Videographer & Photographer Business Owners Policy (BOP)
The professional videographer and photographer certainly enjoy an enormous amount of creative freedom while performing services for their respective clients; but there are certain inherent risks that must be transferred to an insurance company so that if an error is made or if expensive photography or videography equipment is stolen or damaged, the videographer and photographer will have the needed insurance coverage for financial protection.
The most efficient way to obtain coverage for your equipment and liability exposure is with a Business Owners Policy (BOP). The BOP is referred to as a package policy since it provides liability coverage and property coverage for your business. There are also many endorsements (add-ons) that can be purchased to make sure all your bases are covered. The typical policy will include the following:
Although commonly referred to as “slip and fall” insurance, General Liability coverage pays if you or your business becomes liable for causing bodily injury to another person or property damage as a result of your services.
Included in the BOP is coverage for property you own or lease. This could be a building that you own or equipment used for your business such as cameras, lighting, computers or anything else owned by the business. The best way to insure your property is through what is known as “replacement cost” so that you will be reimbursed for the cost of new equipment rather than “actual cash value” which takes depreciation into consideration.
Medical Payments coverage provides a limited amount of coverage for injuries that you may have caused but proof of liability is not required. This means that the insurance company will pay up to the limit you select without the alleged injured party having to sue you.
Business Interruption coverage is very important to every business owner. This coverage will pay a monthly reimbursement up to a limit of time that you select to reimburse you for income loss resulting from a covered loss. A good example for this protection would be if a videographer uses a studio to perform services and that studio was damaged as the result of a covered peril such as a fire. If you are unable to perform services while the studio is under repair, the insurance company will pay for additional expenses and loss of income while you relocate to another studio on a short term basis.
If you use employees while performing services, there could be a risk that the employee is not completely trustworthy. A typical example for this coverage is if your employee managed to steal property belonging to your client and or their guests or employees.
Newly Acquired Property
Also a very important coverage, newly acquired property extends coverage to property you purchase the moment the transaction is completed. This would certainly be important if you just invested in an expensive piece of equipment only to have it damaged or stolen on the way back to your home or event.
If you are videoing an event at a venue, it is common for the venue owner or manager to require you to list their business as an additional insured on your policy. Doing so extends your Liability coverage to the venue and will provide coverage if the venue owner is named in an action brought against you.
Depending on the insurance company you purchase your BOP from, there can be many more endorsements to consider so be sure and discuss them with our agents. If your videography or photography business is important to you, then make certain that you transfer your risk to a highly rated and financially sound insurance company like those offered by Videographerinsurance.com.
BOP Policy Claim Scenario
Your lighting setup really helps create perfect shots in an otherwise dark setting. Everything is going well when suddenly a guest is lying on the floor behind you writhing in pain. He tripped over the power cord to your lighting rig and twisted his knee.
Weeks pass and sure enough, you receive a letter from an attorney. You are being sued for damages due to your negligence in setting up your photography lighting. The venue and wedding are also named in the suit and it may very well turn out to be their fault. Either way you must prepare to defend yourself and your business.
This is when that $34 a month investment in a Professional Liability policy provides instant relief. Simply call your insurance company and forward the lawyer’s letter. Guilty or not, it’s now out of your hands. The relief you feel is enormous.