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If you’re looking to start your Photo and Video Services business or if you already run an Agent/Manager for Artists and Entertainers business one of the most important business steps is investing in insurance. Without the right insurance or proper coverage, your Photo and Video Services business is at risk of costing you thousands of dollars or putting you out of business entirely. In this resource, you’ll get an idea of how much Photo and Video Services insurance might cost and which insurance types you may need to purchase to ensure that your business is protected.
The average cost of Photo and Video Services insurance is approximately $1,000 - $5,000 a year but could vary depending on the coverage option you choose and your provider.
Below is a Photo and Video Services insurance average cost breakdown:
Here are some of the factors that can impact Photo and Video Services insurance rate:
What Type of Insurance Is Needed for a Photo and Video Services? Running an Photo and Video Services is no small task between clients, PR agencies and Technology platforms its around the clock mission and it can open a risk of potential errors that why you need to secure the right insurance for your business, IT is important to consider the types of insurance you’ll need to fully protect your business and vehicle from liabilities, theft, and collisions. The following insurance types are necessary for Photo and Video Services businesses including general liability, commercial property insurance, and business income.
Every ad agency and small business has unique needs, and insurance coverages vary depending on what you do exactly. Many ad agencies start with a Business Owner’s Policy (BOP). This combines three coverages essential to business owners:
General liability insurance or advertisers’ liability insurance, which helps cover claims that your ad agency caused:
It helps in protecting against all omissions and errors while the professionals provide equivalent services to the users.
The definition mentioned above isn't the only meaning of professional liability insurance. This definition aspect varies based on the insured professional. It typically helps you safeguard against negligence and mistakes that can even cause you financial loss. It helps you in covering the legal defense cost, helping you in overcoming appropriate damages. The aspects that it covers depend on the professional liability insurance itself. It has three types that are commonly used against usual errors in the professional world.
Business income insurance to help replace your ad agency’s lost income if you can’t operate because of covered property damage, such as a fire or burglary.
Commercial auto insurance is required for all vehicles used for business purposes to protect from liabilities and damage in transit. The policies included in commercial auto insurance protect your vehicle from physical damage to the unit and items permanently attached to your vehicle by bolts, plumbing, and gas lines.
Personal auto policies are sometimes used for smaller vehicles. Be sure to ask your policy provider and local jurisdiction before selecting a personal policy over a commercial policy.
Contents insurance covers the items that are in your Photo and Video Services but not permanently fixed to the unit. Contents insurance is often labeled as contents coverage insurance or business property insurance. Business owners have the option to choose between an actual cash value policy (which would provide the cost of the product minus depreciation) and replacement cost value (which covers the cost of a new product). Replacement policies will come with a higher premium than actual cash policies.
It is important to pair property insurance with general liability insurance. Ask one of our agents if your business qualify for BOP policy., ensure that you secure maximum savings.
Workers’ compensation is needed to protect your employees with wages and medical benefits if they get ill or injured at work.
Workers' compensation is a legal requirement by OSHA in most states for Agent/Manager for Photo and Video Services and is highly recommended in the remaining states to ensure that your business is fully protected.
WA construction project involves lots of materials and equipment that could get lost, stolen, or damaged. Builders risk insurance helps protect builders and contractors from those losses. This type of insurance is also beneficial for subcontractors and equipment owners involved in the project. It’s typically provided along with the contractor's general liability insurance.
Any construction site always has the potential to violate certain environmental laws due to its capacity to pollute a given area, and there is no shortage of third parties who are willing to file suit against any contractor caught breaching such laws. Many contractors choose to purchase contractor’s pollution insurance policies to protect their business from such claims.
As you draft your Photo and Video Services business plan, you’ll also want to begin your search into finding the right Photo and Video Services insurance for your business.
Most insurance companies that provide auto insurance will have the policies required to protect your Photo and Video Services business. It is important to explore a few provider options to ensure full coverage will be provided to you. You may receive a discount for bundling insurance policies with one company, but you can use multiple insurance companies to purchase different policies for your agency. The following are some insurance providers that Defy insurance agency partners with to provide with the most adequate quote your business requires
The following are some insurance providers that Defy insurance agency partners with to provide with the most adequate quote your business requires
Your Photo and Video Services is important to you. Be sure that it is protected from general liabilities, and other management and professional related liabilities, by covering it with the optimal insurance program that provides you with peace of mind and a successful business in the long run.
A liability policy covers claims or suits that arise from offenses you commit while advertising your business. For a claim to be covered, it must result from an offense that falls within the definition of "personal and advertising injury." The definition includes seven types of offenses, four of which relate to advertising activities. These are listed below:
For an advertising injury claim to be covered by your policy, the claimant must seek compensation for a type of offense cited above. If the claimant demands damages for some other type of offense, such as patent infringement, the claim will not be covered.
Customer slips and falls: Businesses can prevent many slip-and-fall accidents by practicing good housekeeping and proper maintenance.
Customer injury and damage: A customer can be injured at a business location if, say a ceiling tile falls on his head or an employee spills hot coffee on him.
Reputational harm: These are third-party claims for acts such as libel and slander that allegedly damaged the plaintiff's reputation. To avoid such claims, businesses should refrain from criticizing competitors publicly. They should also obtain permission from content owners before posting content on their website.
Vehicular accident: Businesses can help prevent accidents by instituting a vehicle safety program. They can also ask their insurer or agent to review employees' motor vehicle reports.
To keep Ad Agency premiums down, your goal as a business owner should be to keep claims down. Here are some precautions you can take to keep your rate down:
· Hire the best staff. Do background checks, request driving records, provide thorough training, and get your employees SERV Safe Certified.
Implement safety and cleaning protocols. Ensure your work place is cleaned regularly to reduce pests and possible illnesses by providing clear rules and cleaning schedules along with safety tips.
Perform regular preventative maintenance. Check on your equipment regularly and perform repairs and cleaning on a daily, monthly, and quarterly schedule to make sure filters are clean, gas lines are clear, and oil is changed out.