Photography insurance basically covers equipment, general liability, property, and professional liability. The coverage usually protects against fire, theft, and accidents by third parties.
If anything goes wrong in your photography business, the insurance protects you from having unnecessary liabilities that may cost you a lot of money. It can also protect you from legal actions taken against you by your clients, depending on the types of photography insurance you take.
There are many photography insurance companies, but finding the right one for your business can be a daunting task. In this copy, we have made a list of the top-rated photographers insurance companies offering affordable services. You can choose the one that suits your demands.
What is Photography Insurance?
Photography insurance is a coverage that helps to protect photographers and videographers from financial loss.
Photography insurance may include various types of protection, yet the most popular types of coverage you can buy include equipment insurance, general liability, etc.
Photographers most often suffer huge financial losses from equipment damage or client lawsuits, hence the need for insurance coverage.
Why Should You Get Insurance For Photography Business?
Photography insurance helps you spend more time doing the work you love and less time worrying about mistakes and accidents. Photography insurance can guard against unplanned costs. Whether you drop your camera, your kit was stolen at an event, or your photos fall short of your client’s expectations.
A photographer should note that photography insurance and photography copyright are two different things. Photography insurance will not handle the copyright issues you can face.
If you don’t have photography insurance or even the right kind of photography insurance, you could be risking your business, and worse yet your assets.
It can be frustrating spending money on insurance when you are just starting, a lot of new photographers feel they can not afford insurance.
If you also own a car, you may want to check out 15 Cheapest Car Insurance For Young Drivers
Best Business Insurance For Photographers
Whether you are working for a professional or a passionate enthusiast, keeping your gear up to date can cost a pretty penny. For this reason, you must ensure that all your equipment is well protected against damage or theft.
Here are the top 5 Business Insurance for Photographers
- Professional Photographers Association (PPA) – Photo Care
- Hill and Usher – Package Choice
- TCP – Photography Insurance
- Insureon – Photography Insurance
- HISCOX – Insurance for Photographers
#1. Professional Photographers Association (PPA) – Photo Care
It would only make sense to start with one of the most popular insurance options available.
Professional photographers association’s photo care provides up to $15,000 worth of coverage to ‘professional’ ‘active’ and ‘life’ members of their organization.
Photo Care’s insurance covers loss due to fire, in addition to photo equipment and computer hardware breakage. If a piece of your kit breaks, it will be replaced at its current value.
#2. Hill and Usher – Package Choice
Hill and Usher offer the best business insurance for photographers. In fact, in our search for the top insurance solution, we found several photographers mentioning their wonderful experience with Hill and Usher. An insurance company focused on protecting nearly everything you could imagine, Hill and Usher provide special packages for media professionals.
The company’s package choice insurance helps to safeguard the needs of photographers, videographers, graphic artists, web designers, and more.
The package coverage choice allows coverage for professional liability, photography gear, computers, portable electronics, etc.
Unlike the PPA you will need to contact Hill & Usher for a custom quote based on your needs.
#3. TCP – Photography Insurance
Though smaller than PPA and Hill & Usher, TCP has been in business for over forty years and offers a variety of different insurance options for photographers and cinematographers. TCP seems to always have your back when needed.
#4. Insureon – Photography Insurance
Insureon offers one of the best liability insurances for photographers. While not the most popular option when compared to our three previous examples, the insurer provides several different insurance policies for photographers, including general liability, business ownership, professional liability, inland marine, and so on.
The business owner’s policy is the best for the protection of goods and studios. The policy includes general liability insurance along with property insurance for your camera, equipment, and technology.
#5. HISCOX – Insurance for Photographers
Founded in 1901, HISCOX offers great business insurance for photographers by providing several unusual insurance policies for high-net-worth individuals, including computer hacking, kidnapping, and satellite damage.
Of course, we are most interested in their photographers’ insurance packages. However, if you purchase an aerial photography satellite, then it will be insured.
For those looking to protect equipment, once again the business owner’s policy would be the correct choice.
Electronic data loss insurance is also available if your data gets destroyed.
Photographer Equipment Insurance
As a photographer, you know how valuable your equipment is whether or not you are a full-time professional photographer, your photography equipment includes the tools of your trade, and losing or damaging any of them could be catastrophic to your business.
If you are serious about this business as a photographer, it is important to have equipment insurance. Technically this is known as inland marine insurance, and it protects your most important assets.
So now let us explore why photographers need equipment insurance and what it covers.
A photographer’s job is unique because it is not tied to an office or business premises. Instead, they only have to take equipment with them and set up an office in the great outdoors or at a wedding venue or someone else’s home.
Anywhere could be your workplace and you need insurance that will cover your equipment where ever it is. This insurance, initially known as ocean marine insurance, covers goods sent by ship, or across the seas.
This is ideal for photographers who need insurance for camera equipment that they take with them to jobs – on – location. From here we’ll just use the term “equipment insurance” just to make things easier for them to explain.
Business Insurance cost for Photographers
The business insurance cost for photographers is $16.67 per month but the exact price will vary depending on your specific circumstances and needs.
The kind of work you do, where you work, how many employees you have and other factors will impact your customized quote. You must come up with the most accurate information about your business to make sure you get the coverage that is right for you.
So that your claims are covered by your policy and so that any claims you might make are processed as soon as possible.
Besides, If you’re sourcing for your insurance funds, you may want to check out How To Make Money From Property
Photographer Year Insurance
Professional photographers and videographers need photography insurance to protect their assets from the cost of lawsuits and property damage. Typically that means having general liability, professional liability, and equipment coverage.
General liability and professional liability insurance for photographers typically costs between $1,250 to $2,300 per year, depending largely on the risks attributed to your line of work but also your clientele, venues, and also equipment.
Every photography business is different so the cost of insurance is different for every business.
Some photographer only needs insurance for their camera equipment or in the event of a lawsuit. While others may have a staff or studio so their costs are going to be high.
The three most common coverages photographers need include the following; general liability, professional liability, and commercial property. Although this policy costs around $1,500 to $2,900 annually.
The photographer’s operations and equipment value are some of the factors that determine the cost of insurance. It is also determined by whether they own the studio or rent it.
Other factors that can cost the photographers insurance;
- Deductibles: higher deductibles generally decrease the premium but mean more out-of-pocket costs to you when you have claims
- Coverage limits: your lower coverage limits also place more financial risk on you but can decrease the cost of your annual premium.
- Your revenue: insurers assume that business that makes more money have more to lose and raise costs accordingly
- Your employees: in addition to making workers’ compensation necessary, hiring more staff usually means greater liability risk. This can increase your premium.
- Your claims history: this can be a red flag for insurers and typically they charge higher rates if they think you are going to cost them more money by filling more claims.
Conclusion
Most professional photographers can cover their greatest risk exposures by purchasing general liability and commercial property insurance. Insurers typically offer a business owner’s policy that combines these coverages into one high-value, low-cost policy.
FAQs on Best Photographers Insurance
Technically, yes, photography insurance may include various types of protection, yet the most popular types you can buy include equipment insurance.
There are over 34,301 professional photographers currently employed in the United States of America. 52.6% of all professional photographers are women while 47.4% are men.
Because you work in a low-risk field, general liability is usually quite affordable, the median cost is about $259 for a whole year of coverage, so by contrast a one-day policy will cost you around $180 or more depending on the venue and the type of event.
Photography insurance is a coverage designed to specifically protect photographers and videographers from a big financial loss, typically through either damage to their equipment or due to a lawsuit.
References
- Fitsmallbusiness.com – photography year insurance
- Fitsmallbusiness.com – best insurance for photographers
- Nextinsurance.com – photography insurance cost
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