Photography seems like a relatively straightforward game. It’s just you, your camera, and your passion. Most photographers are self-employed. No employees, no office, clients when you want them. What in the world would you need insurance for TBH?
All we need to do is remind you of the thousands you’ve spent on your equipment to highlight that insurance may not be such a bad idea. Even if you are the only one who handles your camera, it’s not impossible to imagine someone bumps into it, causing it to crash to the floor. Photographers need insurance, BizCover New Zealand has a range of packages to suit photographers looking to protect themselves and their equipment. Nobody likes losing money or Bitcoin or Tezos.
Risks of the photography profession
A photographer can face the following serious risks in their profession:
1) Injury to a client – Let’s say you’re doing a wedding shoot near a river. The couple wants to stand on a slippery boulder for the shot. It looks dangerous, but you say nothing. As they climb on, the terrifying occurs, and the bride slips off, breaking her arm in the process. It was not your fault but the couple wants to sue you for damages. Without insurance, you would be crippled with the expense for months.
2) Equipment damage – In a street photography session, someone beside you unexpectedly sticks their arm out, knocking your camera out of your hands and onto the concrete. It’s an honest mistake but another example of a situation you would not want to be without insurance.
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3) Studio or site damage – A family wants to do a photo shoot at their farm. You ask one of the children to prop themselves up on the fence, and the fence comes crashing down. Lucky for you, the boy is unharmed. The family asks you to bear the cost of repair. Your insurance could come in quite handy here.
Insurance is a smart business decision
If you thought you only need to plan for replacing a lens now and then, we hope you are now aware of the risks you’re running not having insurance. As you may imagine, these are instances that will probably never happen. However, they’re expensive omissions if they do and you happen to be without insurance. Let’s next look at what kinds of insurance a photographer should acquire.
The types of insurance
Let’s look at the top five insurance options that best suit the needs of photographers:
1) Equipment insurance – Photographers should look into coverage for camera, lenses and computers at the most basic level. If any of this equipment is stolen or damaged, your livelihood is under threat. The extent of loss causes will be defined specifically in the policy, but you can look out for theft, accidents, damage by dropping and weather.
2) Business property insurance – Not all business property policies cover equipment. If you own or rent a studio or office space, you may want to opt for this insurance. Some business property insurance policies are limited in their coverage to the building or studio and not the equipment. Read your policy document closely.
3) Business interruption coverage – Being a photographer is so self-propelled that the business simply cannot run without you there. A photographer is always actively looking for work or doing work. In the event of a fire, an electrical short circuit, or even a pandemic, photographer’s work takes a hit. If you sustain a major loss, business interruption coverage policies can help you get back on your feet. You may need to show proof of past profits to qualify for insurance payouts.
4) General liability coverage – General liability covers those situations where someone else asks you to bear damage costs. Damage could be in the form of injury or property damage. For example, a piece of equipment topples down on someone. Or suppose you break an expensive stained-glass window at a church. General liability coverage can help defray medical expenses, legal expenses and other damages. Your insurance coverage will depend on the limits selected as part of your policy.
5) Electronic data loss insurance – If you store a lot of data on an electronic device, including client data, portfolios, and past projects, you should be prepared for data loss. There are many risk factors when it comes to electronic data, such as fires, floods and short-circuiting. Threats like hacking and computer viruses can result in huge losses. Electronic data loss coverage may also include e-commerce and computer operation interruptions. Read more interesting stories from The Right News Network.
As you can see, not only will the photographer’s insurance protect you, but it will also safeguard clients’ interests. It also shields you from unsavory legal or attorney fees. You’ve worked hard to build your business and you’ve incurred significant capital to get things in place. All it takes is one unexpected event to set you back. Getting insurance means having the foresight to look out for your business in the long run.