As a videographer, you capture important memories and events. You’re often out and about, getting in the middle of things to capture the best shot. No matter how careful you are, accidents can happen and issues can arise. Learn more about videographer business insurance.
Best Videographer Business Insurance
To find the best videographer business insurance, contact multiple providers for quotes. You can do that easily on Benzinga’s website by just entering your ZIP code. Here are Benzinga’s top picks for business insurance.
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How Videographer Business Insurance Works
Videographer business insurance policy isn’t a standalone policy. Instead, videographer insurance is a combination of policies designed to meet the needs of their business. The most common policies for videographers include general liability, professional liability, workers’ compensation and commercial auto insurance. A business owners policy may also be worth considering, as it bundles general liability insurance with other important types of coverage, often at a lower cost.
Types of Videographer Business Insurance
Here are the types of business insurance a videographer should consider:
General Liability Insurance
General liability insurance protects your business if there’s a personal injury or property damage caused by you or your employees. For example, someone could trip over a cable and hurt themselves, or you or an employee could hit an expensive light fixture with a boom mic.
This insurance covers medical payments for an injured person up to your policy limits. It also helps to cover legal defense fees and any settlements or awards related to a lawsuit.
General liability insurance also covers personal and advertising injury. This includes lawsuits related to libel, slander, copyright infringement and false advertising.
Commercial Property Insurance
Commercial property insurance protects where you do business. In addition to protecting the structure, it also helps cover your equipment and other contents, including any personal property. Even if your videographer business is home-based, you still need commercial property insurance. Your homeowners insurance may not cover claims related to your business. If you’re uncertain of what your homeowners insurance will and won’t cover when it comes to your business, talk to your insurance provider.
Commercial property insurance will typically cover losses due to fire, smoke, lightning, windstorms, vandalism, civil unrest, and some types of water damage.
Business Interruption Insurance
A disaster impacts more than just your physical property. If your equipment is damaged or destroyed, you may not be able to conduct business until it’s replaced and your property is repaired. That leads to a loss of income.
Business interruption insurance replaces a portion of your income while you’re unable to run your business. It can also pay lease, rent or mortgage payments, loan payments, taxes and employee payroll. Most policies have a 2-3 day waiting period and benefits last for 30 days. You can opt for a policy with a longer benefit period, though.
Business Owners Policy
A business owners policy (BOP) could be a good choice for videographers because it bundles 3 essential types of insurance: general liability, commercial property and business interruption insurance. It’s often cheaper to purchase a BOP than it is to purchase the policies separately. You may also be able to add on coverage, depending on the insurance company you’re working with.
To decide whether a BOP is right for you, look at the coverage you need and the costs of buying coverage separately versus together. Consider the costs and the overall coverage and choose what will protect your business the best.
Commercial Auto Insurance
If you’re driving a vehicle for work, including to and from video shoots or client meetings, you may need commercial auto insurance. It’s similar to personal auto insurance, but it tends to have higher policy limits. An insurance agent can help you determine whether you need commercial auto insurance based on your driving habits and how much you use a vehicle for business. If you have any vehicles only being used for business, then you definitely need commercial auto insurance.
Like personal auto insurance, you can tailor your coverage to your needs. At a minimum, you’ll need liability coverage, which covers injuries and property damage to others if you or an employee are found to be at fault in an accident. Some states also require uninsured/underinsured motorist coverage and medical payment coverage (also known as personal injury protection). Medical payment coverage covers the injuries of anyone in your vehicle if you’re involved in an accident.
Liability insurance only covers damage to the other vehicle if you’re involved in an at-fault collision. For repairs to your vehicle, you’ll need collision coverage. Collision coverage also covers repairs if you hit an object or your vehicle overturns. Comprehensive coverage is also worth considering. It covers damage that’s not caused by an accident. It typically covers losses due to floods, fires, theft, earthquakes, falling objects and more.
Professional Liability Insurance
As a videographer, your clients are counting on you to capture important moments. If something goes wrong, even if it’s no fault of your own, things could get litigious. Professional liability insurance covers claims related to your professional services. It typically covers the cost of a legal defense along with any settlements or awards by the court.
Commercial Umbrella Insurance
While business policies tend to have high limits, it’s possible for a claim to exceed those limits. If it does, you’re responsible for the difference. That’s why a commercial umbrella policy is worth considering. An umbrella policy picks up when an underlying policy is exhausted. Say you have a general liability policy with a $500,000 limit and $750,000 in damages are awarded by a court, the umbrella policy would pay the difference up to its policy limits.
Umbrella policies may also add coverage, like reimbursing you for deductibles. This varies by policy. You may have to meet certain policy minimums before you can purchase an umbrella policy. For example, you might need to have at least $500,000 in general liability coverage.
Small businesses are an increasingly popular target for cybercriminals. They have personal data for clients and they may not have the defenses in place that larger enterprises have. Cybersecurity insurance can help. It covers losses related to malware and ransomware, and it often covers identity theft protections for any clients with compromised information. It may also help defend you if a lawsuit results from a security breach.
Workers’ Compensation Insurance
If you have employees, you most likely need workers’ compensation insurance. It’s required in most states and it helps protect both you and your employees. If employees are injured on the job or develop an illness related to work, workers’ comp covers their medical costs. It also helps make up their lost wages if they need to take time off to recover. Workers’ compensation also protects employers from most lawsuits related to worker illnesses and injuries.
Employment Practices Liability Insurance
This coverage helps cover your legal defense and any awards or settlements related to employee lawsuits. This includes suits field for discrimination, breach of contract, failure to promote and wrongful termination. This coverage is sometimes available as an add-on to a BOP.
Cost of Videographer Business Insurance
The exact cost of videographer business insurance will vary depending on:
- Your business location
- The size of your business
- The number of employees
- The size of your payroll
Here are the average costs of videographer business insurance:
|Policy||Annual Premium||Coverage Limit|
|General Liability Insurance||$350||$2 million|
|Commercial Property Insurance||$755||$60,000|
|Business Interruption Insurance||$500-$1,500||Based on business income|
|Business Owners Policy||$350-$2,500||$1 million per occurrence/$2 million per policy term|
|Commercial Auto Insurance||$1,700||$1 million|
|Commercial Umbrella||$500-$1,500||$1 million|
|Employment Practices Liability Insurance||$800-$2,000||$500,000 per occurrence/$1 million per policy term|
Is Videographer Business Insurance Right for You?
You’ve worked hard to build your business. It’s important to protect what you’ve built with the right insurance. Which policies are right for you depend on the size of your business, how you work, the equipment you have and more. Talk to providers to find out what coverage they recommend. Getting quotes from multiple providers can also help you find coverage at a competitive rate. You can do that easily on Benzinga’s website by entering your ZIP code.