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04-16-2021, 04:50 PM   #1
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Camera gear insurance advice

Since taking on a partner I need to formalize some of the business practices and insurance on the photography gear is one of them. With one K3 III on the way, another penciled in for sometime next month, plus two other cameras, several lenses and a fairly extensive collection of lighting gear I'd love some of the professionals here to give me some advice on how best to protect that equipment investment.

Eventually in being out at public events something is going to happen and we need to be covered. So who do your guys use and what's been the experience?

04-16-2021, 06:17 PM   #2
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I have a personal article policy with State Farm. I have about $25,000 in gear insured for less than $300 a year, I think it was $260 but don't remember the exact price.

If you're a working professional though you will want to get a policy with liability coverage also. If someone trips over your bag or a light stand you will want to be covered for that.
04-16-2021, 06:24 PM   #3
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QuoteOriginally posted by KiloHotelphoto Quote
I have a personal article policy with State Farm. I have about $25,000 in gear insured for less than $300 a year, I think it was $260 but don't remember the exact price.

If you're a working professional though you will want to get a policy with liability coverage also. If someone trips over your bag or a light stand you will want to be covered for that.
Ah gotcha. Good comment. I should have realized that myself since my principal business has full coverage insurance.

I'm just trying to do this new company the most economical way until income catches up with expenses.
04-16-2021, 06:31 PM - 1 Like   #4
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Just make sure you're covered for business use and not just casual use. There are a lot of online insurers for gear, and the PPA with their membership. I have not used any of them so I am not recommending, I just know they are out there. I have had it on my homeowners insurance as a rider.

04-16-2021, 06:37 PM - 1 Like   #5
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QuoteOriginally posted by ramseybuckeye Quote
Just make sure you're covered for business use and not just casual use. There are a lot of online insurers for gear, and the PPA with their membership. I have not used any of them so I am not recommending, I just know they are out there. I have had it on my homeowners insurance as a rider.
My gear is covered right now with a blanket policy under my homeowners insurance. My partner and I agree that we need to move it to the company itself since it will be used for profit. At least that's the hope.
04-16-2021, 06:46 PM - 1 Like   #6
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You need to speak with an agent locally and get at least a minimum liability for you your employee(s) and your assets making sure you have whatever is required based on your business type, municipality and/or state.

I knew a fella that specialized in livestock and felt he didn't need any insurance until his strobe triggered a bull who went through a fence across a road and caused a passing car to hit the ditch and roll causing some people damage. When he did get coverage he started with a kinda high premium.
04-16-2021, 07:08 PM   #7
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QuoteOriginally posted by KiloHotelphoto Quote
If you're a working professional though you will want to get a policy with liability coverage also. If someone trips over your bag or a light stand you will want to be covered for that.
Good advice! I've seen almost that exact scenario:

Our community chorus group was required to have a million dollar liability policy to use the facilities at a local university. That came in handy when a wayward runner tripped over the briefcase which our director had set down on the campus sidewalk while he chatted with somebody before a rehearsal session. (Fault on both sides, but guess who got sued!?) We also had somebody (in the group) trip on some risers and break a leg. I don't remember the outcome of that, but I'm sure the insurance company got involved.

You can't be too well covered these days!!

04-17-2021, 12:41 AM   #8
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Probably there are differences in the UK, but as others have said liability insurance is essential.

Indemnity insurance is important, if you provide a service and cannot repeat the commission. So selling prints it's not needed. Wedding photography it would be.

The savings, for me, came when I insured for loss and/or damage. I realised I needed cover for all my equipment when at home/studio, but much less when out working. This cut my costs from covering everything for all-risks.

Last edited by BarryE; 04-17-2021 at 03:44 AM.
04-17-2021, 03:41 AM   #9
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Great input from each of you. Thanks.

So after reading through them I believe I should be treating this pretty much the same as my other business insurance, other than loss of income and a few other specifics not needed for a photography venture. While I hoped I could skirt by "on the cheap" I might come to regret it.
04-17-2021, 04:32 AM   #10
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if I am not mistaken

insurance companies would deny coverage for something used as a business asset if it is only covered by a household policy or auto policy

read your contract - policy- carefully

I also have state farm and a personal articles rider to cover my photography equipment

and I do not use my equipment in a business
04-17-2021, 05:32 AM - 1 Like   #11
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You'd be wise to get the advice of an independent insurance broker (someone who deals with multiple insurers). If you're out on a commercial shoot, you need commercial insurance.

If the equipment were sitting at home and got wet due to a pipe bursting, the home owner policy *might* cover it. As a startup business, you might consider putting aside the amount of cash needed to replace the equipment every 3 years or so. Ask your accountant for input on this as well.
04-17-2021, 08:55 AM   #12
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QuoteOriginally posted by gatorguy Quote
... my principal business has full coverage insurance.I'm just trying to do this new company the most economical way until income catches up with expenses.
You could possibly treat your photo business as part of your principal business, letting one insurance policy cover all your work. You would need to add the camera gear to your principal insurance policy but if you already have more expensive equipment covered it will be a small insurance increase.

There may be legal or tax reasons to keep the 2 businesses separate, though.
04-17-2021, 11:22 AM   #13
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Thanks, guys. I’ll review this thread too.
04-17-2021, 06:50 PM   #14
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I would suggest speaking with or better yet retain a good attorney who is experienced in setting and running small businesses, especially ones that deal with the general public.
04-18-2021, 10:53 AM   #15
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Thanks to all of you.

I've done a lot of reading since and I think I'll choose to join Professional Photographers of America. Membership offers $15,000 in equipment loss/damage and liability coverage is available discounted. Plus it allows a way to promote our services to clients who might not find us otherwise. Trying it for a year to see if there's any benefit beyond discounted insurance won't cause any harm
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