As a photography business owner, it’s important to understand the types of insurance you need to protect yourself and your employees from any potential risks. From general liability, professional liability, workers compensation, and more, the world of insurance can be daunting for even the most experienced business owners. Read on to learn about what kind of insurance is necessary for your photography business and why.
General liability insurance
General liability insurance protects your photography business from claims related to bodily injury, property damage, advertising injury (like slander or libel), and personal injury (like wrongful eviction). This type of coverage will help protect you if a client sues you after they suffer an injury while in your studio or if their property is damaged as a result of your photography business operation, ie. you accidentally break a valuable vase at their home while photographing them, or if their images are used in an advertisement without their permission. General liability coverage also includes legal defense costs associated with any claim that is covered by your policy.
Professional liability insurance
Professional liability insurance covers claims that arise out of services provided by your photography business. This type of coverage is vital as it can protect you from errors and omissions made while performing work. It’ll cover legal costs should any clients sue you for damages caused by mistakes or negligence in the course of providing services. Professional liability insurance is especially important for photographers as they often provide services such as retouching or editing photos—something that could be seen as a potential mistake should something go wrong.
Commercial property insurance
Photography businesses often require specialized equipment such as cameras, lenses, lighting setups, and other accessories. Commercial property insurance will cover these items in the event of theft or damage due to fire, vandalism or extreme weather conditions. Should you need to replace any of these items due to an insured risk, this type of policy will reimburse you for their cost.
A proper commercial property insurance also covers the studio or office where your photography business is located. Because of this inclusion, a commercial property insurance policy is quote expensive. If you are a freelance photographer and don’t operate in a studio, but you still want to have insurance for your valuable equipment, can you consider photography equipment insurance only.
Photography equipment insurance
Photographers also need equipment insurance in case their cameras and other gear get damaged or stolen while on a job. Whether it’s an expensive lens, camera body, tripod, laptop—or anything else related to your photography business—you want that equipment covered in case something happens while you’re out shooting a session or traveling with gear on assignment. Equipment insurance can cover these items and more, providing financial protection if something gets lost, stolen, broken beyond repair, or otherwise rendered unusable due to an accident.
Workers compensation insurance
Workers compensation insurance provides financial assistance to employees who are injured on the job. If an employee suffers a work-related injury while working at your studio or on location, this type of coverage will provide medical benefits and wage replacement so that they don’t have to worry about paying out-of-pocket costs associated with their recovery process. In addition, it will also protect you from being sued by employees for workplace injuries or illnesses resulting from their employment with you.
Commercial auto insurance
A photography business needs commercial auto insurance to protect the business from any potential liabilities that may arise while using company vehicles. Commercial auto insurance covers damages and injuries that may occur as a result of using the business vehicle for work-related purposes. This insurance can also help protect the business from any legal fees or costs that may arise from an accident.
If you or your employees use a vehicle for business purposes, ie. going to client’s location or transporting your clients to and from the studio, you’ll need to have commercial auto insurance. Personal auto insurance won’t cover you while driving a vehicle for business purposes
Business Owners Policy (BOP)
A business owner’s policy (BOP) is a type of insurance that combines property and liability insurance for small businesses to help them save money on several stand-alone policies. This policy can be tailored to your specific needs as a photography business and can include coverage for your equipment, inventory, and office space. Many insurance companies also include professional liability coverage in their BOP.
If you operate your photography business out of a studio space, whether you rent or own it, you should seriously consider a BOP, instead of getting separate general liability and commercial property policies. It is often advised that small businesses with less than $10 million revenue or 100 employees are good candidates for BOP.
How much does insurance cost for photography businesses?
Insurance costs for photography businesses vary significantly depending on several factors that we discuss below. The main factor is the coverage that a photography business gets. Below are the average costs of different insurance coverages for photography businesses.
|Photography business insurance coverage||Average costs|
|General liability insurance||$36 per month|
|Professional liability insurance||$38 per month|
|Commercial auto insurance||$134 per month|
|Commercial property insurance||$57 per month|
|Workers comp insurance||$82 per month|
|Business Owners Policy (BOP)||$71 per month|
You should notice that the average photography business insurance cost is a bit higher than the insurance cost for photographers, about 10%.
Of course, these are just the average costs. The rate for your photography business will be different. Be sure to shop around with a few companies or work with a top broker like Simply Business, CoverWallet, and Smart Financial to compare several quotes to find the cheapest one for your photography business.
Which factors affect the cost of photography business insurance?
There are a few factors that affect the cost of photography business insurance. The size of the business, the location, and the type of photography business all play a role in how much you will pay for insurance.
The size of the business
The size of the business is important because it dictates the amount of coverage you need. If you have a small business with just a few employees, you will need less coverage than a large corporation.
The more customers you have, the more studios you have, the more revenue your business generates, and the more employees there are, the more expensive your photography business insurance is.
The location of the business
Your location is also important. If you are located in a city with high crime rates, you will need to have more coverage than someone who is located in a rural area.
The type of photography business
The type of photography business you have also affects the cost of your policy. A studio that does wedding photography will need different coverage than someone who does commercial photography.
The amount of coverage and deductible
The amount of coverage also affects the cost of photography business insurance. The more coverage you purchase, the higher your premiums will be. However, it is important to have enough coverage to protect yourself and your business in case of an accident or lawsuit.
The deductible also affects the cost of photography business insurance. A higher deductible will lower your premiums, but it will also increase your out-of-pocket expenses if you have to file a claim.
The insurance types
As we see above, a photography business may need to have different insurance types. And these coverages cost differently. The more insurance coverage you have, the more expensive your policy will be.
Don’t have more coverages than you need. If you are not sure which coverage you need, you can consult with an insurance agent or broker.
Lastly, different insurance companies also charge different rates for the same amount of coverage. Some companies may be more expensive because they have a good reputation for paying claims. Other companies may be less expensive, but they may not have a good reputation for paying claims.
Each insurance company has its own rates, so it is important to shop around to find the best deal. Be sure to ask about discounts if you are a member of an association or if you have safety features like burglar alarms or smoke detectors.
Best business insurance companies for photography businesses
Many companies offer business insurance for photographers and photography businesses, in our intensive research, we have recommended the 6 best providers of photographer insurance for your consideration:
- Simply Business: Best for photographers wanting to find low-cost coverage by comparing several quotes online
- InsurePro: Best for on-demand pay-per-day photographer business insurance coverage
- CoverWallet: Best for comparing several quotes from top-tier carriers
- Next: Best online buying experience for photographers
- biBERK: Best for affordable photographer coverage
- Hiscox: Best for photographers who prefer an established company with a strong track record
As a photography business owner, understanding the different types of insurance available is essential in order to ensure that both you and your employees are properly protected against any potential risks that may arise during the course of running your business. From general liability to workers compensation coverage, there are many different policies that can help keep your photography business safe from financial loss due to unforeseen events beyond your control. With proper research and understanding, you can make sure that you’re getting the best possible coverage for all aspects of your operations to safeguard their livelihoods – both now and into the future!