Whether you are an image or film library or an individual photographer with a large bank of archive material, it is important you are properly insured should the worst happen and somehow your images get lost. But what exactly are the risks and what steps can you take to avoid getting into hot water?
The main exposures you may face are the following:
Physical loss or damage
If the worst should happen and your images are lost, damaged or destroyed, for example due to a fire, you can insure this loss. Typically insurers would require a formal valuation of the images or film by a specialist which would form the basis of the insurance.
Business Interruption
If you earn an income from allowing others to use your images, you can insure your loss of income. This would not only cover you if your images were lost or damaged but would also potentially cover any damage to your business premises which prevented you from operating your business in the normal way, for example if there was a fire or flood. Cover would be provided for a specified period – typically 12 months, and would cover any resulting reduction in your income.
Professional Indemnity
This would cover you for any claims alleging professional negligence. This not only covers complaints from clients, such as breach of contract, but also claims from third parties for copyright or intellectual property infringement. Taking out professional indemnity will give you the peace of mind that any complaints around the services you provide to clients or the content of your images, will be covered.
