If you’re launching a new photography business, you’re likely investing in a lot of equipment and supplies to get things up and running. As a professional photographer, it’s important you protect your investment. Not only does that include property coverage for the studio, but you’ll also want to make sure that you and your gear are protected as well. Here are some tips for ensuring that you have enough insurance protection.
Insuring Your Equipment
While your commercial property insurance will extend some coverage for your photography gear, it’s in your best interest to also invest in a separate policy dedicated to the equipment you need to get your job done. From your camera and lighting accessories to your backdrops and filters, it’s important you have enough coverage to replace everything if something should happen.
You should also consider the investment in your props, computer equipment and even the license fees for your processing software. Make sure your gear is protected both inside and outside your studio. If they disappear on a shoot, you should be able to replace them.
Protecting Your Liability
You’ll want to invest in two different types of liability protection for your business. The first one is business liability. This will protect you and your business in the event that a client comes in and is injured on something in the studio. In addition, most venues will require that you show proof of business liability insurance before you can shoot on their location.
You’ll also want to have professional liability coverage. This is different than the business liability because it protects you against things that are exclusive to your profession. For example, if you shoot a wedding and lose the memory cards before you get back to the studio, your professional liability insurance will help you if the couple sues.
Professional liability coverage is also great for situations where you shoot a once-in-a-lifetime event and then discover afterward that the client is unhappy with the pictures. Sometimes, they file a lawsuit for breach of contract or something similar. In that case, your professional liability insurance will help you by paying for your legal fees and any necessary settlement.
Photography is a creative, dynamic field to work in, but it isn’t without its risks. With the tips here, you’ll be better prepared and protected. Talk with a local insurance company today to see what your options are to protect yourself and your new business.