Buying Photography Insurance? Ask These Crucial Questions First
When you start a photography business, it’s hard not to think of all the fun and exciting tasks that lay before you.
It’s a challenging job, yes, but also one that can be incredibly rewarding.
And though the fun stuff - shooting photos, interacting with clients, processing your images, and so forth - is something to look forward to and enjoy, there’s practical matters you need to tend to as well.
Things like securing a studio or office space, getting your books set up, and getting the proper insurance coverage so that you’re covered in case something goes wrong.
Some of you might even have an established business already. Still, whether you’ve been doing this for decades or you’re just starting out, there are a few questions you need to ask when looking for photography insurance.
How much does your general liability policy cover?
It’s important to find the right balance between the amount you pay and the coverage you receive.
For example, if you set extraordinarily high limits as a “just in case” you’ll end up paying a premium that’s extremely expensive. On the other hand, if you establish a very low limit of coverage, you could find yourself in a jam if something catastrophic happens.
As a rule of thumb, you should have a general liability policy of $1,000,000. On the one hand, that amount isn’t so exorbitant that you’re paying unnecessarily high premiums. On the other hand, it’s a large enough amount that you’ll be protected in the event that a client is injured while on your premises.
Of course, that’s just a general rule of thumb, and depending on your specific needs, your policy might need to be lower or higher. Either way, you cannot operate your business without liability coverage!
Does your policy include off-premises coverage?
Naturally, you won’t spend your entire career in your office or studio. That means that you need to have off-premises coverage for those times when you’re on location or in transit.
When you head out into the world, there are a number of everyday events that could spell disaster for your gear.
You might get into a car accident on the way to the shoot and find that both your primary and your secondary camera bodies have sustained damage.
You might trip over a crack in the sidewalk, hitting your lens on the concrete and shattering the front element.
While shooting at the beach, a gust of wind might deposit so much sand in your camera body as you swap out lenses that it stops working.
You get the point…
Having the right amount of off-premises coverage means that these and other calamities are covered. A popular amount of coverage is $5,000 per item and $25,000 per occurrence. That means that unless you have every piece of gear with you and every piece of gear is damaged simultaneously, you’ll have all the coverage you need.
What if someone breaks into my office or studio?
Of course, calamities can occur without leaving your office or studio space. Theft is an issue that you have to protect yourself against, again, by having the right coverage in the right amount.
Let’s say you head to work one morning and find that the front door has been broken. You enter your studio to find all your cameras and lenses missing.
Obviously, this is a disheartening situation, but having business personal property coverage allows you to replace the stolen items and even repair the damage to your studio right up to the limit you select.
As with the general liability coverage, a $1 million policy is common to ensure you can bounce back from this kind of event. However, you can choose lower or higher policy amounts depending on the specific needs of your business.
What if my office or studio is damaged somehow?
Another event that could spell trouble is something going wrong in your office or studio space - a fire or flood, for example.
In that kind of event, your business could be derailed for an extended period of time. Not only do you have to deal with the loss of property, but you also have to deal with finding a new place to operate your business while your current space is rebuilt or repaired.
That means you need to have coverage for business expenses and repairs.
This addition to your insurance policy gives you up to a year of coverage that offsets the loss of income due to a loss like a fire or flood. That means you can rest easy knowing that you won’t be out on the street because of reduced revenues as a result of the damage to your studio.
What’s more, a policy like this includes extra expenses that help you get back on your feet. For example, your policy covers the costs associated with setting up a temporary location while your office or studio space is repaired. That’s why getting the right insurance is such an important step to improve your business this year.
How easy is it to get a quote?
You certainly don’t have time to spend hours talking to an insurance agent about the coverage you need. After all, you have a business to run!
That’s why it’s important to find an insurance company that makes it easy for you to get a quote so you can weigh your options, select your coverage, and get back to making money.
A great option for this is to get an online quote. National Photographer’s Insurance offers custom online quotes that require just a few minutes of your time.
Enter your information and your business information using simple text boxes and buttons, and they’ll construct a quote that’s right for you.
Not only that, as mentioned above, they’ll dial in the right amount of coverage based on your inputs. That means you won’t pay for policies you don’t need - just the coverage that’s vital to protecting you and your investment in your business.
In fact, what makes it so easy to work with National Photographer’s Insurance is that they specialize in working with photographers. They’ve been in the business for over 80 years, so they have an intimate understanding of what you need.
What’s more, National Photographer’s Insurance is a small business, so they don’t just know what you need as a photographer, but what you need as a small business owner too.
That means personalized service, the right coverage for your business, at a price that you can afford. That’s a combination that’s hard to beat!
So, when looking for insurance coverage, don’t just ask these crucial questions first. Be sure you pair up with National Photographer’s Insurance so you know you have the coverage you need to protect your business for years and years to come.