Business Insurance

[nancy s.]

I am planning on purchasing business insurance before going back to doing

commercial event and wedding photography. I will likley never have a problem

and will likely just help to make the insurance industry rich(er).

 

There is a saying that prevention is 9/10ths of the cure and all others have

insurance, so I think Insurance is a necessity of business. I have always had

Commercial business insurance in other businesses.

 

That being said, what coverage do you currently carry and what extensions

(such as 'errors and omissions') do you carry?

 

If you do not carry insurance, please share your thinking on this as well.

 

As added information, I have a good day job and have no intention of being a

commercial event photographer full time.

 

Thank you.

[neilambrose]

<p>Insurance for every bit of camera and computer equipment that's owned by my business, including cover for accidental damage and theft, and full public liability. I hope I'll never need it but I'm happy to pay it since the replacement cost would be unaffordable if I lost it all at once.</p>

[nancy s.]

Thanks. Of course I will cover equipment and have general liability.

Do you have any extensions, such as errors and omissions?

[david_schilling___chicago_]

You might want to look into the insurance offerred via PPA and/or WPPI.

[annealmasy]

Hill & Usher offers comprehensive photographer's insurance.

 

That said, we have all of our insurance through State Farm, including a commercial policy

that covers all of our gear, and a commercial liability policy (which would, in essense, cover

the "errors and ommissions" you're talking about).

 

If you own even one camera I wouldn't suggest that you even walk out your door without

insurance.

[nancy s.]

I have no intention of restarting my business w/o insurance.

 

Years back on my farm I had insurance (of course) and it covered a lot of things including a theft one time of every tool we owned. Stolen right out of the garage!

 

Before I was the operator my Father In Law had insurance and it covered him in a liability suit. Literally saved the farm.

 

The essentials of having business insurance are not lost on me. I will have it.

 

I am just looking for ideas before I go back to doing weddings and investigating the latest thinking on this subject.

 

Thank you.

[surfidaho]

If you advertise with wedj.com, they offer very inexpensive insurance. The savings more than pays for your listing.

 

Later,

 

Paulsky

[elwood_dowd]

Nancy, depending on what state you are in insurance, only helps the insurer. What are you trying to protect? Have a lawyer write your wedding contract, and you won't need insurance.

 

Most wedding photographers try to fly beneath the radar.

[nancy s.]

Elwood, while NOT getting insurance is a common business practice, I have no intention of going w/o. I agree that many PT wedding shooters don't claim either income on their taxes or pay for insurance. This approach is not without risk and I understand that.

 

However, knowing the risk and knowing what I can lose as a result of that risk AND knowing how the courts can work, I am not willing to let my life's assets ride on a contractual agreement which would have to be proven in court.

 

IOW if I am arranging people for formals and Grandma trips on her way to having her photo taken and shatters her knee/hip/arm (you choose) in a fall, I would be named in the lawsuit. While my contract may protect me, I have seen judges do some pretty "creative" financing in court... and the cost of hiring a defense lawyer and all the rest would likely more than pay my insurance premiums.

[hugh_jaramillo]

I think that there are three basic types of insurances that you need:

 

1. Liability insurance (up to a million dollars), that is about 10 bucks a month from State Farm

 

2. Equipement insurance, to cover all eventualities, but only on your "core equipment" with payment at replacement value.

 

3. And last but not least, required your brides to obtain "wedding insurance, with photo clauses" of their own, that will cover you in the event that you do not show up (for a good reason), or if something happens on the side of the bride.

 

The last one can be a hard sale on the side of the bride but well worth is for them.

 

http://www.wedsafe.com/wedding-insurance.html

 

Hugh

[annealmasy]

<i>Elwood Dowd, Jul 06, 2007; 05:16 a.m.

<br>Nancy, depending on what state you are in insurance, only helps the insurer. What

are you trying to protect? Have a lawyer write your wedding contract, and you won't need

insurance.</i>

<p>

This is just not true. My insurance covers the replacement cost of my laptop if I drop it

down the stairs, or my camera if it falls in a lake. My insurance covers me if I knock over

an expensive vase in the bride's home, or if my lightstand collapses and hits someone in

the head. There is no contract in the world that would prevent me from needing insurance

for these scenarios.

<p>

<i>Elwood Dowd, Jul 06, 2007; 05:16 a.m.

<br>Most wedding photographers try to fly beneath the radar.</i>

<p>

I sincerely hope that "most" wedding photographers are NOT operating this way! There's

nothing more risky than not reporting income (particularly substantial income) -- or worse

yet, not collecting and paying sales tax! The state and IRS do NOT cut small businesses

any slack. You're taking a big risk if you choose to just "hope for the best" and operate a

not-so-legitimate business.

<p>

I would wager that most of the shady photographers we hear about are those who haven't

dotted their i's and crossed their t's. If a photographer doesn't have the ethics to get the

appropriate licenses, pay the correct taxes, and carry solid insurance, there's little reason

to believe s/he would provide a consistantly high-quality service/product to a client.

[nancy s.]

Elwood... I mean Steven Levine of the Mid Hudson Valley now of gosh knows where... .. You flew under the radar for a lot of years didn't you? As Edsel, as FStop fitzgerald and now as Elwood....

 

Very funneee....

 

You can run but you just cannot hide fella.. give it up.

[jerry_lawson1]

You can also get more info and answers to your <a href="http://www.weddinginsuranceguide.com">wedding insurance</a>

questions from the<a href="http://www.weddinginsuranceguide.com"> Wedding Insurance Guide</a>