How much does photography and videography insurance cost?

Photographers and videographers spend an average of $29 per month, or $350 per year, on general liability insurance.

Photography and videography businesses may need this coverage in order to sign a commercial lease, get licensed, or work with certain clients.

General liability insurance covers legal costs when a third party (someone outside your company) files a lawsuit over property damage, a bodily injury, or a personal injury, such as invasion of privacy. It also covers copyright infringement and other advertising injuries.

For example, a client could trip over your tripod during a photo shoot and suffer an injury. Or, an employee at your business might drop and break a client's smartphone. If they file a lawsuit, a general liability policy would help pay for your legal costs.

This is the average general liability insurance policy for photography and videography companies that buy from TechInsurance:

Premium: $29 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of general liability insurance depends on several factors, including the policy limits and deductible you choose. Insurance providers will also consider your line of work (such as, wedding photographer, portrait photographer, etc.), the size of your business, and any additional insured endorsements you may have.

Among photographers and videographers who buy general liability insurance with TechInsurance, 35% pay less than $25 per month and 90% pay less than $50 per month.

Your policy limits, location, and business income affect the cost of your premium. You can help reduce your cost to an amount that better fits your photography business's budget by selecting lower coverage limits or a higher deductible.

The majority of photography and videography small business owners (93%) choose a general liability insurance policy with a $1 million per-occurrence limit and a $2 million aggregate limit.

Photography and videography professionals pay an average of $47 per month, or $570 annually, for a business owner's policy (BOP).

A business owner's policy bundles general liability coverage with commercial property insurance at a lower rate than buying these policies separately. It protects against the most common liability and property lawsuits, and helps your photography business recover financially after a fire, burglary, or other property loss.

Smaller photo and video businesses that face few risks may be eligible for a BOP.

This is the average business owner's policy for photography and videography businesses that buy from TechInsurance:

Premium: $47 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

You can often add business interruption insurance to a BOP to protect against the costs of a temporary shutdown tied to a covered property claim.

For example, this policy would help pay for employee wages and the cost of renting a temporary space if your studio closes for renovation after a fire. Not only will this coverage allow you to keep serving clients, but it can help you avoid financial losses related to the closure.

The cost of a business owner's policy mostly depends on the value of your business property, including your studio and photography equipment. Other factors like your policy limits, deductible, and business income will also affect BOP costs.

Photo and video businesses pay an average of $43 per month, or $519 yearly, for inland marine insurance.

It's important to know that commercial property insurance only covers your main business location and its contents. If you bring items to jobsites or store them off-site, such as your camera equipment, you'll need inland marine insurance for protection against fires, theft, and other property losses.

Tools and equipment coverage is a type of inland marine insurance. Specifically, it covers business equipment that is valued at under $10,000 and is less than five years old. This includes cameras, tripods, lighting equipment, and similar items.

As with the cost of commercial property insurance, the cost of tools and equipment insurance mostly depends on how much your items are worth.

On average, photography and videography companies pay $56 per month, or an annual premium of $670, for workers' compensation insurance.

Workers' compensation coverage pays for medical expenses and provides disability benefits if you or an employee suffers an injury on the job, or develops an occupational disease.

For instance, if an assistant at your business trips over lighting equipment and breaks their leg, this policy would pay for their doctor appointments, prescriptions, and any other medical costs. It also supplies part of the income they miss out on while they're recovering and unable to work.

State laws determine when you need workers' comp. In most states, you need it as soon as you hire your first employee. Only Texas and South Dakota do not have requirements for workers' comp.

Most workers' compensation policies include employer's liability insurance. This type of insurance helps pay for legal defense costs related to workplace injuries.

Though sole proprietors and independent contractors aren't often required to carry workers' comp, it's still a good idea to buy this coverage. If you're injured on the job, your health insurance plan will likely deny the claim, leaving you with hefty out-of-pocket medical bills and significant financial loss.

Insurance companies will take into account the number of employees you have, their occupational risks, and your claims history when calculating the cost of workers' compensation coverage.

Risk management techniques, such as keeping a clean and organized work environment, can help you avoid injuries and keep your claims history clean, which in turn keeps your premium low.

Among photography and videography businesses that purchase a workers' compensation policy through TechInsurance, 42% pay less than $50 per month for coverage and 85% pay less than $100.

The chance of an injury while at work is the biggest factor in determining workers' compensation insurance premiums. Photography and videography companies that have a higher risk of injury should expect to pay more.

Photo and video businesses pay an average premium of $42 per month, or $500 annually, for professional liability insurance.

This policy is also referred to as errors and omissions insurance (E&O) or malpractice insurance, depending on your industry.

Professional liability insurance helps pay for lawsuits related to accusations of professional negligence, such as lost video footage, blurry photos, or a faulty memory card.

Below is the average professional liability coverage for photography and videography studios that buy from TechInsurance:

Insurance premium: $42 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

The cost of professional liability insurance depends on factors such as the policy limits and deductible you choose, your line of work, and your claims history.

Among photographers and videographers who purchase professional liability insurance with TechInsurance, 26% pay less than $30 per month while 75% pay less than $60 per month.

Over half of photography and videography small business owners (56%) choose a professional liability insurance policy with a $1 million per-occurrence limit and a $1 million aggregate limit.

Your profession's risk of getting sued over the quality of your work is a key factor in determining your professional liability insurance costs.

This includes your chances of facing a lawsuit over:

• Mistakes and oversights
• Breach of contract
• Late or undelivered work
• Failure to meet a standard of care

Small businesses spend an average of $147 per month, or $1,762 per year, on commercial auto insurance.

Most states require this coverage for vehicles owned by a photography or videography business, including cars or vans. If you get into an accident, it can help pay for medical expenses, property repairs, and legal fees. It also covers vehicle theft and vandalism.

Keep in mind that sole proprietors and independent contractors who drive their own vehicle for work will need extra coverage as well. Your personal auto policy won't cover work-related accidents, so you'll want to consider buying hired and non-owned auto insurance (HNOA).

HNOA provides liability coverage for personal, leased, and rented vehicles driven for work purposes.

Insurance companies consider many factors when determining commercial auto insurance costs. That includes your employees' driving records, policy limits and deductibles, the number of vehicles you own and their value, and the coverage options you choose.