Whenever you budget the expenses of your business, Product Photography insurance must be included in the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Product Photography
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With the protection provided by general insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Product Photography enterprise, you must consider how much financial liability you are taking on.
If your Product Photography business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions.
In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Product Photography business?
What this means, for any Product Photography business owner, is that if some customer claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Product Photography business is not sheltered by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.
In some states, like Texas, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your Product Photography operations, you can’t escape responsibility for the outcomes of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.
What does Product Photography insurance protect you from?
For your Product Photography business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Product Photography business owner should know when negotiating the insurance needed.
The main types of insurance for your Product Photography businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Product Photography business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be ruined.
In such a case, they can demand compensation.
General liability insurance policy for your Product Photography business protects you against claims coming from injury to clients or damage to their property.
It protects your Product Photography business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The normal level of general liability insurance for your Product Photography business would be with a upper limit of $1 million for a single event and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Product Photography insurance operations.
Professional liability insurance for your Product Photography business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Product Photography business for them, you can quickly face a court case.
Even if the case against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Almost all small Product Photography business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.
See the table in the cost of Product Photography insurance section below for average prices of professional liability insurance for your Product Photography operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Product Photography
Only you can estimate exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Product Photography business
Beware! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle is being used for business purposes.
The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The required value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Product Photography business needs specific and costly equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The tools may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Product Photography business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Product Photography business’ equipment.
Commercial Property insurance
Any Product Photography business that owns or rents space in a building needs a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Product Photography business deals in areas of high risk, like Texas or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Product Photography business premises, there is a need for more supplementary cover than in warmer climes.
Because the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Product Photography insurance section below to give some estimate of the average prices per million dollars of property insurance for your Product Photography business.
Temporary insurance by month, week or day for your Product Photography business
Is your Product Photography business working part-time or casually, or is the level of business variable?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Product Photography – are special policies where you can cover a specific period when you want to be covered.
By only paying for that period of cover, you will save by having reduced premiums but still having adequate risk cover.
The key feature of short-term insurance is that you purchase the cover for a defined period – a specific date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of larger business activity, get the existing cover raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Product Photography business
You have the choice to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Product Photography businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are eligible to take out BOP cover.
The usual business that is eligible for a BOP policy must have no more than one hundred employees, and under five million dollars in annual turnover.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Product Photography business employees
In most states, it is mandatory to have workers compensation insurance when your Product Photography business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer obliged to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you can’t take out your workers compensation obligations from private insurance corporations.
Workers compensation charges are worked out based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Product Photography insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with a broker what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Product Photography businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1655 – $2675|
|Commercial insurance||$820 – $2685|
|Equipment insurance||$370 – $1275|
|General liability insurance||$750 – $820|
|Product liability insurance||$285 – $795|
|Public liability insurance||$275 – $505|
Cost of insurance for your Product Photography operations depends on many different factors.
We have calculated these figures for small freelance Product Photography businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they usually are about 20%-30% cheaper.
The location and size and type of your Product Photography business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Product Photography operations?
This is a wide term used to describe standard insurance policies designed to protect Product Photography business owners from risks like bodily injury, property damage, claims of negligence.
Does my Product Photography business have to have insurance?
Some of the types of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Product Photography business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The exact cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Product Photography insurance.
How much will Product Photography business insurance cost?
As well as the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.