Jump to content

Welcome to NikonForums.com
Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, post status updates, manage your profile and so much more. If you already have an account, login here - otherwise create an account for free today!
Photo

Liability Insurance

business insurance business insurance

  • Please log in to reply
8 replies to this topic

#1
KurtCopeland

KurtCopeland

    Senior Member

  • Forum Member
  • PipPipPipPipPip
  • 119 posts
  • Country Flag

Site Supporter

I'm filling out the form to get a quote for photographer's business insurance and it wants to know how much liability insurance I would like.

 

The lowest option, besides "other", starts at $1,000,000.00 (Wait...what?)

 

So...what would be a decent amount of liability of insurance for an individual just starting out with no clients, no marketing, and no "past year's income from your business" to list and less than $3000.00 of gear?

 

What would be the best deal I could get on "real" insurance? Or should I even bother?

 

:P

 

 



#2
Afterimage

Afterimage

    Forum Veteran

  • Forum Member
  • PipPipPipPipPipPipPip
  • 615 posts
  • Country Flag
  • LocationPennsylvania

The real question here is "Do you believe that you will be in a position to have a steady revenue stream and a clientele base that would require Liability Insurance?"

 

$1M is very standard for liability policies. My "pay the bills" job has me dealing with professionals that are required to carry at least a $250,000 individual / $1M aggregate personal liability policy. It's a very standard amount across many industries.

 

I'd like to hear what sort of business you intend to operate, what kind of risk you foresee, and the environment you plan to operate before making a judgement call on if you need liability insurance at all. If your business is dealing with the public in a high profile way where you are being hired to render a service, like a wedding photographer, then insurance is almost a "must-have". If you are shooting wildlife on state grounds then I'd probably give you a different answer.

 

Personally I do not carry liability insurance but my situation maybe very different then yours. I'm very much a semi-ish pro, mostly shoot for fun but occasionally make "beer money" now and then. My greatest risk is I shoot very expensive cars for an organizer / owner where I'm acting as a 3rd party. Theoretically I could have some type of crazy mishap and damage a million dollar car but I'm shooting for either the owner or the event and would be covered by the insurance carried by the 1st or 2nd party. That said, I know I risk the ire of an owner and the organizers if something stupid happened but I do not feel that Liability Insurance is need nor do the organizer require me to carry it.

 

...see how complex the issue can get?...



#3
TBonz

TBonz

    Sportz Guy

  • Forum Member
  • PipPipPipPipPipPipPipPip
  • 3,652 posts
  • Country Flag
  • LocationOn A Field Somewhere...

Site Supporter

I would agree with AI, but as always, your milage may vary...Most photographers that I know carry a rider on their home owner's insurance to cover their gear (which is usually well over the $3000 you mention), but that is about it as typically they are covered by the organization they are shooting for in terms of liability.  In my case, it isn't unusual for photographers to be injured shooting sports.  I'm sure you've seen photographers run over at events or hit by baseballs - my friend who shoots lots of MLB stuff has gotten broken bones and concussions from foul balls a few times as a simple example.  



#4
KurtCopeland

KurtCopeland

    Senior Member

  • Forum Member
  • PipPipPipPipPip
  • 119 posts
  • Country Flag

Site Supporter

Thanks for the responses. To answer the type of business question, I was thinking about shooting real estate for homeowners trying to sell their homes. It would involve going to the client's home and everything that entails. I'm thinking some liability insurance would probably be a good idea.

 

I am still far away from submitting an actual business plan. Just trying to think about the details.



#5
Afterimage

Afterimage

    Forum Veteran

  • Forum Member
  • PipPipPipPipPipPipPip
  • 615 posts
  • Country Flag
  • LocationPennsylvania

In that case I would say "yes" to needing insurance. If you are trying to step into real estate photography as a business you should cover yourself accordingly. I think the risk is low but you maybe required to carry the insurance by the seller's agency.



#6
TBonz

TBonz

    Sportz Guy

  • Forum Member
  • PipPipPipPipPipPipPipPip
  • 3,652 posts
  • Country Flag
  • LocationOn A Field Somewhere...

Site Supporter

Yep, for that you are probably correct in your planning.  I would suggest trying to find others who do similar work (check with agents you know, etc.) to see if it is required or find out what others do.  



#7
Merco_61

Merco_61

    Nikonian

  • Premium Member
  • PipPipPipPipPipPipPipPip
  • 10,587 posts
  • Country Flag
  • LocationUppsala, Sweden

Site Supporter

Here, no real estate broker will hire a photographer without liability insurance. It is as easy as that...



#8
KurtCopeland

KurtCopeland

    Senior Member

  • Forum Member
  • PipPipPipPipPip
  • 119 posts
  • Country Flag

Site Supporter

Thanks again, all, for the great advice. I have been in contact with the SBA and will be getting more "local" specifics concerning what is actually required. I certainly do appreciate all of your perspectives on what also really makes sense to have. As always, I'm glad I asked here in the forums. :)



#9
Afterimage

Afterimage

    Forum Veteran

  • Forum Member
  • PipPipPipPipPipPipPip
  • 615 posts
  • Country Flag
  • LocationPennsylvania

Glad to help! :)







Also tagged with one or more of these keywords: business insurance, business, insurance