In any business, it is important to understand why you need to take out an insurance policy for your photography and videography services. You need to protect your business from the many risks involved in running it.
Sure, an insurance policy is expensive and it might cut a hole in your pockets especially if the business is just starting but remember that the expenses incurred during accidents and other unforeseen circumstances may even be more than what you bargained for.
A policy will protect your business from financial losses
There will be tough economic times ahead. There will be times when your business will experience financial losses. During these times, it is your insurance policy that will protect you from the impact of the financial losses.
It can shoulder your business’ losses when and if your camera equipment gets broken. Losing customers will also have a huge impact on your business but your insurance can cover the losses incurred during this period.
A policy will cover your attorney’s fees
No matter how you try to run and manage your business, there might be lawsuits in the future. An especially sensitive client can sue you for creative reasons or for not meeting deadlines (which you really should). Hiring a lawyer to represent you in court and handle your case can be very expensive.
Your insurance policy can cover the fees associated with representing you in court. And in the event that you may need to settle a case and pay a client, it is your insurance coverage that will carry you through.
A policy can protect you from copyright infringement
Photos and videos have always been protected by copyright and while rarely do we experience a photographer getting sued because of raw footages, stranger things have happened around here. So when a copyright infringement case gets filed against you, your insurance policy can take charge.
Settlements involving copyright infringement cases can go to thousands of dollars. It is important not to shell out any of your cash capital for this because your money is better used for investing in equipment, computers, etc.
For many business owners, an insurance policy is an added expense that they don’t care for. Believe it or not, there are thousands of businesses out there that do not have insurance coverages simply because they do not want the additional cost. But in the end, their businesses suffer and they shoulder the impact of the risks they have taken.
Your insurance policy is your protection from risks incurred in running and managing a business. It has a wide range of coverage—from commercial to attorneys’ fees to bodily and property damages. If you have to scrimp on something, don’t let it be your insurance coverage.