Photography studios are in the business of preserving memories for families and businesses. You may have a certain specialty for your studio, such as portraits, maternity photos, baby photographs, family pictures, or even nature photographs. It is a business that has the potential to be very successful and rewarding, but it is also one with inherent risks. Photography studio business insurance is the best way to fully protect your business from your most common risks, which include damage to your business property and photography equipment, theft, and vandalism to name just a few.
Types of Photography Studio Business Insurance
There is a wide array of photography studio business insurance policies that cover all of your risk exposures. The following policies are the most essential ones to consider for your type of business:
Did you know that if you have a customer come into your studio that slips over a loose area rug, they can sue you for medical costs? Thankfully, though, this and other costs are covered by general liability. A general liability policy includes not just premises liability, but also protection from products you sell and services you provide. As a further illustration, if a customer sues you for a child getting injured during their session from a prop that has fallen, the costs associated with this lawsuit are covered by the policy.
Professional liability insurance is a very important policy to have as the owner of a photography studio. Also called errors and omissions insurance, this policy protects you from the services you provide. If you have a client that is not happy with your photography following an important event, such as a wedding or baby christening, she can sue you since the photos cannot be retaken. Professional liability will cover these types of lawsuits.
You most likely use your own vehicle for business purposes to conduct errands for your business like picking up supplies and props, and driving to special events. For this reason, it is imperative to have business auto insurance as an important photography studio business insurance policy. If you get into an accident while driving to a party you are photographing, any bodily injuries or vehicle damage will be covered by this commercial auto policy. You can also choose to add other coverage, including theft and vandalism protection.
There are a number of events that could occur and destroy your property and photography equipment. If this was to happen, it would mean needing to replace very expensive photography and lighting equipment, not to mention repairs to your studio. According to your policy terms, business property insurance covers these types of costs and gives you the opportunity to get back to work faster.
Cyber liability insurance is to protect your website from illegal and fraudulent activity. You are at risk for cyber crimes, even if you don’t have an online store. The website where you display your portfolio and share your services could cause you a loss if a hacker obtains your personal or financial information from the site, causes a virus that infects anyone who visits the website, or worse steals you or your customers’ identity. To protect your business, get a cyber liability insurance policy.
Most states in the U.S. require employees to have a workers’ compensation insurance policy for every worker. This protects your business from employees suffering from work-related injuries and illnesses and seek damages from you. If one of your photography assistants falls in the backroom while setting props on a high shelf, any injuries she sustains will be covered by the policy. It covers medical costs, prescriptions, recovery and loss of income if they can’t return to work for a while.
You are at risk for a variety of crimes, including a customer paying with a bad check, an employee embezzling money, theft of equipment, or vandalism of your business property. If you have crime insurance, any financial loss you experience from the crime is covered.
Photography studio business insurance is essential to protecting your business. The smallest unexpected event could be disastrous for your business income. After deciding on your biggest risks, be sure to find business insurance policies that cover each of them.