The wonderful world of insurance. It’s pretty much worthless until something unforseen happens, but if you don’t have it, boy do you wish you did. Be it car insurance, homeowners insurance, or photography gear insurance, insurance is a part of life as an adult and especially life as a business owner.
Honestly, who really wants to talk about insurance? Talk about a snooze-fest. Right up there with contracts and taxes, insurance is a necessary evil and no matter how much you may want to bury your head in the sand, gear insurance is one of the most important things you need to have as a photographer. A few weeks ago, I wrote about the wedding photographers and videographers who were robbed at gunpoint during a photo shoot with a bride and groom. The videographers did not have insurance and now they are trying to raise funds via indiegogo to recover some of the losses.
Gear is expensive, insurance is not. For about $50 a month, you buy not only the assurance that if anything were to happen to your fragile and very expensive equipment, you won’t be up a creek, but also peace of mind in case said gear decides to jump into the ocean for a swim. In the following video, DSLR Video Shooter talks about gear insurance and presents some options to help with your research in gear insurance.
Caleb Pike lists 4 options to insure your gear, the pros and cons and the price of each of them. He begins by talking about a Home Contents Policy, which will run about $10 a month. Personally, I don’t like this option because it has limited coverage and is only good if your gear is stolen from your home or if it gets damaged by nature, no insurance for accidental damage. If you have minimal gear, you should look into the second option Caleb mentions, Protect Your Bubble. For $3.99 a month, you have coverage of all the gear under your roof. He also lists a few photography membership groups you could join such as ASMP or PPA, as well as the company he went with, Insure My Equipment.
For my business, I went with Hill & Usher who has a specialty in insurance for photographers. I paid about $225 per quarter and it was sufficient for my small photography business.
Caleb goes on to talk about liability insurance (which was covered under my Hill & Usher plan), and also giving tips such as making sure you fill out and send in those warranty cards for your gear, using GPS trackers for your bags and services like LensTag and Find My iPhone. With gear you can never be too safe and cannot afford to not have it.
The video is brief, at a little over 13 minutes and is a great start if you’re researching protecting your gear. We can all agree that it’s important, so take some time today and protect yourself and your precious gear.
What tips do you have for insuring your gear? What companies do you have experience with? Comment below.