Whenever you budget the expenses of your business, wedding photographers 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 Wedding Photographers
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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 unwanted happens.
Like any business owner, for your wedding photographers enterprise, you must consider how much financial risk you are taking on.
If your wedding photographers business runs without proper insurance, you are taking a tremendous 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 results of their actions.
In this article, we are giving very general guidelines for startup businesses to highlight what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your wedding photographers business?
What this means, for any wedding photographers business owner, is that if some customer claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your wedding photographers business is not sheltered by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like Texas, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.
In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have sued for.
When you are running your wedding photographers operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you as a person.
What does wedding photographers insurance protect you from?
For your wedding photographers business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any wedding photographers business owner should know when negotiating the insurance needed.
The main categories of insurance for your wedding photographers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any wedding photographers business is dealing directly with other people, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your wedding photographers business protects you against claims coming from injury to clients or damage to their property.
It protects your wedding photographers business from the claims themselves and as well 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 usual level of general liability insurance for your wedding photographers business would be with a boundary 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 wedding photographers insurance operations.
Professional liability insurance for your wedding photographers business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your wedding photographers business for them, you can quickly have to fight a monetary claim.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small wedding photographers business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of wedding photographers insurance section below for average prices of professional liability insurance for your wedding photographers operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your guidance was basically incorrect.
You need to understand the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for wedding photographers
Only you can determine exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your wedding photographers business
Beware! – almost all policies for private vehicle insurance do not cover any event 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 designated commercial vehicle insurance package.
Commercial van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted 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 wedding photographers business needs unique and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.
Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your wedding photographers business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your wedding photographers business’ equipment.
Commercial Property insurance
Any wedding photographers business that owns or rents space in a building must have a commercial property insurance policy.
If you own the space, you may already have a substantial capital investment, as well as a big liability if there’s a mortgage.
Any physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your wedding photographers business deals in areas of high risk, like Texas or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of wedding photographers business premises, there is a need for more supplementary cover than in warmer climes.
Whereas 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 wedding photographers insurance section below to give some estimate of the average prices per million dollars of property insurance for your wedding photographers business.
Temporary insurance by month, week or day for your wedding photographers business
Is your wedding photographers 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 wedding photographers – are special policies where you can cover a nominated period when you want to be covered.
By only paying for that period of cover, you will save by having less premiums but still having identical risk cover.
The important feature of short-term insurance is that you buy the cover for a defined period – a designated 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 higher 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 wedding photographers business
You have the option to combine a few 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 incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will shield you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized wedding photographers businesses, such as yours.
There are some limits that will dictate 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 permitted to take out BOP cover.
The normal business that can take out a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual turnover.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your wedding photographers business employees
In most states, it is mandatory to have workers compensation insurance when your wedding photographers business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s laws in this regard can leave you as the employer required to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you cannot take out your workers compensation obligations from private insurance corporations.
Workers compensation charges are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every wedding photographers 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 an insurance representative what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your wedding photographers businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1605 – $2535|
|Product liability insurance||$215 – $665|
|Public liability insurance||$250 – $625|
|General liability insurance||$555 – $1040|
|Commercial insurance||$810 – $2690|
|Equipment insurance||$310 – $1475|
Cost of insurance for your wedding photographers operations depends on many different factors.
We have reckoned these figures for small freelance wedding photographers businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they can be about 20%-30% less.
The location and size and type of your wedding photographers 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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As well you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for wedding photographers operations?
This is an umbrella term used to describe standard insurance policies designed to protect wedding photographers business owners from risks like bodily injury, property damage, claims of negligence.
Does my wedding photographers business have to have insurance?
Some of the kinds 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 wedding photographers business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a third-party for bodily injury, property damage, or negligence.
The precise cover will vary based on your own operations.
See the table in the costing section above for average prices of the most common policies for wedding photographers insurance.
How much will wedding photographers business insurance cost?
In addition to the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for wedding photographers, in the search box below, and follow the relevant links.