Re: Protecting Myself as a Freelance Video Editor

Hi Gabby and congrats on a growing client list. If you are to be a freelancer working towards making it your full time job, I would encourage you set up a legit business. It doesn't have to be overly complicated, but I would find an attorney you can trust (referrals from other successful freelancers you know?) and get your self set-up.

Many folks choose an S-Corp because it offers some legal protection from claims made on you personally but allows for you to pay taxes as an individual. There are other benefits that may or may not apply to your particular situation - which is why you should consult an attorney.

As for liability insurance, again consult a commercial insurance agent. Small business packages are generally not too expensive and cover you against a variety of potential claims. The scale and scope of your clients' projects (and thus potential exposure to liability) as well as how much of your assets will be at risk will inform a good agent to make recommendations about how much coverage is appropriate for you to carry. Again, talk with freelancers in your area for recommendations.

And if you don't already have one, find yourself a good CPA or bookkeeper that can help you get started on the right foot. Software like QuickBooks is quite powerful and only about $200. But depending on the size scale of your operation, you may be able to use something as simple as Quicken.

Sounds expensive, huh? Maybe a little, but think of it like this:

You're a professional and would probably scoff at a rookie shooting and editing a short film. They say, "Hey I have a camcorder and iMac with iMovie, I can do this myself and save a bunch of money." The problem is that they don't know what they don't know. Can they muddle through it? Sure. Should they? Not if they want it to look good.

Don't make the same mistake. Gather as much info as possible from great forums like the COW and you'll learn a lot from a variety of very experienced folks here. But there's no way for any of us to know the intricacies of your business situation.

At the end of the day, be prepared to get some professional help to guide you.

And no, I am not an attorney, CPA or insurance agent :)

Production is fun - but lets not forget: Nobody ever died on the video table!