Questions to Consider when buying Photography Business Insurance
Regardless of whether you are renewing or purchasing photography business insurance for the first time, you should consider the following to ensure the best price and protection:
What are the limits for your gear and liability?
Limits that are too high will cost you unnecessary premium dollars. Have you updated your inventory of gear and determined a current replacement cost value?
Conversely, if your replacement cost value is higher than the limit on your policy, you are under-insured and should purchase a higher limit of coverage.
The minimum general liability coverage you should purchase is $1,000,000. The general liability will protect you from lawsuits that result from property damage or bodily injury that you, or your employees cause while shooting. The liability policy will pay the legal costs for your lawyer and the judgement costs up to the liability limit that you purchased.
Will your current liability policy provide enough protection if you end up in court defending a lawsuit from a well-paid programmer’s husband after you permanently disabled her when your Pelican lens case was knocked off a rooftop shooting location onto the sidewalk below? A programmer who is 40 years old making $100,000 a year could sue for 20 lost years of future earnings – or $2,000,000. Additional limits of liability coverage typically go down in cost for each million over $1,000,000 that you purchase.
What do i have to do to make a claim?
You have the coverage and now all your equipment has been stolen. Should you call the broker or the insurance company when you first hear about a claim? Call the broker.
Claims Reporting Procedures
All claims should report the following: Date of Loss, Description of Loss, Names and phone numbers of persons to be contacted.
All incidences should be reported promptly. If you are not sure there is coverage, call your broker.
Is it possible to take immediate action to make repairs if further damage to the property is likely?
As long as the claim is covered, the reasonable cost of temporary repairs made to prevent further damage is money well-spent and, therefore, reimbursable, subject to all policy terms and conditions. Documentation in the form of bills, receipts and photographs should be retained in order to verify damages and repair costs.
Theft from a vehicle: is my equipment covered?
For professional photographers, the world is their workplace. They need to be able to pick up and go wherever – and whenever – the light is magic. That means they’re travelling with valuable equipment, and that means, theft from a vehicle is a serious concern.
Did you know some insurance policies don’t cover theft from a vehicle? Understanding the conditions of the insurance policy covering your camera gear prepares you to understand how your policy will (or won’t) respond in the event of a theft from a vehicle.
Remember, even with camera gear insurance, it’s better if your gear never gets stolen in the first place! Insurance is just one tool you have to protect your business from losses, but you should also be practicing good risk management.
Consider these tips:
Never leave your gear in an unattended vehicle if you can help it.
Use good judgment when choosing locations and parking spots.
Keep your gear in the trunk or out of sight.
Travel lean – only bring with you the gear you know you will need.
Unload your gear into your residence.
Beyond the gear:
As a professional photographer, there’s more to consider than just protecting your gear. Financial implications tied to copyright infringement; advertisement liability and the like are also things to consider. If you are just starting your photography business, or are thinking about doing so, you can contact one of the brokers or CSRs from the DPM Insurance Group team to discuss the full range of options for protecting your new livelihood.
Source: Front Row Insurance Brokers Inc.