What Kind of Insurance Should you have for Real Estate Photography?

Insurance is one of the most important parts of setting up the legal side of your real estate photography business as you will be carrying out photo shoots and other property marketing services at people’s properties and you will be transporting and using expensive camera equipment. Once you have decided upon and setup/registered your business entity, you will need to organize insurance products to protect yourself and your business.

Please note: The information in the article is for informative purposes only and is not financial advice. You should seek appropriate independent professional advice before making any decisions based on material found on this website or any linked sites.

Equipment Cover

Once you’ve invested in the photographic equipment for your real estate photography business, you will need equipment insurance to cover any theft, damage or loss of your gear at any time, not just while you are carrying out a photo shoot. Ensure you include all equipment such as lenses, camera bodies, drone, lighting and laptop.

Public Liability Insurance

Public liability insurance is by far the most important type of insurance as most real estate agents/agencys and other clients won’t hire you for your services unless you have public liability insurance to cover at least $10 million in damages.

This type of insurance should cover a broad range of potential legal actions resulting from third party property damage, accidents and other incidences. This type of insurance typically costs between $75-$150 US per month depending on the insurance provider and a range of other factors relating to your location, desired cover amount (i.e. $10million), history and business structure.

Vehicle Insurance

While you’re growing your company, you will spend most of your time on the road for meetings and photo shoots. Therefore, you will need commercial vehicle insurance if your current car insurance
does not cover commercial use. It’s important to check with your current automobile insurance provider and then obtain this insurance if it does not currently cover injury and physical damage
resulting from an accident in a vehicle for commercial use. Try to find insurance cover that also protects the contents of the vehicle from theft.

Property Insurance

Although you don’t necessarily need a studio or office away from home, if you decide to go down this route in the future you will need to make sure the appropriate property insurance is in place. If you are working from a home office, it’s important to check whether your existing property insurance is up to date.

Other Insurance Options

Optional insurance products include different types of life insurance products such as income protection, life cover and total and permanent disability cover. In the event of a serious injury or illness occurring there is the chance that you may not be able to continue working.

Permanent disability cover is ideal if the business is your sole source of income for supporting yourself and your family. This type of cover is normally purchased with life cover insurance as a
financial safety net in the unfortunate event of a serious injury or illness that prevents you from working.

Note: This article is an extract from the resources on the Education page on this website.

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