Five Essential Insurances Every Photographer and Film Maker Needs
Stating the obvious but worth reflecting upon, a business is an inanimate legal entity that cannot act or think for itself. It needs someone to act and think for it, that someone being a responsible Proprietor, Partner or controlling Director.
Seems obvious but so many are so absorbed in their work and making a success of the business they fail to keep a weather eye on the potential financial risks and liabilities being piled up in the wake of progress. Taking care of business is not just about winning fee paying work.
Is there any order of priority? Depends on your point of view, but Yes, in the opinion of someone who sees claims on a daily basis there is an order and this is it.
1) Public Liability covering claims from Third Parties
2) Employers Liability covering claims from all Workers (permanent and temporary)
3) Professional Indemnity covering claims from customers for failures in professional services
4) Commercial Legal Expenses covering commercial legal disputes (Debt Recovery, Contract Disputes + more)
5) Business property owned or for which you are liable under contract (rented/leased/borrowed)
Legal representation costs and damages can be rare but ruinous and relatively inexpensive to insure.
You should endeavour to cover all business property against the widest set of circumstances and events which might result in a significant Theft, loss of or damage, wherever it happens to be situated and at any given time (Home, location, Studio).
Having to immediately replace or repair studios and all photography equipment collections all at once is beyond most businesses resources.
There are a whole host of other insurances worth considering depending on individual circumstances, but it is safe to say the above are the core insurances most businesses cannot really afford to operate without.