Do You Have Adequate Insurance for a Growing Professional Photography Business?
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Data Defense
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Equipment and Storage Issues
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Business Growth Equals Added Risks
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Don’t Shortcut the Hiring Process
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Rely on a Specialist
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According to many economic analysts, the US economy will continue to grow during 2013, and beyond, albeit maybe not as fast as we would prefer. There is sure to be a growing demand for most consumer products and services, and photographers should be prepared to grab their share. Periods of rapid growth can be exciting for small business owners, but also hectic, as they try to respond to more enquiries and serve more customers.
With new opportunities, come more people and projects to manage, and more of your time focused on those tasks. In that heady environment, it’s easy to forget about the fundamental components of your business support structure. More business may prompt the need for more workspace or more equipment. Growing profits may require that you adjust your finances, adding to investments or being prepared for higher taxes. Your business insurance is another basic component that must also be updated as your business grows…and now is the time to assess your needs and make sure you have adequate coverage before you’re flooded with new business.
Consider the following tips to help you protect your growing business.
Big companies spend millions of dollars to keep hackers from penetrating their networks and accessing sensitive data and content. It’s no different for a professional photographer. You’re inventory of client images and records, plus your company’s financial data is just as vulnerable to hackers and cyber attacks. In fact, you may be a more likely target because you can’t spend those millions for fancy technology and a staff dedicated to fighting cyber fraud. You want to make sure your business insurance covers the loss of such data and content, the resulting loss of business because of any disruption and any liability costs if a customer’s bank account number or other data was accessed for the purpose of identity theft.
Whenever you buy new photography equipment, especially of significant value, you should update the equipment list you’ve provided your insurance company. You also want to take into account how many more people are using the equipment and additional locations and situations where it is being used. Adding to your equipment may also require additional storage or adding more security where you do store it. Share these changes with your insurance agent, so he or she is aware of what steps you are taking to increase protection. It could lower your premium.
As your business grows, you and it are vulnerable to more risks. An influx of new employees or freelancers may not be as trained as your longtime employees about safety on the job. More customers coming to your studio increases the potential liability risks from accidents or other occurrences. You want to be sure your insurance agent takes an active, and even aggressive, role in accessing and mitigating potential hazards and risks that your current insurance may not cover.
You’re under pressure to complete new photography assignments/projects, which require additional employees or freelancers. Take the time to conduct background checks and thoroughly train new people, so accidents and/or injuries do not occur to them, models or clients. Yes, your insurance and workers compensation are in place if claims must be made, but being sure you’re hiring the right people could mean no, or very few, claims will ever be filed, which could affect your future premiums.
Many insurance companies sell business insurance, but it’s best to obtain coverage from a company that specializes in insurance for professional photography businesses. They already understand the unique needs of the small business owner operating a photography business and exactly what kind of coverage is required to protect his or her business and have the experience to help maintain the correct coverage, as the business grows.
PhotographyTalk recommends PackageChoice as your best insurance partner throughout the life of your professional/commercial photography business. One of its knowledgeable agents will relieve you of the burden of worrying about your insurance, so you can concentrate on growing your business. Please contact one of its experts for a free quote, or for even faster service, complete the easy online form by clicking the Apply Now button when you visit www.packagechoice.com
Check out: THE 19 MOST EXPENSIVE PHOTOGRAPHS EVER SOLD
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