Several factors contribute to the cost of video and photography business insurance, such as your level of risk and equipment value. Cost estimates are sourced from policies purchased by Insureon customers.
Videographers and photographers pay a median of less than $25 per month, or $275 per year, for general liability insurance. This policy covers third-party property damage and bodily injury, along with advertising injury.
Insureon’s licensed agents typically recommend a business owner’s policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your cameras and other gear, and costs less than purchasing each policy separately.
Among photographers and videographers that purchase general liability with Insureon, 56% pay less than $300 per year and 37% pay between $300 and $600 per year. The cost varies based on your industry and risk factors, the policy limits you choose, the size of your business, and other factors.
Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.
Most photo and video businesses (96%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
Photo and video professionals typically pay less than $45 per month for a business owner’s policy, or a median annual premium of $520. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.
Photographers and videographers pay a median of less than $55 per month, or $640 per year, for professional liability insurance. This policy, also known as errors and omissions insurance, covers legal costs for professional mistakes. It protects you if a client sues you for failing to finish editing a commercial on time, or losing a memory card of graduation ceremony images.
Among photo and video businesses that purchase professional liability insurance with Insureon, 33% pay less than $500 per year and 29% pay between $500 and $1,000 per year. The cost depends on the services you offer and your level of risk.
Most photo and video businesses (58%) choose professional liability policies with a $1 million per-occurrence limit and a $1 million aggregate limit.
To meet state requirements and avoid penalties, photography studios and video production businesses with employees typically must purchase workers’ compensation insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness.
Photo and video businesses pay a median premium of about $55 per month for workers’ compensation insurance, or $660 per year. Policy cost is determined by the number of employees and their occupational risk, among other factors.
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Insureon’s photo and video business insurance agents work with top-rated U.S. carriers to find the best coverage for your business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of freelance photographers, videographers, and photography and video production studios.