How is insurance like pizza?

Aaduki’s “Insurance Pizza” concept brings to life the importance of specialist insurance protection and advice for photography businesses.

“Arranging insurance may be the last thing on your mind when starting a business – but it’s one of the first things you’ll need at incorporation. And as soon as contracts come into play, it’s a must”, says Darryl Probert of Aaduki Multimedia Insurance. “Where there’s liability, you need insurance. And getting the right advice can really make a difference”.

So what sort of insurance will my business need?  Well – insurance is a bit like pizza…

The Dough

First there’s the mandatory insurance, legal requirements you can’t avoid that are like the basic dough base for your “insurance pizza”:

1. Employers’ liability insurance
If you have employees, this protects you when staff suffer work-related injury or illness.
2. Third party motor insurance
Mandatory if you use vehicles in the UK on company business.

Standard Toppings: the “cheese & tomato”

These are critical for most businesses – and your contracts may require that you have them:

3. Public liability insurance
Protection against allegations of negligence resulting in injury or property damage.
4. Product liability insurance
Protection where you’re legally responsible for damage or injury caused by your products.
5. Cyber and privacy insurance
With data breaches and “phishing” cyber-crime hitting headlines, you need expert advice on the best policy for your risks.
5. Professional indemnity insurance
For claims arising from negligence such as making a mistake in your work.
6. Property insurance
Protects physical assets including your equipment, studio, computers, stock, documents.
7. Business interruption (BI)
Protecting your income streams when your business is interrupted, insurance can cover repeat shoot costs, loss of revenue, profit and other unexpected costs.

Specialist toppings – the flavour!

These need to be built around your specific activities and business plan.

10. Terrorism insurance
Even the threat of a terrorist attack could scupper access to your shoot location – especially in London.
11. Travel & personal accident insurance
Photographers may need specialist cover for high-risk travel and war zones.
12. Goods in transit
Shipping product or equipment, it’s safer to insure your own property in transit – reliance on a freight company’s insurance for lost or damaged kit could leave you out of pocket.
13. Employment practices liability (EPL)
Employee-employer disputes can be expensive. EPL protects against allegations of harassment, discrimination and unfair dismissal.
14. Intellectual property (IP) insurance
Just as you insure your assets, it’s important to insure your intellectual property (creative, copyrights, trademarks etc). IP insurance can also give you financial muscle to challenge an infringer of your IP.
15. Crime insurance: protects your bottom line from employee or third-party dishonesty and fraud, and from social engineering/phishing scams.
16. Legal helpline: a helpful insurance benefit covering business legal matters within EU law, and UK tax advice.

“People Risk”

17. Key Person insurance
Life insurance against the financial impact of losing key staff and allowing the business to continue trading.
18. Business liability protection
Life assurance that can relieve pressure to repay outstanding debts if an owner dies or is off sick long-term.
19. Counselling helpline: a useful insurance “extra” to provide support over the phone on any matter that is causing upset or anxiety, from gambling to bereavement.
20. Employee benefits
Income protection for accident/illness, pension arrangements and life assurance for employees can help attract and retain staff, giving you competitive advantage.

And that’s your freshly made, artisan “insurance pizza”!  It’s important that each policy is underwritten by an insurer with expertise in your field – so that the wordings reflect your specific risks, and you’re not paying for cover you don’t need.

It’s also important that the “pizza recipe” changes as your business grows and changes. You’ll need expert advice on hand from a broker who really understands what you do and asks the right questions.

Tips:

1. Choose an insurance broker with a focus on your trade; ask how many other clients they have in your field.
2. Check your professional Indemnity cover is aligned with any liabilities in your client contracts.
3. If you’re thinking globally, choose a broker with international capability – having several brokers could mean expensive overlaps in cover – or worse still, gaps in cover.

Connecting with the right advice and a bespoke insurance programme gives your business a firm foundation as it grows.

The Aaduki team are here for you.