Business Insurance - What Do You Need?

The Spiro Podcast: Managing your Real Estate Photography & Videography Business

Todd & Craig invite on Michael Sarno from Webb Insurance Agency to discuss what you insurance you need to protect your business. You've worked hard to start and build your business. Don't be caught in a bad situation with no coverage or way to protect everything you've invested!

0:00-0:34 Preview

0:35-6:04 Intro to Michael Sarno with Webb Insurance

6:05-21:13 Do I need business insurance?

• Liability, property, equipment- there is a lot to insure, even when you’re just starting out
• Start with liability coverage at least, if not contents coverage as well
• You may also want professional coverage- covers problems like losing a client’s media
• Your personal policy will not cover you when you call yourself a business
• A commercial policy pays for defense costs
• A liability policy extends to where you take your business; it follows you
• Drone insurance is a separate policy; your liability policy will not cover flying your drone
• Exposure- what your policy does not cover
• You can put your personal vehicle as “business use” on your personal auto policy if you’re a sole proprietor
• If you have employees using their personal vehicles for company use, you will want coverage for that
• This protects the company, not the employee
• When something happens and an attorney names you on a lawsuit (even if you hold little responsibility in the case), how can you protect yourself?
• Attorney fees add up; a policy will pay for defense costs

21:14-36:04 What other types of coverages should a new or growing business consider?

• Sit down with your agent and let them challenge you with what the possibilities are
• Employees add liabilities and exposures
• Employee practice policies cover discrimination and misconduct
• Cyber policies cover internet transactions and other internet activity
• Umbrella policies cover what your liability policy will not
• They are not expensive
• If you are an LLC, your personal assets are protected
• Going to an agent will help you much more than buying a policy online
• An agent will help you know what exposures you need to think about as you grow
• Having a relationship with an agent means they will be there for you when you have a situation you don’t know what to do with
• You don’t have to know everything; you just need to be connected with people who have the answers

36:05-38:43 What about covering subcontractors?

• Subcontractors must have their own liability insurance
• If a company says they have coverage for their subcontractors, they probably mean they have coverage for themselves

38:44-41:24 Feel free to reach out to Michael at [phone] or [e-mail]

Have questions? Email [e-mail] or [e-mail]. You can find out more about Spiro at spiro.media.