Photographers must be adaptable and flexible as new technologies become the standard and business practices evolve. Whether they operate in the corporate space, wedding photography, graduation, prom, or a wide range of other niches, photographers risk job loss and fail to secure enough clients to maintain their bottom line.
Although an insurance policy doesn’t guarantee an unending flow of income, it can offer vital momentary financial security to photographers during the transitional periods between jobs.
By selecting appropriate coverage, photographers can protect themselves against temporary income loss due to unforeseen circumstances, ensuring their financial stability while they search for new work.
Pairing photographer insurance with other strategic insurance options provides comprehensive coverage against the risks that photographers most frequently face.
What Is Loss of Income Coverage for Photographers?
Loss of income insurance, also called business interruption insurance, is a type of policy that addresses the financial losses that a business suffers when it unexpectedly cannot complete a job.
Loss of income insurance includes continual expenses, such as paying employees’ salaries or funding utility bills for a business office. Thus, the business can continue functioning while it secures new work and returns to regular function.
Depending on the policy, loss of income insurance may also offer financial compensation for the costs of relocating to a new facility temporarily or changing advertising services while the original issue is fixed.
Most Common Income Gaps for Photographers
Photographers always face the risk of losing jobs and fielding unexpected hurdles. One of the most common losses of income photographers face is sudden cancellations or breach of contract by their clients.
Contract Cancellation
A photographer is contracted to photograph a large wedding on the weekend. They turn down other work this weekend because their time is already accounted for.
Then, the morning of the wedding, they receive a message stating that the groom and bride have gotten into a conflict and decided to cancel their wedding.
This means the photographer is no longer necessary and will not be paid for the weekend—and it comes at no fault of the photographer. In situations like this, loss of income coverage can compensate the photographer for the investment they placed into the project and make sure their business bills are paid.
Losing Your Photos
Another issue specific to photographers is the loss of photos. Suppose a client pays for photographic coverage of their business conference, and the photographer arrives back at their studio to find that the camera’s memory card has been corrupted.
In that case, they lost the product they were selling to the client. Thus, the client is rightfully entitled to their money back. Loss of income coverage can shield photographers from loss associated with these unpredictable circumstances.
Loss Due to Injury
Other possible instances of covered loss of income include when a customer is injured during a job, when equipment breaks or is faulty, or even when severe weather renders a shoot impossible.
Every photography job is unique, and many other potential losses may arise that could be covered by business interruption insurance.
Other Critical Photographer Insurance Coverage
While loss of income coverage is an essential part of any photographer’s toolkit, it is not the only type of protection in which it is wise to invest.
General liability insurance covers photographers if they are found liable for injury or property damage they caused during a shoot, and professional liability insurance can supplement loss of income coverage to ensure that lost photos, faulty equipment, and more are all properly secured.
Inland marine insurance (equipment insurance) can secure a photographer’s most important equipment, such as cameras, backdrops, and lighting rigs, against theft or damage en route to shoots.
Many other types of insurance coverage are available to protect photographers against risks ranging from advertising injury to damage to rented premises.
The right mixture of insurance coverage for your photography business will depend on the types of clients you serve and the overall scope of the projects.
Get Comprehensive Photography Insurance from MFE
Whether you are just starting as a photographer or need to reconsider which types of insurance you have been carrying for years, be sure to work with professionals who understand the risks inherent in the photography industry.
The experts at MFE Insurance can help you secure robust loss of income coverage and more to address the daily challenges you face. Contact MFE Insurance to learn more about the coverages that are right for you.