Insurance and Photographers

Readers!

Here is a quick snippet from one of our courses – are you protecting yourself with proper insurance?

7.10 – Insurance

We all know what insurance is; but just to be safe, let’s refresh ourselves on how insurance works.

Similar to our chapter of contracts, you are hereby advised to see out duly licensed insurance representation of your choosing,  regarding any and all matters related to your understanding and usage of insurance.

An insurance company is a third party company that you, the insured, pays a premium to, that will cover costs, and or damages when something adverse happens to what you’re insuring; whether a person, or thing. Essentially, you’re transferring your risk to someone else, however, you have to pay them to take it!

In this chapter, I’m going to talk about several different types of insurances, and how to know if you need them or not

General Liability – General liability, or “GL” is a type of insurance that protects you from a variety of claims, such as bodily injury, personal injury, property damage, and others, which stem from the practice of your business.I highly recommend that you immediately purchase GL insurance. It’s inexpensive, and can protect you from claims, and or lawsuits that could close your business, and cost you a fortune.

Equipment Insurance – Equipment insurance is self-explanatory: it protects you from the horrible cost that comes along with either losing, or damaging your equipment(Or someone stealing it!).I highly recommend equipment insurance once you own enough that would be too difficult for you to easily replace. Once we had around $10,000 in equipment insurance, we began insuring our equipment. This can be your camera gear, computers, lighting gear, etc.

Commercial Property Insurance (Business Contents/Casualty/Liability) – This is a type of insurance you must have when you open a storefront/retail business. This type of insurance covers everything in your place of business, including any harm to you, or anyone else who may enter your space.

Home Based Business Insurance – This type of insurance is similar to commercial property insurance in what it covers, however, it’s for home based businesses, not ones that operate out of a commercial space.

 

Many go back and forth as to whether you do need this or not, however, if you have anyone working out of your home other than you, and if your clients are coming to your home, I would strongly advise carrying this type of insurance.

 

Bonus Assignment: Talk to your insurance agent, and seek out their advice on which forms of insurance you should carry. Get some quotes, and determine when you’re ready to being insuring yourself. (As I mentioned before, I would immediately take out a GL policy)

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Have you built the business of your dreams? If not, why?

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