Are You a Photographer? Find Out What Kind of Insurance You May Need
Insurance for Photographers
Whether you are a professional or a hobbyist, photography is an expensive activity. Good equipment can cost upwards of thousands of dollars. Unfortunately, there is a lot of glass in said equipment; even good quality cameras and lights are going to be fragile by nature. That is why insurance for photographers is so important.
When you spend a lot of money on something, it is only natural that you may consider investing in insurance. Insurance is a rather heavy topic, no matter what it’s for. Being informed can make it easier when facing such an important decision.
Depending on the type of photographer you are, it may or may not make sense to have everything covered, as there are several different types of insurance for photographers. On the most basic level, all photographers use cameras.
Camera Insurance
This one is probably the most straightforward. Camera insurance will cover a chunk (if not all) of the costs incurred when your camera is broken or damaged.
Often, when you get camera insurance, you can also opt to get your equipment insured as well. This could include lenses, tripods and lights.
This is an incredibly smart idea considering how expensive cameras are.
Even if you are super careful and only work is safe environments — accidents happen. Especially when you work with expensive devices like a DSLR camera, you can easily lose thousands of dollars in an instant. All it takes is one drop.
What Does It Cover?
Most insurance will cover these accidental damages as well as “acts of god” (like fires or floods) and theft. Just be aware, it’s best to reserve your claims for major losses.
Insurance is available for both new and secondhand equipment. If you are renting equipment, the rental company will likely offer you an insurance policy upfront.
How Much Does It Cost?
If you file a claim for every little damage you encounter, it can drive your premium up. Mathematically, it would make more sense to just pay the minor things out of pocket.
Another thing that may drive up your premium with some companies is the nature of your photography work. For example, if you are a wedding photographer who often shoots outside, they may charge you more.
Outside of these possible factors, the fee is often calculated based off the commercial value of your insured equipment. On average, you can expect to pay between $250 and $600 per year.
Liability Insurance
If you are just a hobbyist, you don’t need to read any further. It is a lot more complicated for people who make a business from their photography. Whether you are a freelancer or a proper business owner, liability insurance for photographers is a must.
In most cases, you can’t book a major gig without proof of this insurance. If they don’t check and something goes wrong, you can be in big financial trouble.
What Does It Cover?
Things can go wrong, even at the smallest locations. At parties and weddings especially, there are a lot of people walking around without complete focus.
Let’s say someone trips over your camera or a cable you laid out. Or, imagine that you lean too far and accidentally spill something on sound equipment. Someone could even just get injured in your studio.
Sure, your camera insurance will cover the costs of damages you experience, but what about the damages you directly or indirectly cause to others? Lawsuits are very expensive and nearly impossible for the average American to pay out of pocket.
Liability insurance takes care of these expenses and covers all legal fees (including the cost of your defense team, settlements and damages). This is something expected of any small business.
It is important to note that these do not cover damages to employed individuals. Worker’s Compensation Insurance is a more complicated topic which varies by state. It is important to familiarize yourself with local laws as it is legally required by many states depending on the number of employees.
How Much Does It Cost?
This is very hard to gauge as it is highly dependent on the nature of your business, although it normally costs a couple of hundred dollars to a couple thousand a year. You need to get in touch with an insurance agency to get a quote.
It may feel annoying to spend so much money on something you don’t seem to use, but it’s always better to have it just in case (instead of footing the end of a hefty, unexpected bill).
Indemnity Insurance
Errors and Omissions Insurance is the final coverage plan that would be directly related to the photography business. As photography can be a delicate business that relies heavily on reputation, this is a must for keeping your name clear and your funds in check.
What Does It Cover?
Working with people isn’t always pleasant; it’s the sad reality of any service job. Especially when you are working with people during major life events, people’s expectations can be a little higher than normal.
Even if you do your job perfectly, there are some people that will complain. When people argue that your work didn’t live up to their expectations, things can get ugly. They can argue that you owe them due to your inability to fulfill your professional obligation. This insurance covers these problems.
How Much Does It Cost?
This is typically not very expensive, ranging between $100 and a couple hundred a year. It is often offered as a simple add-on to your liability insurance.
Having Peace of Mind
Having the right insurance as a photographer can be the difference between a little accident and financial ruin. Making sure you have the right insurance is the responsible thing to do. It allows you to take your mind off the bureaucracy and focus on the actual photography.
