1. Camera equipment
- covers you for your camera bodies and lenses
- also might cover for laptops, computers, flash guns etc.
- typically will cover the cost of buying ‘new’ or ‘as new’ – depending on the excess you agree to
- equipment cover can be for when it’s kept at your home, your office, in your car, on your person, or any combination of these.
- there’s also travel-specific cover
- will typically cover for accident, loss or damage
- important to have, as replacing all of your kit if it was stolen from your car, or damaged in a fire etc, would be very costly.
- some equipment cover also covers loss of earnings if you can’t replace your kit for a few days etc.
Some home insurance may cover camera equipment, but only if you mention you work from home/have a home office.
As with everything insurance related, always declare all true information when you’re submitting applications.
2. Public Liability
- covers you for any accidents that may happen
- typically covers for damages sustained to property, belongings and persons eg. someone trips over your tripod and hurts themselves, or you knock over a Ming vase whilst photographing an event
- it covers your business, your employees and anyone you come into contact with during your session.
- some also cover your legal fees
- lots of clients won’t even consider booking you without it.
- most clients won’t legally be allowed to book you without you having it.
- typically starts at $1 million dollars and goes up in increments – $2 million, $5 million, $10 million and so on.
- depending on your country, you may also need workers’ insurance (for a 2nd shooter, for example) so double check
$ 1 million+ sounds like a lot, but consider being sued. Consider if you damage something priceless at a wedding venue, or a client trips and falls and needs their medical bills paying. Have a good think about the niche you work in, and what the repercussions could be….
- also known as Errors & Omissions insurance
- typically covers for oversight or mistakes made on your part
- covers for clients suing you for apparent sub-standard work eg. your client may not like their wedding photographs. Even though ‘like’ is open to interpretation (as is your standard of work produced) this matter may still be taken to court, so this type of insurance is necessary to cover you in this eventuality.
- it covers your business if your client suffers financially as a result of your error or omission
- most cover your legal fees
- cover is typically lower, starting at $50,000/$100,000, but again, be guided by your niche and the potential damages you might be taken to court for.
Action - next steps
I know this all sounds very bleak and dreary – lawsuits, mistakes, damages.
But you insure yourself if you go on vacation, right? And you’re hoping all’s fine then. You don’t go on vacation expecting to break a leg.
But you don’t go on a photo shoot expecting to break a priceless table or have a client hate your images so much that they sue you! (thankfully, this is more a rarity than ‘standard’!)
Accidents happen. Crises happen. Mistakes happen. And also, you might just get some really impossibly clients who can’t be pleased no matter what!
Cover your equipment, cover your business, and cover yourself.
It’d be silly not to, right?
And budget for it!
As I mentioned in my post about budget mistakes you can’t afford to make, remember to budget for insurance, as it can take a fair chunk out of your funds.
And, if you really want to know how to utilize a budget, plan your finances, work out how to start thinking about client pricing AND put a proper cost on your time, pop across and check out the Pricing Made Easy course!
With a comprehensive eBook, worksheets and ready-to-use calculators (to do all that difficult math for you) it’s the essential foundation you need to know your numbers, inside out!
Catch up again soon,