Running a successful Photography business goes way beyond point and shoot. From fashion photographers cheering-up models on cold studio floors, to editorial shoots in the dying light of a long day on location – the vagaries of professional photography are the stuff of legend. Meeting with clients, planning shoots, and storing equipment comes with many variables that aren’t easy to control – and that’s before a single shot has been taken.
Many photographers are unaware of the risks they are exposed to and can possibly put their livelihoods at risk if they don’t have the right cover. Public liability insurance, photographic equipment insurance or professional indemnity insurance can help protect against financial damages involving injury, destruction of property, or professional negligence – in this article we’ll cover all you need to know about insurance for photographers.
To some extent, requirements are set by your professional body, if you’re a member of one. For example, the Master Photographers Association and the British Institute of Professional Photography both ask their members to have up to date professional indemnity, as well as public liability. The most obvious insurance product to start with is to insure your equipment.
When was the last time you stopped to consider how much your equipment was worth? Or what might happen should it get accidentally broken or even stolen? As a professional photographer, you would have compiled a good collection of cameras, lenses and other equipment over the years. It is imperative they are correctly valued and fully insured. Over the course of your career, chances are you will suffer damage to your equipment at some point. Photography equipment can be extremely expensive to replace, which is why insuring it is so important to professionals. If it gets damaged or stolen, the cost of repair or replacement can be the difference between profit or bust. We can advise on the exact cover to suit you and your particular photography business.
Beyond equipment insurance, there are other types of cover we would recommend for a photography business that you may not have considered.
Most of your clients will expect you to have Public Liability cover which is necessary in case of accidental damage to other people’s property or, heaven forbid, accidental bodily injury. It’s not a legal requirement to have this type of insurance, however, it is highly recommended and often expected.
‘PI’ has you covered in the event of negligence; should you miss key shots, over or underexpose, or quite simply miss the mark from a creative stand-point. Say you’re halfway through a wedding when your memory card malfunctions or a misunderstanding with the client leads to you arriving at an event at the wrong time and missing the crucial shots. Professional liability insurance covers claims pertaining to negligence, faulty advice, and misrepresentation. If the client is unhappy and hell-bent on recovering their expenses and more, Professional Indemnity insurance will protect you.
If you have your own studio or working premises it could be worth considering commercial property insurance. It would be very difficult to continue doing your job if your equipment or premises were to sustain significant damage. Property insurance offers coverage to minimise risk.
Those who store client data online or depend on the Internet to do business should consider taking out a cyber policy to cover business interruption and other risks associated with a data breach or cyber attack.
We will look at your Photography Business in depth and advise you on all aspects of cover and risk in order to offer you a bespoke product. You can begin the conversation by calling us on 02073827710, use our contact form, or email us.