Good quality photography equipment is expensive, there’s no two ways around it. You know the impact on your bank account when you purchased it – but what about if you had to replace your photography equipment suddenly – even worse, all of it. Would you be able to?
If you were faced with a situation where you needed to replace some or all of that expensive equipment in a hurry, what would you do? If you’re a professional photographer, you can’t afford to wait around and stop taking pictures. Would you settle for a cheaper, poorer quality camera – or would you forget about certain pieces altogether?
Okay, take a moment to breathe – your equipment is safe (well, I hope so!), for now at least. Insuring your equipment is definitely something that all professional photographers should consider. This way, should you come into the above situation, you are covered and don’t have to fret about what you’re going to do.
It’s important to check the coverage and exclusions of your insurance policy to make sure that you have the coverage you need. If you were to lose all of your equipment tomorrow, would your insurance company pay for the replacement value of your equipment or would you face exclusions as you receive photography related income? It is vital to understand your level of coverage to ensure that you don’t find yourself in a mess.
What type of insurance policy does a photographer need?
Your insurance policy will depend on how you use your equipment. Below you will find what you should be looking for in your insurance policy and the certain requirements you should be discussing with your insurance agent.
If you DO make money through the use of your equipment;
• You will need to take out commercial/business insurance
• Your policy should have all-risk coverage for your equipment and not have any exclusions concerning the use of the equipment.
• You may also choose to purchase additional optional floaters which will insure against the liabilities you may face in your work (for example, if you are at a shoot and someone trips over your equipment, knocking your camera off the tripod)
If you DO NOT make money through the use of your equipment;
• You should be covered for theft or fire damage under a standard homeowners or renters policy, even if your equipment is outside of your home
• Typically, homeowners and renters policies will only cover you against named perils – however they may also have deductibles
• Your photography equipment will typically not be covered for accidental damage (for example if you were to drop your camera)
• Alternatively, you may choose to purchase an ‘all risk’ floater in addition to your policy. This extra coverage will insure listed items against everything, with the exception of any perils stated in the policy. That way, should you drop your camera and it smash to pieces – you will be covered, assuming that it is not excluded in your policy.
If you only make money PART TIME using your equipment;
Some individuals may only generate a small amount of their income from photography. Generally, commercial policies are far more expensive than personal policies and will be decided upon based on the value of equipment and the level of income you generate.
Some part time photographers may require a commercial policy, however, others may only require a personal policy. As each person has a different situation, it is important to talk to multiple insurance agencies to decide what cover you need yourself.
Choosing the right insurance for you
The most important part of insuring your photography gear is to choose the right cover for your needs. Don’t be afraid to visit multiple insurance agents and talk with different companies – that’s the smart thing to do. Know your options and what coverage is available to you and choose the one that is best suited to your needs.
