| NYC Business Group
6 Types of Insurances Photographers Need
Starting a business is not an easy endeavor but if you are committed you can make it successful. Business interests differ but the principles differ from one person to another. If you are looking to invest in a good business, it is crucial to spend some money in the insurance business. Most photographers find it hard looking for an investor but if you know where to look you can make the right choice. Here are the 6 types of insurances all photographers need:
Why Do You Need a Photography Insurance?
If you are a professional photographer, equipment and liability insurance are the two types of insurances you should invest in. Remember, even if you have a limited liability company (LLC) or a corporation, there’s no limit to the corporation you should have in your business. In some states, it is essential to have some form of insurance before opening or operating a business. Here are some of the insurance policy you need before you start a photography business:
1. Equipment insurance
This insurance policy will cover all damages or losses because of a variety of events. However, the coverage, type of equipment, and the loss caused are determined by the policy. For any photographer, it is essential to invest in the following equipment; camera, lenses, business interruption, and computers among others. Photographers must invest in theft, weather, and severe damages due to dropping, etc.
2. General Liability Insurance
If you are working in sensitive environments as a photographer for example in weddings, extreme sports, or in newborn parties, this insurance policy is crucial to help you avoid legal suits concerning injuries, accidents, or claims. However, your general liability insurance depends on your circumstances, plans, and set goals. Allow us to shop around General Liability Quotes for you Today!
3. Commercial Automobile Insurance
If you have this insurance cover, it protects you against accidents if your automobile is not covered in commercial activities. With this policy, you will benefit from bodily injury and physical damage to your vehicle if you are in an accident. It is crucial to familiarize yourself with your laws to determine the best course of action depending on a wide range of circumstances.
4. Disability Insurance
Typically, disability insurance is always on business owners' to-do lists but they never invest. If you are the sole breadwinner, a disability insurance policy should not be negotiable. You should always have it. The policy ensures a photographer against the risk of a disability for example sickness that forbids them from working. Sometimes, things that are out of our control hinder our income gaining opportunities making it hard to earn a living. However, with disability insurance, you can support your family with ease.
5. Property Insurance
Protecting your studio against property damage is vital. Although most people do not think about it, it is one of the most important insurance policies. Imagine hiring a shooting location and it is destroyed or damaged!? You would be devastated especially if you invested in a lot of money. Therefore, as a professional photographer, investing in property insurance is the best option. Make sure your property is covered to the fullest, by speaking with an agent today
6. Life Insurance
No one will live forever. Therefore, investing in a life insurance policy is a good move to give your family and friends peace of mind when you pass away. Although you will have savings, life insurance will help settle your debts and related expenses in the event of your death. Besides a life insurance policy, it is crucial to check the following inclusions:
- Business interruption
- Short term disability
- Long term disability
Are There Other Ways to Protect Yourself?
Although investing in the right insurance policy is the best way to safeguard your business, there are other ways you can limit your risks and liabilities. For example, selecting a business structure that saves you money and using proper legal structures when investing in a business are some of the ways one can use to limit the risks. The two means are effective but they only work if you are dedicated, hardworking, and willing to sacrifice for what you believe in. Finally, your choice determines your profits and losses. For example, the insurance policy you choose can determine your fate i.e, whether you will land in court, mediation or in a resolution battle. It is essential to seek professional advice at all times. Get a Quote From Our Agency Today!