How should you compare photography insurance packages?

Investing in photography insurance is always a good idea. Whether you’re a keen amateur enthusiast or you’ve turned your photography skill into your business, you need to be properly insured.

But with so many photography insurance packages out there, how do you know which is the right deal for you?

Understanding photography insurance packages

The first thing to do is understand the different types of photography insurance you’re likely to run into. 

There are packages that are designed specifically to cover your equipment and accessories against loss or damage. 

There are others, such as public liability insurance, that are designed to provide cover if you are negligent and damage someone else or their property. Other packages are more centred on your business income or covering the costs that arise from repairing damage to your premises.

If you’d like to get a clear working understanding of the different insurance types, what they cover, and whether or not you really need them, contact us today and our team of professionals will be happy to help.  Getting the right advice can really make a difference to insurance outcomes.

How well does the cover fit your circumstances?

Think about the way you engage in your photography, and how your insurance cover might need to adapt. 

For example, if you’re a travel photographer, you’ll need to make sure that your coverage continues on an international basis. Similarly, if you regularly photograph celebrity weddings, you’ll need to be positive that your professional indemnity cover has a high pay-out limit.

The easiest way to begin filtering out insurance packages is by removing the ones that don’t suit you or the way you conduct your photography business or hobby. Start by making a list of your requirements to measure each policy against.

How important is it to save money?

Nobody likes paying too much for insurance, and quotes can be expensive for business owners and amateur enthusiasts alike. It’s important to measure your policy against what you’re going to pay to check whether it’s good value for money or not. 

The actual cost of the policy itself won’t give you much information. 

Cheaper policies may not provide as much coverage as you might be looking for, whilst more expensive policies may end up being overkill by providing you with coverage you may not really need. This is why value for money becomes one of the more important factors when choosing a policy.  This is where getting the right advice for your particular circumstances can really help.

Value for money means getting the best possible level of insurance coverage, specific to your work, that you can for the best possible price.  Ultimately the test of good insurance is whether your claim is paid. 

You’re not necessarily saving money on a cheaper policy if it’s going to leave you personally liable to pay out more from your own pocket in the event of a claim. Similarly, you shouldn’t just look for the most expensive package either, as you may be paying for policy elements that are of no real use to you.

There are some other things you can do to change the policy premiums in your favour. 

One example includes raising your level of voluntary excess, which is the amount you will pay in the event of a claim.

It’s important to think about which is the right path forward for you and your business.  

Think about your legal photography insurance requirements

Measuring policies together is one thing, but make sure that they all contain the bare minimum you need for full legal coverage. For example, if your photography business has staff, it’ll be a legal requirement for you to have employers’ liability cover, so every package you compare will have to have that, as a baseline.

Similarly, there may be certain jobs or clients that require you to have professional indemnity coverage, which means it’s a wise investment to be sure you have it.  You may also need professional indemnity insurance to fulfil your contracts.

There’s no right or wrong when it comes to a photography insurance package, only the best package for your needs.

No policy is set in stone, so check your options regularly

Once you’ve found a photography insurance package, it’s important that you regularly check your options to make sure you’re still getting the best possible deal. 

Photography insurance packages are changing all the time, and companies are always vying for new business. That means you should be regularly checking what your options are, to see if you could find a better deal. Always make a note of when your policy renewal is due.

For more information on photography insurance packages to suit you, or to get an affordable quote and some personalised advice, contact us today.

Paul Newberry Cert CII

Lead Client Adviser