Running a successful videography business takes a lot more than filming. As with any business, it takes hard work and dedication to consistently deliver quality results for your clients, and it also comes with several risks, which is why you need to seriously consider videographer insurance.
For example, what if your equipment is damaged, or your studio is destroyed by a fire? What if a client or venue sues you? These are all possibilities that you need to prepare for. If you don’t have insurance, a single claim could ruin all your hard work.
Commercial insurance for videographers is an essential investment in the future of your business. There are different types of policies, and each addresses a specific business requirement.
So, which types of insurance do you need?
Videographer insurance policies to consider
Professional Liability Insurance
Sometimes referred to as Errors & Omissions insurance, this policy is designed to protect professional videographers against lawsuits that can arise from dissatisfied clients. For example, if you’re shooting a wedding and your equipment fails the client could sue you for failure to complete your job.
Not only will this put a dent in your bottom line, but it will damage your reputation as well. Professional Liability insurance will cover the legal defense costs, settlements and judgments that result from these lawsuits. This is an essential videographer insurance policy.
General Liability Insurance
The purpose of General Liability insurance is to protect your business against claims of third-party bodily injury and property damage. For example, if a client slips and falls on your property or you damage a client’s property while on a photoshoot, this videographer insurance policy can cover the damages.
This policy will cover you, your business and your employees. In addition, you can also indemnify vendors who sell your products so they can be covered under the policy.
Commercial Property Insurance
As the name suggests, this policy will protect your business property and equipment. It’s likely you have thousands of dollars worth of cameras, lighting tools and computers in your studio. In the event of a fire or accident, the loss of your equipment and property would be
covered. If you don’t have Commercial Property insurance, you’ll probably be left paying out-of-pocket.
If you’re thinking of leasing studio space, this videographer insurance policy is often required by landlords. Even if you’re working out of your home, you should still consider this policy. Homeowners and renters policies do not cover costs associated with damage to property or equipment used for business purposes.
Business Owner’s Policy
Did you know that videographers can bundle policies to save money on premiums and to make handling policies more convenient? A Business Owner’s Policy—BOP—is a combination of General Liability insurance and Commercial Property insurance. It simplifies the coverage requirements by combining two essential policies from one insurance broker while offering cost savings when compared to buying two policies separately.
Commercial Auto Insurance
As a videographer, you probably travel with your equipment to different locations for your clients’ needs. It’s important to protect yourself on the road with Commercial Auto insurance. This policy will cover the costs of damages that result from an auto accident.
Keep in mind, even if you’re using a personal vehicle you might still need this videographer insurance policy since personal auto policies generally will not cover accidents where the vehicle is being used for business purposes.
Cyber Liability Insurance
What can this type of policy do for a videographer? If you maintain a database of your customers’ personal information or accept payments through credit cards or other online means, you may want to consider buying Cyber Liability insurance. This protects your business against claims associated with cyberattacks such as identity theft or data breaches.
Hackers are everywhere, and anyone who stores information electronically is at risk. In fact, nearly a third of all data breaches involve small businesses and this policy can help pay for the costs associated with the loss of digital assets, cyber extortion and notification fees.
Having Cyber Liability insurance not only protects your business against huge financial losses, but it also shows your clients that you are serious about data protection and that you take care of your clients by making sure that their personal information is safe and secure.
The key takeaway
These are the videographer insurance policies that videographers should consider to protect their business. Choosing the right policies for your business may be overwhelming and time-consuming, so consider using a digital platform that can help you compare quotes and coverage options from multiple carriers. This will help you save time and money, letting you get back to growing your business.