Why do professional photographers need insurance?

Professional photographers can be full-time or part-time. They can shoot weddings, commercial, fine arts, or real estate. Regardless of the type of photography you faces financial risk. Some of these risk are - you cause injury to others, you damage others property, or you fail to deliver a product. You may be held liable and financial responsible. In addition, you face the risk financial loss if your equipment is stolen or damaged. Further, your need to protect your data through data recovery coverage.

 

Risk management is the forecasting and evaluation of financial risk together with the identification of procedures to avoid or minimize their impact. (That will make your roll your eye.) To accomplish this simply engage my free services. I understand photography. Risk management is my profession. Combine them and I am uniquely qualified to put together a customized risk management for your photography business.

 

Take a few minutes to "Request A Quote" at www.nationalphotographersinsurance.com or call me at 801-451-8880. I appreciate our sponsorship relationship. 

Costa Rica

Costa Rico is a photographer's dream of beauty with great shots everywhere! Here I am on a zip line with my Nikon D810 trying out a new Nikon 20 mm f1.8 lense. The ride thrilled me and I saw the jungle from a new perspective. As I zipped along at 1,000 MPH (not really, but it felt like it!) 100 feet above the jungle floor, I thought "Did I add my new lense to my equipment insurance policy?" quickly followed by "How many of my photographer friends will come to my funeral?".

Needless to say I arrive on terra firma safe and sound with some great shots to share. 

Does your policy have Professional Liability Coverage

Many of the professional photographers that contact me to review their their current policy DO NOT have professional liability coverage. They have general liability coverage only. Consider this:

Professional Liability Coverage - This coverage responds to Third Party loss caused by a “wrongful act” arising out of ‘professional services.’ Covers liability and defense costs from claims that allege errors or omissions in the rendering of professional services. Protects insureds from “Wrongful Acts” arising out of Professional Services:

  • Negligent Act

  • Errors and Omissions

  • Misleading Statement or Misstatement

One example of this coverage is as follows: A family hired a photographer to take family portraits as well as individual pictures of their three children. The agreement with the photographer stipulated that they would retain all pictures, and that the photographer would retain all negatives for in-house use only. While shopping at a local clothing store, the family discovered several of their pictures had been sold as advertising photos to the store. Further investigation revealed that several other photos had been sold by the photographer to catalog companies for use in upcoming advertisements. The family sued alleging breach of contract. The claim settled for $50,000 with legal fees of $20,000.

In addition to broad professional liability coverage I recommend an additional specified form of professional liability called "Photography Endorsement" 

PHOTOGRAPHY ENDORSEMENT RIDER - For about $10 per month you can now cover the following:

Failure To Deliver Photographic Product - Covers you "because of a failure to deliver photographic product due to loss of or damage to photographic film or electronic media in connection with the operation of your business as a photographer."

Photographers Errors & Omissions Coverage (Professional Liability)

This coverage provides for the legal obligations arising out of Professional errors, negligent acts or omissions during the course of practicing your profession. The value of having this coverage - protection if you are sued for acts that you perform in your profession. Coverage limits are available from $10,000 to $1,000,000. I'm always asked for example to illustrate coverage:

1) You take pictures of a wedding, but when you transfer the images from your card to your hard drive you notice that most are not turning out as expected.

2) You incorrectly calendar an appointment to shoot a wedding causing you to miss the event. Your client seeks damages.