. The minimum equipment insurance should include a cover for loss, damage, or interruption of your cameras, lenses, computers, memory chips, and any other supporting equipment.
You may also need home insurance for when you carry your camera at home. However, make sure your home insurance covers equipment that you use to generate income outside your home.
General Liability Insurance
Photography is a dangerous venture depending on the niche. For example, in sports, a photographer might cause an accident unintentionally when busy on the lens. This might lead to legal actions. So, a General Liability Insurance protects you from any lawsuits you might encounter in the line of work.
Most photographers own or rents a studio which they use as their office, storage, or working space. If you do own a studio, it is important that you get a property insurance policy to protect the building and any other crucial item housed in the place of business.
Make sure to read and understand the terms of the policy. Some property insurance might only be covering the building and not the equipment or the items in the property.
You may wonder why a photographer needs a life insurance policy for his or her business. Well, this is a type of insurance that anybody working in any industry should have. You should not overlook this policy.
Life insurance makes sure that your family or close friends that depend on you are covered in the event of death. It also acts as some kind of savings that might help you in future if you close up shop.
The law requires most businesses to have mandatory insurance policies. Most clients also request for proof of insurance when shooting in some venues. So, as a photographer, at some point in time, you will need some insurance covers. Apart from just following the law, insurance helps you to prevent or minimize potential risks that might affect your business.