What You Need To Know About Camera Equipment Insurance
According to IBISWorld, there are 234,222 professional photography businesses operating in the U.S. in 2021. Given the sheer volume of different customer needs and projects, there’s always a chance that you could face several third-party claims and lawsuits. Some of the policies that can help you stay prepared are:
Business Owners Policy
A business owners policy (BOP) can help protect photography businesses from any claims and lawsuits, property damage, and equipment breakdowns.
They can also help you stay financially afloat if your business needs to suddenly close shop. For example, you slip and break your primary camera while shooting a wedding. Your BOP will cover both your lost income and the repair costs that resulted from the accident.
Commercial Property Insurance
If you’re working as a professional photographer, commercial property insurance is one of the most important coverages that you need to have in place. It can protect everything from your cameras and camera equipment to lighting gears and laptops that you use to process your client’s photos.
Proper commercial property insurance can cover you against any forms of theft, vandalism, wind, and fire damage.
General Liability Insurance
Every serious photographer will have a lot of equipment with them. Wedding photographers will have everything from multiple light reflectors and tripods, to multiple prime and telephoto lenses. While this can be beneficial for the photographer, it can put their clients and guests in danger.
For example, a child could trip over a tripod stand and injure themselves. In such instances, your general liability insurance can help pay for their medical fees.
Errors and Omissions Insurance
Errors and Omissions Insurance or E&O insurance is another important coverage that professional photographers need to have in place. It covers different claims and lawsuits that third parties could file as a response to your errors, incompetence, and delay in services.
For example, some organizers hire you hired to shoot a local folk concert. But they weren’t happy with the video or sound quality and decided to sue you. This policy can help pay for your defense costs.
Let us help you find the right camera equipment insurance to keep your photography hobby or profession afloat. Find a local insurance agent today!
