From general liability insurance to workers’ compensation, learn how to understand and purchase the right insurance for your photo and video business. Check out our comprehensive articles and resources to discover how you can protect and grow your business.
Photo and Video Business Insurance Basics
Types of Photo and Video Business Insurance
What photo and video businesses need insurance?
Every photography or videography professional should have some basic insurance coverage, whether you’re on your own or part of a larger organization. Not only does insurance protect you against financial loss in unexpected circumstances, but it can also demonstrate to clients that you’re serious about your work. All of the following factors can open you up to the problems that insurance accounts for:
- You work with clients
- Members of the public visit your business property
- You perform work for clients at client locations or public spaces
- You own or lease company vehicles
- You drive a personal vehicle for work purposes
- You hire employees
- You own or rent commercial property
- Your business owns valuable property, such as cameras and lighting equipment
Photo and Video Business Insurance by Profession
Why is photo and video business insurance important?
Accidents and injuries can happen, especially when out on location or in the field.
Benefits: In everyday life, accidents happen, and people can get injured. If injuries happen on your business property or while out in the field, the liabilities could be financially devastating. With the right liability insurance, your insurer can cover the costs of any third-party injury suits that may come your way. Additionally, insurance such as workers’ compensation can provide medical and financial benefits for your employees if they are injured while on the job.
Risks: Without insurance, a single accident or injury could put your entire business at risk. If your business is unable to come up with the funds to pay for damages or pay the legal fees necessary to defend your business, you may need to sell your business assets or declare bankruptcy.
Business property and specialized equipment can be difficult and expensive to repair or replace.
Benefits: Business owners in the photography and videography industry depend on specialized equipment, including cameras, lighting, and computers, that may be expensive and difficult to replace. With business insurance, you can protect the value of these items. Commercial insurance can provide funds to repair or replace property that is damaged by a covered peril, including fire, theft, storm, and more.
Risks: If your business heavily relies on property or equipment, not having property coverage can put your company at severe risk. If a natural disaster occurs or if your commercial space is burglarized, you may have difficulty recovering financially on your own. Without insurance, you will be picking up the entire cost of repairing or replacing damaged or lost property, and if your business is forced to shut down temporarily, you will need to pay out of pocket to keep your business going.
Certain types of business insurance may be required in your state.
Benefits: In most states, companies are required by law to carry workers’ compensation insurance. Even in the safest conditions, accidents can happen, which is why insurance is a necessary solution. If an employee is injured while working for you, insurance will cover you financially as well as make your business compliant with the law.
Risks: Without workers’ compensation, your organization is wide open to financial loss should a worker get injured or sick as a direct cause of working for you. Moreover, multiple injuries could lead to financial losses that ruin your business. As many states have made carrying workers’ compensation part of the law, avoiding the coverage can land you in legal trouble resulting in penalties, fines, and in some cases, imprisonment.