While creativity is key to success in photography, it is equally important to make smart business decisions. When it comes to scheduling shoots, meeting clients, and taking photos, you already have plenty on your mind. It’s not hard to see that there are many unpredictable aspects involved in performing your work.
You’ll encounter many risks when running a photography business, especially when it involves equipment and customers. Photographer’s insurance can be a reliable way not only to protect your property but also to relax your mind.
Let’s look at four important types of insurance for photographers that every photographer might want to consider.
Unless you specialise in self-portraits, your studio will likely be teeming with customers, suppliers, and many others throughout your business journey. While you want your business to buzz, you might want to consider that each time someone enters your studio, they risk being injured.
From slips, trips, and falls to suspended lighting and heavy equipment, a lot could go wrong. There is even the risk of someone’s property being damaged, for which you could also be held liable.
Public Liability cover* is an essential type of insurance for photography businesses to safeguard against the risk of these situations. It is there to protect you from third-party personal injury or property damage claims resulting from your business activities.
Business Insurance* is a package designed to protect photographers from material damage loss to your physical assets and financial loss due to the interruption of your business processes.
It can protect you from various situations, such as risks to your photography studio and the contents inside against loss, damage or theft, as well as cover against any loss of money due to your business being interrupted in some cases.
The critical thing about Business Insurance packs is that you can select what risks you want insured and get the right cover for your situation. That way, you can have the peace of mind that your building and contents are protected from several risks through one policy.
Claims example**
When a photography business experienced severe weather over one weekend, rainwater backing on the roof and running down internally caused damage to a custom-built cyclorama wall. Blocked street draining also caused water to pool and run under a roller door soaking the cyclorama wall from the opposite side. Warping and cracking made the wall unusable for commercial photography.
Luckily, the claim for $13,600 was paid under the Building and Contents section of the Business Insurance policy to reconstruct the damaged wall and flooring.
While the safety of your clients and their property is essential, so is your own health and safety. Being injured or ill for a period of time could affect your ability to work in your photography studio. This could derail your plans and put you well behind schedule, which is not a great position to be in, especially when you’re not feeling great.
This is where Personal Accident & Illness (PA) insurance can come in handy, as it can protect you from income loss if you can’t work because of illness or injury. PA insurance, which could pay you up to 85 per cent of your salary under maximum limits, is also designed to generally protect you even if you sustain an injury or get an illness outside the workplace.
You can also potentially add Accidental Death or Disablement cover, which may provide a lump sum payment to your beneficiaries if you die an accidental death, or to you, if you are permanently disabled.
With an estimated cost to the Australian economy reaching approximately $42 billion in 2022, cybercrime is a growing concern and risk to small businesses across nearly all industries. There is also a wide variety of cybercrime, from phone scams to ransomware attacks, making it hard for small businesses with limited resources to protect against. Photography businesses are certainly not immune to these attacks, and it could spell disaster for your business both reputationally and financially if you were targeted.
Cyber Liability insurance* has become an essential insurance policy not just for photographers but for most Australian small businesses. It is designed to protect your business from claims and support you financially if a cyber breach or attack occurs.
The policy may also cover the costs associated with defending the claim.
There are plenty of situations where Cyber Liability insurance could assist your business. From inadvertent loss or release of customer personal information, loss of your online digital assets to cybercrime and even cyber extortion and even business interruption in some cases, it is important to consider this important form of protection for your photography business.
The bottom line
As this article shows, there are many risks when running a photography studio. Luckily, many insurance policies are also designed to protect your business. Running a business can be stressful. Luckily sorting out your insurance for photographers doesn’t have to be. Visit BizCover today to compare quotes from all these products online, and you’ll be sorted in no time – no dramas.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, Public Liability Australia is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769)
**The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizCover.
