Today it is easier than ever to get into the photo booth business. You can easily to pull together the technology to create a photo booth yourself or buy one from an ever growing list of manufacturers.
It has also gotten a lot easier to register with your State to form a business and to acquire the proper licenses. But running a business is much more than this. Sadly many eager entrepreneurs skip the very important step of getting proper insurance.
Simply put, you need to protect yourself and your equipment. The way to do this is to get proper insurance that protects not only you, but your clients and equipment. Do to this I thought I would put together this post to help you in selecting an appropriate policy. This is not legal advice and you should consult your legal adviser to ensure that you decision meets your state's/country's requirements.
In general there are three types of insurance that are recommended for a photo booth rental business. I have listed them below for you.
- $1,000,000 General Liability Insurance. If you do nothing else you need to get this to protect you from injuries that your clients might incur at one of your events. Most venues will require that you have at least this much and some may require more $2,00,000 or even $3,000,000.
- Vehicle and/or Trailer Insurance. You will want to have both liability and replacement coverage for your business's truck(s) and/or trailer(s).
- Contents Insurance. If your vehicle and/or trailer is stolen or its contents damaged you will need this insurance to recover the cost of the lost or damaged equipment.
Too secure insurance I recommend that you first talk with your insurance agent. Typically you will receive better pricing by working with your current insurer. This is do to the likelihood that you can get a multi-policy discount.
Another choice is to become a member of N.A.M.E. (National Association of Mobile Entertainers). They have teamed with Willis North America to provide a comprehensive Liability and Equipment insurance policy for members. For more information see the N.A.M.E. website.
A few others commonly mentioned throughout the industry.
- WeDJ.com underwritten by G.A. Mavon & Co. see www.mavonpro.com for more details.
- State Farm
It is unfortunate that today we live in a “sue happy” world. At least with the proper insurance you can have peace of mind that you are covered.
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