How much does videography insurance cost?
Whether you’re a professional or amateur videographer, you have to think about insurance. The right insurance coverage can help make sure you’re not left out of pocket in the event of an accident or a claim against you.
But how much should you be budgeting for that insurance cover? Here’s what you need to know about videography insurance costs.
What is videography insurance?
First, let’s go over what videography insurance actually is. Videographers’ insurance is a simple term that covers a broad range of specific insurance packages. Generally, you can break down videography insurance into three main categories:
Property – This insurance coverage will cover your video cameras, accessories, and other equipment against damage or theft that isn’t your fault.
Business interruption – When circumstances outside your control mean your business needs downtime, this cover helps with your loss of earnings or repair costs.
Liability – Public liability, product liability, professional indemnity, and employers’ liability insurance cover helps you when others make a claim against you.
The exact type of cover you will need will depend on your circumstances and the nature of your work. For example, if you’re an amateur videographer, you probably won’t need to think about employers’ liability insurance.
Similarly, if you’re making videography your profession and you work from a studio, you will want to make sure your income is protected in the event you have to temporarily close.
This is where talking with a team of professional videography insurance providers can help. Your cover should be tailored for you, and it’s important you understand what you’re buying and why.
How much will videography insurance cost?
There is no simple answer when it comes to videography insurance costs. As with any insurance package, the premiums you pay will be dependent on the specifics of the package you have chosen. It’s worth taking into account whether the insurance comes with advice – which can make the difference when it comes to making a claim. A broker’s advice could really add value and save you money in the long term.
For example, if you choose to have a policy that simply covers your videography equipment, your premiums will be relatively low, but if you choose to add professional indemnity cover and public liability cover, the cost of your premium will go up.
It’s important to remember the level of coverage and protection you get will also go up in kind, however. When it comes to insurance coverage, particularly videography insurance, you get what you pay for.
It’s worth repeating that if you’re going to make your videography passion the basis for a business, you will have some requirements for public liability insurance. If you’re going to take on staff, it will also be a legal requirement for you to make sure you have employers’ liability cover to protect them, too.
So before thinking about the coverage you want, it’s important to understand the legal minimum coverage you need. That will give you a baseline on which to build the rest of your package.
Is videography insurance worth it?
Put simply, yes it is. Videography can be a varied hobby or career, which means you can find yourself in all manner of different circumstances. Whether you’re making commercial training films, nature documentaries, or filming weddings and other special events, there will always be risks inherent in what you’re doing.
Sometimes it’s unavoidable to make mistakes. It’s what we do; we’re only human. The trouble is that sometimes those mistakes can lead to the personal injury of someone else, or the damage or destruction of their property.
In that circumstance, you will be the one who is liable to pay for it if the accident was your fault. If you’re going to pay for it out of your own pocket, the costs can quickly become crippling. That’s why insurance coverage exists.
Similarly, if you find yourself in a position where your main camera is damaged in an accident, you might not have the money to fix or replace it. If legal costs are involved, the sums can be astronomical.
When you have the appropriate level of videography insurance cover, however, you will only have to pay your agreed excess and your cover will take care of the rest.
This also applies to employees, if you have them. You need coverage that both covers you in the event that an accident is caused by them, or indeed that they themselves end up injured while on your premises or working for you elsewhere. Settling these costs yourself can be ferociously expensive, which is why proper insurance cover is a wise investment.
Finding your perfect level of cover
The best videography insurance package is neither the cheapest nor the most expensive. It’s the package that offers you the cover you need, depending on the way you approach videography. This is where advice can really add value. Whether you’re a keen amateur or a professional running your own business, it’s important you find the correct level of cover for your needs.
To learn more about videography insurance, or to get a quote from our friendly experienced team, contact us today.