What should you look for in an insurance policy?
Photographers face many hazards everyday so the correct insurance cover is vital for their business to continue trading after a loss
If you’re running a business from home, or freelancing with your home as your base, do not assume that your home insurance will meet your business needs – the chances are it almost certainly will not. Even a home insurance policy with business insurance included may leave you exposed in a key areas. The same can be said when you are leasing an office premises. You should not assume that the landlord’s policy will provide your business with any protection.
When giving figures for your equipment to your broker, make sure the figure is adequate to replace all of your equipment for new. Where a particular model may no longer be available you should provide a figure to purchase an equivalent. Many claims payments are reduced when photographers have under-insured their equipment. Whether done in error or to obtain a cheaper premium, this can be costly in the event of a claim.
Once you have established the right sum for your equipment you need to look at what else is available. For example, if you work on location and travel, cover for a theft from an unattended vehicle is vital. You should make sure the sum insured is adequate, and more importantly that you meet the security requirements set out in your policy, such as the vehicle being secured at all points of entry, and any alarm and immobiliser being fully operational.
If any of your equipment was damaged what would happen to upcoming shoots? The solution is Increase Cost of Working cover. This key cover may not be given as standard, but it can cover you to hire equipment while your claim is being settled, so you can complete shoots you have in your diary – allowing you to maintain your income and the quality of your service. Having to cancel jobs at the last minute could affect not only your present circumsances but also future work.
Once you have completed a shoot post-production kicks off, but what happens if the film or memory card is damaged before you can extract the photos? Re-shoot cost cover will help you to reproduce the work carried out. This would include the cost of materials as well as travel costs and payments to third parties. And what if you fail to complete a contract, and a client or third party suffers a financial loss as a result of your alleged neglect or error? Professional Indemnity will provide cover to defend any claims against you and any resulting damages.
Finally, essential cover for any business is public liability. This covers your legal liability if a member of the public suffers bodily injury or damage to property as a result of your business. We’ll look at this in more detail in the next issue of Pro.
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