Insurance for One-Hour Photofinishing
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What Insurance Do One-Hour Photofinishing Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
Frequently Asked Questions
Why do One-Hour Photofinishing businesses need insurance?
These establishments are committed to developing films, slides, and other printed materials in a short period of time.
One-hour photo finishing businesses need insurance to protect the business from many unforeseen risks. This makes sure that your business assets are protected as the insurance will cover the costs until it has reached its limits.
What risks do One-Hour Photofinishing businesses face?
Your business is prone to many unique risks. Below are some examples:
- Your client isn't satisfied with the results of the photographs you processed. He then files a claim against your business.
- Your business location catches fire. This causes your business to suspend for a day, losing a day's worth of income in the process.
How much does insurance for a One-Hour Photofinishing business cost?
The cost of insurance for a one-hour photo finishing business depends on the size of the business, the coverage required and other related criteria. Without taking these into account, below is the average cost of insurance policy for your business:
- General Liability insurance costs $500 annually.
- Business Owners Policy (BOP) costs $900 annually.
- Professional Liability insurance costs $1000 annually.