When operating your own business you want to be sure you are protected so one mistake or mishap won’t put you out. Different insurance agencies may offer you different policies and coverage. Below is an overview of what may be offered when searching for your insurance coverage for your photography business.

Byou may have different equipment, clientele, or locations depending on what type of photography business you run, it is important to get coverage that is right for you. In doing this, the cost, coverage, and deductible will most likely differ.  Policies will be priced to reflect the amount of equipment you have, the size of your business (# of employees), and your revenue.

As a photographer, it would be wise to have liability insurance and equipment insurance. Liability insurance safeguards the photographer’s business. Equipment insurance protects your equipment, such as cameras, lenses, and laptops. Investing in these two types of insurance is critical so that unforeseen circumstances don’t harm your business practice.

I decided to take a look at HISCOX coverage to see what insurance they provide.

General Liability Insurance

General liability insurance protects you against third-party claims for bodily injury and related medical costs.  Some examples of what could be covered are below:

Bodily injury: A client falls over your bag and you are legally liable for injury. HISCOX will cover the subsequent claim and related medical expenses up to your General Liability policy’s limits of liability.

Property damage and data loss: You spill coffee on a client’s server causing damage and loss of data. HISCOX will cover the subsequent claim up to you General Liability policy’s limits of liability.

Personal Injury: One of your employees is at lunch. He talks to the owner of the shop about one of your clients in a false and unflattering way. The client learns of this discussion and sues for slander. HISCOX will cover the subsequent claim, up to your General Liability policy’s limits of liability, and pay for an attorney to defend you if necessary.

Coverage includes:

• Injury to a third-party (not resulting from your services) and related medical bills
• Legal defense costs even if the lawsuit is groundless
• Liability resulting from damage to someone else’s property
• Liability for loss of a client’s electronic data for certain professions (as a result of damage to equipment)
• Actions of temporary staff covered as standard

Professional Liability Insurance

Professional liability insurance, also called errors and omission insurance (E & O insurance) protects your business if you are sued for negligently performing your services, even if you haven’t made a mistake.

Faulty memory card: You have been contracted to photograph and event, and your memory card fails causing you to lose all of your pictures. Your client could make a claim against you for failure to deliver the services promised. Professional liability insurance protects you against claims of negligence even if you haven’t made a mistake.

Dissatisfied client: you are hired to photograph a wedding, but you forget to take pictures of key family members. Your client may make a claim against you for negligence regarding the failure to fully deliver the services agreed upon. Professional liability insurance (errors and omissions insurance) protects you if such a claim is filed.

Coverage includes:

• Claims of negligence, even if you haven’t made a mistake
• Awarded damages and legal defense costs
• Claims for libel and slander arising from your service
• Unknown claims arising from previous work (back to an agreed date)
• Punitive damages up to $250,000 where allowed by law
• Claims arising from service performed by employees and temporary staff

Business Owner Insurance 

Many small business owners mistakenly believe that if they have general liability insurance, their own losses are covered as well as the losses of their customers. But a general liability policy does not protect you when it comes to your OWN property.

Equipment damage: Photographs and video can’t be taken without the proper equipment. HISCOX business owner insurance combines general liability coverage with protection for your photography equipment such as cameras, lights, computers, and grip equipment used to provide service.

Aside from HISCOX you may come across some of these other insurances:

• Business property and outdoor sign coverage
• Business income coverage
• Equipment breakdown insurance
• Medical payments coverage
• Basic Equipment Insurance
• Extra Equipment Insurance

Depending on who you decide to go through with insurance will determine what coverage you get and how much you will pay. Be sure to research to determine who will be the best fit, and what products they offer will be the best for your business.

Do you think the price of insurance is worth it?