assurance for Your Photography business

Workers Comp Lawyers - assurance for Your Photography business

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Insurance is one of those things that all the time seems like a waste of money right up to the point when you need it. Watching your prized 70-200 lens attached to your beloved full frame camera bounce down a set of concrete stairs will probably invoke a string of curse words that would make a sailor blush. And when you realize you don't have assurance you are up the proverbial creek, because no assurance firm in the world will cover you retroactively for an accident. assurance for your photography firm is no different.

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As with all things else that I blather about, I'm not an master on insurance. all things in this post is based on my own taste and what I've learned along the way. Relative to your photography business, there two key components to assurance and a good procedure will encompass both. The first deals with your equipment, and the second deals with protecting your business. Note that workers comp and health assurance are dissimilar topics and are not covered by a firm policy. I may bore you with these topics down the road.

Equipment
The median photographer will have -k in tool (see my toys post), and a studio or market photographer could well have 0k in gear. Your assurance procedure will not only protect this tool from fire and theft, but also from breakage. Stories abound of dropping a brand new 00 lens or driving off with your camera on top of the car. Whatever who is in this firm long sufficient is bound to have a claim at some point, more than likely for breakage.

The inquire often arises about having your homeowner's procedure cover photography tool - if you are a hobbyist or an amateur this may be the best option for you. However, as soon as you use your tool to originate revenue, then your homeowner's procedure will no longer suffice (or be valid). In the case where you your homeowner's procedure is going to cover your equipment, be sure to taste your agent so they can make the acceptable addendum to your policy. Most polices will add an "Inland Marine" rider to your procedure (The funny name dates back to mules and barges. Google it.) - each and every item will need to be detailed on the procedure as well as serial numbers and change cost. The procedure is relatively economical, around 0/year for k in equipment. Be sure to add your laptop and computer tool to the itemized schedule. Depending on your policy, you may have the added advantage of having a deductible for a claimed loss on this type of policy.

For those of you who are using your gear in a firm (even if you are losing money), you need to have a firm procedure that specifically covers photography equipment. This is one of those weird specialized industries in the assurance world, and there aren't a lot of associates that supply this type of coverage. Even if your agent says your firm procedure will cover your equipment, triple check, and only believe him once you have a procedure in hand with a program of your tool listed on the policy. I was only able to find 3 associates in the whole country who covered photography equipment: Taylor & Taylor Associates, Hoffberger assurance and Tom C. Pickard. More on this below.

In comparison to a homeowner's policy, a photography assurance procedure will typically have a 0 deductible. Which is steep, but still not horrible if you are taking into catalogue the cost of a lens, camera body, or laptop. As I mentioned above, ensure the procedure will cover accidental breakage such as spilling a cup of coffee onto your laptop or having an assistant drop your camera bag down the stairs. You should also check with your agent about theft from a car, as many policies will exclude this from the procedure (it's obviously an prominent part of total coverage).

One last notice regarding tool - if you do any international travel, be sure that your procedure includes worldwide coverage.

The above seminar is definite to "listed" equipment, meaning the items that you have itemized and are specifically scheduled on your policy. Additionally, your procedure will also supply coverage for "business contents" which refers to items that don't leave the office. This might comprise printers, monitors, office furniture, cats, and so forth. My procedure includes k of firm contents coverage.

General Liability
General liability assurance is a basic component of all firm assurance policies, and it's no dissimilar for photographers. This assurance will protect you from knocking over Grandma at a wedding and breaking her hip, or having a light stand fall on a model and accidentally giving her a new "look."

It will also help protect you against advertising damages - in short, when another firm claims that you hurt their reputation as a result of your marketing practices. For example: I claim to be the best photographer in the universe and another photographer disagrees and decides to sue me because I hurt his business. Of procedure they could also sue me for being stupid. In America, you can sue Whatever for Whatever - whether or not it holds up in court is a dissimilar matter.

My current procedure includes million in normal liability with a million per occurrence limit which includes "personal injury and advertising injury". It also includes 0k premises damage, and k for medical payment.

Errors & Omissions
Errors and Omissions (E&O), also referred to as expert liability insurance, is a extra type of assurance for individuals who supply expert services. Historically this assurance applies to professionals such as lawyers, accountants, architects, and realtors, but it has also been extended to cover designers, consultants, and photographers. For doctors, it's known as malpractice insurance.

E&O assurance is especially prominent to market photographers. It will help protect you in the case where a client claims that you did not meet the obligations of a contract. Essentially E&O will help cover legal costs if a claim is brought against you. Because legal costs can be astronomical, this should be an integral part of your coverage. Here is a great example of E&O in action: a photographer did a market shoot and obtained a signed model release from the model's parent (because the model was a minor). Unfortunately for the photographer, the parent who signed the release was not the legal guardian of the child (her parents were separated), and the other parent sued the photographer. E&O helped cover the legal costs.

E&O isn't included as part of your normal liability - it is a cut off coverage and provides very definite coverage. In the example above, the photographer would have been Sol without E&O coverage.

Special Considerations
There are a concentrate further coverages you may want to consider for your policy. firm interruption assurance is especially prominent if you are a studio photographer. God forbid your studio burns down (earthquake & flood are not covered), your assurance procedure will pay you for the losses sustained for up to 12 months.

If you are a market photographer you may want your procedure to cover props, sets and wardrobe items. Additionally, you may want coverage for rented tool (such as lights or extra equipment) if this something that pertains to your business.

A unique coverage for photographers relates to bad film stock (or warehouse cards), camera malfunction and lab processing errors. For example, let's say you are hired to do a job and after returning home you find out that your Cf cards are unreadable and you (stupidly) didn't back up the images while on the job site. This assurance will pay for the costs to reproduce the job, basically "do-over insurance."

You may also want your procedure to cover rented automobiles - because it is firm related, your personal car assurance procedure will likely not cover a claim.

Finally, most policies will only cover property damage in the U.S. (this is dissimilar than tool coverage). Extended coverage will comprise worldwide property damage.

Cost & Where to Buy
I mentioned a few dissimilar assurance associates near the top of this post. I am using Taylor & Taylor assurance - they are recommended by Asmp and have a extra photographer's package that provides all the unique coverages I outlined in this post. A typical procedure will cost about 00 per year. Although that is not cheap, it is a drop in the pail if your tool is stolen or broken, or worse, if you face a claim against your business. It's also possible to get a stripped down procedure for around 0 - this will comprise normal liability and tool coverage, but not E&O, props/wardrobe, or camera malfunction/processing errors.

Everyone's firm model is different, so you will need to choose the coverage that is acceptable for your business. You don't want to overpay for coverage you don't need, but you also don't want to get caught with your pants down and not have sufficient coverage. The whole process can be a bit overwhelming, so don't afraid to ask your agent (lots of) questions when you don't understand.

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