Business Insurance for
Though the video production industry’s growth has slowed down in recent years, its total revenue is expected to rise due to improved quality when it comes to videos. That’s no small feat given that its current revenue is over $30 billion. If you want to get in on this lucrative career, one of your first tasks should be buying videographer insurance. Here’s a look at the kind of coverage you can expect to receive with this type of business insurance.
General Liability For Videographers
When you record videos as a professional, there is always a possibility of being sued for a variety of reasons. Just one possible reason involves someone tripping over your video equipment during a shoot. Regardless of the type of injury, you might end up facing a costly lawsuit, which is why you need general liability insurance. This coverage will pay for your legal defense and any payouts you need to make if you lose the case or settle out of court.
Some lawsuits come from competitors rather than clients. For instance, other videography businesses might claim that you copied content from their website, or that you committed slander or libel. If this occurs, the liability portion of your videographer insurance will pay for your legal defense.
Business Owners (BOP)
A BOP includes a few types of coverage. For example, if you have a business property where you shoot and edit video footage or simply store your videography equipment, your business owner’s policy will pay for repairs if it is damaged by a fire, vandalized, or otherwise destroyed. In addition, any business contents within the property will be covered by your BOP. Other issues that are covered with this business insurance policy include sewer and drain backup, equipment breakdown, and forgery.
Professional liability covers problems with your services, such as when a dissatisfied client sues you. A few common accusations that lead to lawsuits in the videography industry include forgetting to record a particular part of an event, providing poor quality video, or losing the recording altogether. If you face a lawsuit for these or other reasons involving your professional services, you’ll be relieved to have professional liability as part of your videographer insurance. That’s because it will pay for your legal costs, whether you fight the lawsuit or settle, which is helpful if you could not afford to pay out of pocket.
Workers Comp Insurance For Videographers
If you employ anyone, you need to have workers comp as part of your videographer insurance policy. This will pay for the medical bills if any of your videographers or assistants becomes injured on the job, such as by tripping and breaking an ankle or dropping videography equipment on their foot. Such injuries might require your employees to not only seek medical care and rehabilitation, but also take time off work, all of which workers comp can pay for. Without this coverage, your employees would have to pay their own medical bills after a work injury, and they could turn around and sue you. That’s why workers comp is an important part of videographer insurance.