Launching a creative business is a dream for many people. Whether you are a photographer, artist, fashion designer, or anything else, the thought of making a successful living is something that many creative people strive to achieve.
But if you want to run a creative business, you will need to follow the same rules as any other type of business. That means not taking unnecessary risks by failing to take out insurance.
Here are some of the most important ways that finding the right insurance can give you peace of mind and help you to avoid potentially disastrous pitfalls that could put an end to your dream of a creative career.
Professional Liability Insurance
Let’s start with arguably the most important type of insurance you will need: Professional liability insurance.
This type of insurance (sometimes called errors and omissions insurance) is designed to protect you from claims due to mistakes that you have made or other failures on your part.
There are too many potential situations to cover. But to give an example, let’s say you are a photographer and you go on a shoot, during which you break an expensive ornament in your client’s home and they claim damages of $10,000.
Without insurance, things could get very expensive very soon. But insurance could cover you.
Or someone might get injured on your shoot. A client could fall over your equipment and break their arm, and again there is a risk that they might claim damages or ask you to pay their medical expenses.
Without insurance, that is money that you might have to pay out of your own pocket.
It could even be something that happens after you have completed the work. You might use a photo of your client without their permission leading them to sue you for violating their privacy. Even the legal fees could ruin you, but insurance might cover them.
It’s not hard to see how this could not only end your career in its tracks but also leave you in serious financial difficulties.
By finding affordable liability insurance for photographers, or whatever type of creative business you are running, you won’t have to worry. So focus on making your business successful without worrying about what could go wrong.
This will be more important for some types of creatives than others. For example, if you work as a painter, your equipment may not be worth much at all.
But if you work as a photographer, you may have spent many thousands of dollars on your cameras, lighting, studio equipment, and more.
When planning your photography business, it’s important to remember that equipment can get lost or stolen. It can be very tempting to thieves. And while you might protect it in your studio, what about when you are shooting on location? The risk is real.
Again, insurance can help to cover the costs of replacing your equipment should something happen to it.
The simple question to ask is: Could you continue to run your business if something happened to your equipment?
If you could not, then you might want to consider insurance. There are many costs involved in starting a photography business, and if you don’t want to start all over again if something goes wrong, insurance is worth considering.
Get More Work Opportunities
Another thing to consider, depending on your type of creative business, is that some clients may only work with you if you have insurance.
If a client wants a photo-shoot in their luxury property, for example, or you want to shoot inside a wedding venue, they might want to see your insurance certificate before hiring you.
When you choose insurance, make sure you can get a free certificate of insurance with it. This could help you to get access to jobs that other photographers miss out on because they are not insured.
Other Ways Insurance Could Help
These are the two main types of insurance that creatives will probably want to consider. These are not specific to creatives, but more general to all types of businesses:
- Property insurance if you own your or rent a studio
- Vehicle insurance if you drive a vehicle as part of your job
- Business interruption insurance in case a disaster prevents you from working
- Workers’ compensation insurance if you hire anyone to work for you as your business grows
These are usually covered in a general business insurance policy, but you might still need to consider them if you run a creative business.
Get Peace of Mind when Running Your Creative Business
You’ve got enough things to worry about when you are running a creative business without having to constantly worry about what you would do if something went wrong and you suffered financially as a result.
Insurance for creatives can help to give you peace of mind so you can focus on running your business, getting more work, and growing your business and client base, so look at your options and decide whether it could be a suitable option for you.