Do videographers need professional indemnity insurance?
Videography insurance can comprise many different specific insurance types or “lines”. One of the most common and widely required is professional indemnity insurance.
But what has professional indemnity insurance got to do with videography? And why do you need it?
What is professional indemnity insurance?
Before deciding whether you need it or not, it’s important to know exactly what professional indemnity insurance actually is.
Professional indemnity insurance basically covers you in the event that you make a mistake or negligent action in a professional capacity.
Professional indemnity insurance will make sure you don’t have to cover all those costs from your own pocket.
What can professional indemnity insurance cover?
Professional indemnity insurance for videographers can protect your finances in a number of different situations, such as:
- Negligence (or alleged negligence) – if you make a mistake or give poor advice in a professional capacity that causes damage or loss.
- Defamation – if libellous statements are made by you or someone representing you.
- Copyright breaches – if you breach copyright, trademarks or other intellectual property in the course of your service.
- Confidence breach – if you share sensitive or private information without appropriate consent to do so (even inadvertently).
- Employee action – if damage, loss, or destruction occurs as a result of an employee’s actions while working on your behalf.
It’s important to note that your professional videography indemnity insurance may cover all or only some of the above. It may also include other provisions.
The important thing to remember is that every professional indemnity insurance package is bespoke, depending on your needs and requirements. That’s why you should always speak with a team of professionals who can advise you and make sure you get the cover you need.
If you’d like to find out more information, get in touch and our team will be happy to assist you.
How much does professional indemnity insurance cost?
There’s no simple answer because no two insurance policies are the same. To determine the cost, you’ll first need to think about the elements of cover you require from your insurance package.
The more comprehensive the cover, the higher your premium will cost. But if you don’t have enough cover, you may find yourself even more out of pocket in the event a claim is made against you. It’s a delicate balancing act to find the right mix of affordable premiums and suitable cover.
Other elements involved include the perceived likelihood of you making a claim, the number of employees you have, if any, and where you mostly conduct your videography.
For example, a videographer who only does weddings will have a higher risk of having a claim made against them by someone than a videographer who makes nature documentaries in remote areas.
That’s why it’s important to be as clear as possible about the specifics of your videography business when establishing your policy.
Do all videographers need professional indemnity insurance?
If videography is your business and the way you make your living, you should strongly consider professional indemnity insurance. But even if you’re more of an enthusiastic amateur, you may also want to consider taking out cover.
Our society is becoming ever more litigious – and just because you’re not there in a professional capacity, it doesn’t mean you’ll be immune from a claim if your negligence or mistake causes damage to someone else.
It’s important to weigh up the cost of the premiums against the likelihood that you might have a claim brought against you. Professional or not, a claim is likely to be seriously financially damaging if you don’t have the proper coverage.
Making an investment in your videography business
Professional indemnity insurance is an investment for yourself because it makes it easier to do business with you. Many commercial clients will make a point of requiring professional indemnity insurance cover before hiring you.
This broadens your potential pool of clients and can ultimately foster your ongoing business success.
Similarly, if you’re looking to transition from amateur to professional videography, having the right level of cover can help you win that all-important confidence of your potential new clients.
Finding the right level of cover for you
Whether you’re a professional or amateur videographer, professional indemnity insurance can be an invaluable investment. In certain circumstances, it may also be a legal or contractual requirement, so it pays to make sure you have the right level of cover for your videography needs.
This is why it’s important to seek advice from a specialist insurance provider with specific videography insurance experience. At Aaduki, we have the knowledge and experience to make sure you get the best level of cover for your budget and your needs. To talk through the professional indemnity insurance cover you need, or to get a quote, contact Aaduki today.