When it comes to being a photographer, having the ability and comfort to live by your own schedule is crucial. Like any profession, being a photographer (or freelance) has opportunities for issues to occur. So, what do you do when these arise? It is important to be prepared for anything, which is where photographer insurance steps in. However, figuring out what type of policy you will need can be tough. Especially if you only recently chose to turn your love for photography into a career. Though there isn’t specific ‘photography insurance’ per say, here are some specific policies to protect you in the field of photography.
What are the different types of photographers?
There are many different types of photographers, each with certain fields that they predominantly work in. Though they all have the same task of capturing that perfect photo, they all require different things. For example, many types of photographers work in a studio, whereas some travel for work. On top of this, the wide array of lenses available on the market allow for each specific photographer to offer different shooting styles. Some examples of different types of photographers are:
- Portrait photographer
- Commercial photographer
- Sports photographer
- Wedding photographer
- Fashion photographer
- Freelance photographer
What is the average cost for photography insurance?
The cost of insurance for photographers can differ greatly, depending on the coverage you need. With that in mind, you generally won’t get an idea of what your price will be until you contact your insurance provider to receive a quote. However, if you purchase $1 million in coverage for general liability as well as $1 million for professional liability, you can expect to pay at least $1,000 annually. Of course, this number will go up when you factor in insuring your equipment. Policies aside, there are a lot of factors that can aid in determining your rates.
What factors determine the cost of your photography insurance?
Like any type of coverage, the more risk you face, the more your photography insurance will cost. With that being said, there is a plethora of factors that can determine the cost of your insurance. Some examples are:
- Types of services: The type of photography you offer will impact the cost of your insurance. For example, if you are a portrait photographer, you can expect to pay a bit less than a wedding photographer. This is because more can go wrong when working a wedding, such as missing the perfect shot or missing the wedding entirely due to unforeseen circumstances.
- Experience: Let’s face it, if you have 10 years of experience in the field of photography, you probably won’t make as many mistakes as someone who started out six months ago. This can have a great impact on the cost of your photography insurance policy.
- Revenue: If you own a popular photography business, you are most likely bringing in a higher revenue. This can increase the rates you can expect to pay as you can potentially pay more in damages in the event you are sued.
- Employees: When a photographer has a high amount of work, they can sometimes hire assistants. Alternatively, you may wish to start a photography company and take on other photographers. In both scenarios, you will be legally responsible for their mistakes or incidents. This can result in a higher insurance premium because more employees equals more liability.
- History: Like any business or profession, having a clean slate is helpful. If an insurance company sees you have a good history insurance-wise, they will assume you aren’t as likely to make mistakes in the future. This can result in a possible decrease in premiums.
What are the different types of business insurance?
1. Professional Liability / E&O Insurance
As a photographer, your job is to create meaningful and professional images for your clients to last a lifetime. But what happens when a client isn’t satisfied with the outcome of a project? Though rare, this can sometimes lead to a legal claim against you. They may choose to sue for financial or reputational damages as a result or lack of your photography services. A legal claim like this can threaten your livelihood and reputation in such a creative field. This is where professional liability, or E&O insurance, comes into play. This insurance will protect you should a client take legal action against you.
Sometimes, things will occur that will prevent you from attending a shoot. If you miss a sports game or wedding due to a car accident or family emergency, professional liability insurance will cover you in the event that the people who hired you decide to take legal action. Most times, you’ll have outlined this in your contract prior to the event. This is why professional liability insurance is key for any photographer!
2. Commercial General Liability Insurance (CGL)
Another must-have insurance policy for any photographer is CGL insurance. Generally speaking, most established photographers will likely have a studio or location in which they shoot a majority of their photographs. But what happens when an accident occurs there? Well, if a third party suffers some sort of bodily injury or cause property damage, Commercial Geneal Liability insurance will assist you in paying those costs.
Another scenario where CGL insurance will come in handy is if you damage property while at a job. For example, you’re at an event and your tripod falls over and breaks a table or statue. This policy is designed to pay to replace any broken items. To top it off, commercial liability insurance will also provide you with funds to cover any legal fees in the event you are sued for allegations of false advertisement, copyright infringement or defamation.
3. Contents / Equipment Breakdown Insurance
Let’s face it, what would a photographer be without their camera? In the event that your home is broken into or your camera is damaged, you will face many issues, including loss of income. This is why it is important to make sure your camera and photography devices are properly insured. This can be done by insuring them as part of your home insurance policy, or separately/individually. In the event that your camera or the computer you edit on break, you will be covered for the amount you are insured for. That way, you can replace or fix your device and get back to shooting.
4. Cyber Liability Insurance
We all know how dangerous the internet can be. This is why Cyber Liability Insurance is another highly recommended insurance type for photographers. As a photographer, a large portion of your work is digitally stored or edited. This can range from booking clients through a website, communicating through email, or storing photographs via storage websites. This is where cyber insurance comes into play. In the event something goes wrong, you will be financially covered. An example of this would be if your storage site is hacked and photos for a client are deleted or sensitive information is stolen. It can also come into play if a client holds you legally responsible for a cyber-attack or data breach. Thanks to cyber insurance, you will have coverage.
Whether you are a photographer as a professional or simply a hobbyist, isure can help you with insurance coverage! From home insurance to commercial to personal liability, you can depend on us to find you the best rates possible. This way, no matter the situation, you can depend on us to have you covered. Request a quote with us today!