Get Business Insurance
Hey Phil here popping in for this lesson on insurance. So insurance is one of those things that you might hesitate on getting when you're starting out. It's also an additional expense that you might not have money to get when you're starting out. But of course it's something that can be very important, especially as you grow your business. Also, depending on how your business is, structured, insurance is there to protect you and if you're running your business as a sole proprietor or a partnership, your personal assets, um, aren't protected from with your business. And so that's an additional reason why insurance is important. Even if you have a corporation or LLC, it's important to have insurance. So I run my own personal production company and I have small business insurance, but there's a few different types that I want to just go over. So one is just general liability insurance and these types, sometimes the insurance, you get packages them into one sort of bundle. But general liab...
ility is probably the most important. This is this will cover things like if someone sues you, if you are on set and something happens, this will cover those kinds of incidents. So as a photographer, I would imagine this being important. If you are working on a set with different people, even with people that you're working for, not only your clients or if you are taking pictures out in public trying to sell things and you don't have the rights to do something and someone sues you, which you shouldn't be trying to sell anything you don't have the rights for. But if you end up doing that so ensues you. It protects you commercial property which is also usually bundled into photography insurance covers your equipment or things like your studio. So if there's someone, there's a theft, someone steals your equipment, you lose it. It breaks damages, your equipment, it's going to cover that. So those are the two that generally come together and I would recommend for any small business. There's a couple other things you might want to consider. One is disability insurance. This is if you get sick injured and you miss work, then you're going to continue to get paid as a photographer if you're doing this as your soul business, if something does happen and you aren't able to take on any jobs or anything like that. That could be really difficult for you or your family. So having some sort of disability insurance can be beneficial. And the last thing I'll just mention is if you have homeowners or rental insurance, you should check with them to see if they cover your business equipment. Some do up to a certain amount in terms of dollar amount. Some don't. So don't just assume that your homeowners insurance will cover things like your camera, your lenses, your computer, if it's for your business, a couple examples of companies that you might want to check out and get quotes from our professional photographers association that's P. P. A. They have a photo care plan Got Hill and Usher TCP Insurance and ensuring on these all have photography specific plans and they work a lot with photographers. You can also go under general, you know, your Geico, your state farm, your any other insurance company that does small business insurance can cover you as well depending on where you live and when you're watching this the cost is gonna Changed dramatically I'm sure and how much coverage you want but you can expect to pay anywhere from a few $100 up to $1,000 or or even a lot more depending on what your coverage is. So again insurance is just one of those things that as you grow your business it becomes more and more important, especially if your business is your your and your family's livelihood.