15 steps to bullet-proof your business

The building blocks of insurance for your photography business

Aaduki Multimedia Insurance from Partners&

Arranging insurance is often one of the last things on your mind when starting a creative business – but it’s one of the most important things to consider if the business is to be built on sound foundations. There are few off-the-shelf insurance products for photography or image creating based businesses, so getting specialist advice is essential.

Aaduki is one of the UK’s leading insurance specialists for photographers and video makers, supporting individuals and organisations in the photographic and video making sector with practical, jargon-free advice. We’ve created this guide as a convenient, plain-English explanation of essential insurance elements for these businesses – a route map to specialist, affordable insurance for the photographer and video maker.

So what sort of insurance will my business need?

A. Mandatory insurance
Consider these insurance classes first.  They are legal requirements so you have  no choice in buying them!

1. Employers’ liability

Insurance against your liability to employees for their injury or illness arising from the work they do for you.

2. Third party motor insurance

Mandatory if you use vehicles on the road in the UK on company business/ or private use.

B. Sensible insurance protection

Although these are not legally mandated, they’re of critical importance to most organisations. Your clients and suppliers may also require that you have them in place.

3. Public liability insurance
Protecting your business against allegations of negligence resulting in injury to third parties or damage to their property.

4. Product liability insurance

Protecting your business where it is legally responsible for any damage or injury caused by a product you have supplied.

5. Professional indemnity insurance

Protecting you against allegations that your negligence has led a third party to suffer financially. This is particularly relevant if you offer professional services or skills for a fee – and of utmost importance for the wedding photographer or video maker.

6. Property insurance

This protects your physical assets including photography and video making equipment, computer equipment, hired in equipment, props & sets, buildings, improvements, office equipment, stock, money.

7. Business interruption (BI)

This protects your income streams where there’s an unexpected interruption to business operations. The insurance can protect you against loss of revenue, profit and other unexpected costs. (It’s unlikely that cover will extend to include  losses arising from a pandemic or an epidemic).

C. Insurance Protection as you grow and change

With a growing business you should keep a constant eye on the insurance you have in place, not only adapting the cover you currently have (such as amendments to your equipment cover or adding employers’ liability insurance when you take on staff), but also bringing in additional protection that’s relevant for your changing activities.

8. Employment practice liability (EPL)
The cost of employee-employer disputes through tribunals and court actions is a significant threat to profitability. EPL protects against allegations of harassment, discrimination, unfair dismissal and wrongful disciplining.

9. Intellectual property rights (IP) insurance
Just as you wouldn’t hesitate to insure your office contents and other assets, it’s important to insure your organisation’s intellectual property (patents, copyrights, trademarks and the like). IP insurance gives you financial muscle to mount legal action against an infringer of your intellectual property.

10. Directors’ & officers’ liability insurance (D&O)
The term limited liability is a misnomer; individual directors and managers within an organisation face potentially ruinous personal liability for the decisions and actions they make. Protect your key decision-makers with a “D&O” policy.

11. Group travel & personal accident
This covers staff travelling abroad on company business against emergency medical costs, repatriation, lost luggage, cash and travel documents, trip cancellation or disruption, personal liability and a host of other travel contingencies. Personal accident benefits can be incorporated to provide a lump sum in the event of serious injury or disability.

12. Terrorism insurance
This protects against loss or damage resulting from acts of terrorism or from attacks launched by ideologically-motivated individuals. Even the threat of terrorism could mean loss of access to venues, and costly cancellations.

13. Key person insurance
Some businesses rely on the ideas, connections, drive and experience of articular individuals. Key person insurance can provide funds to support the business if something happened to a key person.

14. Employee benefits
This helps with the ‘people risk’ in your business. A comprehensive benefits package can also help to attract and retain high quality people, giving you competitive advantage. This might include income protection in the event of accident or illness, pension arrangements and life assurance.

15. Business protection
As you build the value in your business, it’s important to have a “company will”, with plans to protect the shareholders, lay the ground for succession and protect income. Business protection insurances can help shore up your business against major change and ensure a smooth transition to the “next chapter”.

To talk through your insurance needs at whatever stage your photography or video making business is at, please contact me directly at the details below.

Darryl Probert

Client Director