Photography Insurance Cost

29.09.2022
Stefan

To borrow some Ray Bradbury, photography is, more often than not, a lonely business. For most professionals in the field, taking the freelancer route has become par for the course and as a result, having insurance is an absolute must. This is why we moved to research the photography insurance cost to give you an idea of how much to set aside should you decide to pursue photography as a career or hobby.

Photographer Insurance Cost by Type 

The most crucial factor in determining how much you will pay for your photography insurance is the type of policy you opt for. The best photographer insurance providers usually divide their offerings into two main categories — business general liability insurance and business property insurance.

General Business Liability

This plan type is used when you’re held liable for any damages or losses resulting from your work. It covers any claims, lawsuits, and losses resulting from business operations, such as injuries occurring on a commercial property or during your activities. 

The photographer’s liability insurance cost usually goes from $1,250 per year for basic coverage to $3,000 or more for better protection. The exact amount is contingent on factors such as equipment, venues, the type of customers you work with, etc.

Professional Liability Insurance

This type of insurance covers photographers against any financial loss that may result from errors made while taking pictures or other aspects of their job. Professional liability insurance is generally included with general business liability because artists are responsible for the way they conduct their work. 

Their mistakes should not reflect on their client’s businesses, which is why this coverage is needed. 

This liability insurance for photographers generally costs $750 yearly for basic coverage or more for better protection. Sometimes, the price tag might be as much as $1,500 or even higher. 

Property Photography Insurance

These policies protect your business if there’s a loss or damage to property and equipment. It could result from fire, theft, vandalism, natural disasters, and other causes. 

  • Commercial property insurance covers equipment, furnishings, tools, and other personal property used in the business.
  • Commercial auto insurance protects against vehicular accidents when the photographer is driving to or from an assignment or on the way to pick up supplies or equipment. 
  • Equipment breakdown insurance covers the mechanical failure of essential business equipment, such as cameras and computers. 
  • Business income insurance — provides compensation for lost income directly related to property and equipment damage caused by a covered loss. It includes overtime wages and replacements for destroyed or damaged property.

The photography equipment insurance cost can be between $500 and $1,000 annually. This cost can vary depending on the area you live in and the coverage you need. 

Inland Marine Photography Insurance

This option provides coverage for damage to your property (such as your photography equipment) due to transport. Since commercial property insurance covers your gear only at a specific address listed in the policy (such as your photography studio), inland marine insurance is needed for photoshoots in other locations. Typically, the photography insurance cost for inland marine policies ranges from $450 to $750 per year, although it can get much more expensive in some cases.

Business Owners Policy (BOP) 

The BOP combines several types of business insurance to create one policy, such as general liability insurance and commercial property insurance, which will cover the photographer’s equipment. Getting BOP is around $500 per year. 

Other Factors Influencing the Photography Business Insurance Cost

According to photography statistics, the premium will vary depending on factors such as how long you’ve been in business, the amount of coverage you purchase, and the level of risk involved. The more valuable your items are, or the larger your clientele, the higher your premium will be.

How to Find a Photography Liability Specialist

A good start is asking other professionals in your industry which agency they recommend. You can also check with local business associations or chambers of commerce, as they may have lists of approved agencies. 

Another resource is the Better Business Bureau (BBB). Many photography insurance companies are members, allowing you to check for complaints against them. Finally, referrals from friends and family who work in other businesses are always an excellent source for finding insurance agents. After going through these steps, you will most likely have a comprehensive list of the photography liability insurance cost in your niche and area.

Benefits of Photography Business Insurance

Coverage for your photography apparatus is always an important consideration – especially since most photographers need to invest in large amounts of equipment. Additionally, insurance may cover you if a client makes a claim against you because they’re unhappy with their photos. Holding professional liability insurance can help protect your business from costly lawsuits. You could also be held liable for accidents (including bodily injury) that occur in your studio or in the case of external venues, incidents occurring while you were taking the photos. 

Photography Insurance Limitations 

Of course, the first thing to come to mind is the business insurance cost for photographers, which, in some cases, may be too much of a burden, especially for a brand-new photography venture.

The most significant limitation is that professional liability covers specific incidents. For example, if something on your property causes damage to your neighbor’s place and they decide to sue you, this form of photographer liability may provide coverage. However, if you cause damage or personal injury on one of your shoots or while using your equipment in general, it’s typically not covered. Commercial general liability insurance may be helpful in some cases when purchasing professional liability doesn’t protect you completely. 

If you’ve never worked with an insurance provider before, it’s highly recommended that you read up on the different types of policies they offer before making any decisions. It can save you time, money, and stress down the road. This will also give you a good idea of the photography insurance cost you should expect, so you don’t end up overpaying. 

Leave a Reply

Your email address will not be published. Required fields are marked *