The risks of a photography business can be significant. So are the costs associated with those risks. So whether you are a professional or amateur photographer you need to be protected. At the very least camera insurance will help you replace a cracked lens and will also protect you against potential lawsuits. We know that talking about insurance can be overwhelming so we have everything you’ll need to know below.
First things first when you buy photography or camera insurance make sure it is through a company that specializes in photography because general insurance brokers may not be able to tailor a policy that will fit your needs. As with any type of insurance, there are a lot of variables so understanding what your needs are will help you determine the best insurance for you.
Equipment insurance will be an option that you can choose as part of your DSLR camera insurance package. We all know that photography gear is very expensive and so an accidentally dropped lens that cracks can cost you thousands of dollars if you aren’t insured. And unfortunately, no matter how careful you are accidents happen more often than you think. This is not something you should skip over because the likelihood of you needing it sooner or later is very high. So when talking to an insurance representative be as specific as you can about your needs and make sure you describe the fields in which you photograph because it may influence the final price of your insurance package.
For example, if you are a wedding or landscape photographer then your policy will cost a bit more because of the fact that you will be shooting outside of a studio environment more often than not and this leaves you more vulnerable to damage and theft.
Tip: If you want to shoot with clients at their establishments you will need to have photographers insurance before you set foot onto the set. Say, for example, you get hired to shoot food items at a restaurant and then a customer trips over a cable and falls. That customer could sue the restaurant or establishment and you would be part of the lawsuit, which could end up costing you a lot of money if you are not insured.
General liability insurance covers your property, business, and employees. And you can also cover those who you come in contact with. Your liability insurance policy should cover these risks: bodily/personal injury, and property damage, sustained by a third party. The general policy will cover the legal fees and the costs associated with your legal defense. This included settlements and property damages.
Errors & Omissions Insurance:
Also referred to as indemnity insurance. This insurance protects your reputation. The existence of this insurance tells us that it is super important to communicate things clearly with your clients. Having this insurance in place will protect you from anyone trying to sue you for not doing your job up to their standards.
The next question you need to ask yourself is how much your gear is worth? Before you decide on an insurance policy you must calculate the total cost of the equipment you are trying to replace. Think specifically about whether you want the policy to cover the stated value of the actual cash value of your gear.
Actual cash value is the depreciated value of the gear. With stated value, the amount you initially paid for the gear is what you’d get in the event of a loss. There are lots to think about, but it’s all possible as long as you take the time to research and look for it.
Camera Insurance Pricing:
There’s a deductible/excess you agree to pay if an accident or loss should occur. This can affect the premium price of your policy. The higher the deductible, the lower the premium and vice versa.
Be sure to know exactly what your coverage offers. Buy further policy extensions if necessary.
But don’t let yourself be tricked into adding in extras to your policy that you may never use. This includes indemnity insurance if you’re an amateur photographer. Or travel cover if you don’t photograph abroad. Also, note if you don’t leave equipment in your car overnight you may be able to reduce your premium.
Here are a few companies that offer insurance for photographers that you can use as a starting point when trying to decide which policy to go with.
- Professional Photographers of America (PPA) Photo Care Insurance – This is one of the most popular photographer’s insurance company’s out there. Photo Care’s DSLR camera insurance covers loss due to fire. It also covers photography equipment and computer hardware breakage.
- Hill & Usher – Another popular option, the company’s ‘Package Choice’ camera equipment insurance. This covers professional liability, photography gear, computers, and portable electronics. It’s also one of those companies that offer options based on photographic niche.
- HISCOX – Offers $10,000 of coverage for studio equipment. Extra coverage is available for portable items such as your camera or laptop. Electronic data loss insurance is also available.
- E & I Insurance – Deals in a variety of different types of insurance. But also offers camera equipment insurance for both amateurs and pros.
- Imaging Insurance – Imaging Insurance sets no limits on the maximum value of single items. It provides worldwide cover and protects equipment left in unattended vehicles.
- Insurancewide – US-based company offering photographers coverage for theft and accidental damage. This is to their photographic equipment as well as liability.
- Front Row Insurance – Based in Canada. They are an insurance broker that negotiates on your behalf. This is to get the best coverage at the lowest premium from camera insurance companies.
Again, we know this process can seem tiresome, tedious, and too annoying to think about. However, we don’t want you to regret not buying insurance later. So take the time, read this article, do your own research, ask around, and always be thinking ahead.