If you are a professional photographer, you need to insure your requirement so you can stay covered and protected in the event of an accident or theft.
Everything you need to know about camera insurance
If you are a professional photographer or videographer, you need the proper equipment so you can do your craft properly. Even though you may be trying to save money in the long run, getting the best pieces really makes your work stand out from others in the same field. For example, if you are a professional footballer, why would you use cleats that are 3 years old and a helmet that does not work properly? You need to make sure the equipment you are using is top-notch so you can do the art as best as you can – the same goes for camera equipment and photography. If you spend the money, time, and effort on finding the best camera equipment, you can stand out from the competition!
But how can you protect your hard-earned and expensive gear from getting damaged? You may find that purchasing camera insurance is the best way to protect your gear from any types of accidents, damage, or theft that can happen while you are on the set. After all, you need to be prepared for anything and everything – since problems can occur, whether it’s damage to your equipment, accidents, or stolen cameras, you need to be prepared to solve the problem. See more on how to purchase camera insurance to protect your equipment.
Avoid losing thousands of dollars on buying new cameras by purchasing camera insurance. The best way that professionals can safeguard their equipment from anything that can happen is by ensuring they are well-prepared for anything that can happen during daily life. Since camera equipment is very expensive and delicate, purchasing this type of insurance is key to keeping your movie, photography course, or photoshoot on course and running smoothly!
What is camera insurance and equipment insurance?
Although they sound similar, camera insurance and insurance equipment are slightly different. Make sure you are aware of the differences and similarities before using either one for your project. Equipment insurance is an option that you can use as an add-on to your camera insurance that helps you protect accessories you can use with your cameras, such as special lenses, tripods, and other accessories that can oftentimes cost thousands of dollars.
Since accidents can happen, especially with electronics, you may find that purchasing both is your best bet on safeguarding your equipment. For example, if there are dozens of people on set for a photoshoot and someone knocks over your tripod, this can cause thousands of dollars of equipment to be damaged in the process. Avoid this from disrupting your entire day of work by purchasing insurance.
If you are considering what type of photography insurance and camera insurance to purchase, make sure that you are very clear, straightforward, and specific with the type of insurance that you want to purchase. Discuss with the owners the type of photography that you partake in, whether it is inside photoshoots, nature photos, or other types of photography. The type of photography that you are doing can influence the total price of your camera insurance, as there may be some types of photography that are at higher risk than others.
What about small damage claims?
If you have purchased camera insurance, keep in mind you don’t want to overdo the small damage claims. Small damage claims can get you back a few bucks in the short term, but it can also involve making your insurance premiums skyrocket over the long haul – and will end up costing you more in the long run than just paying for the small fees at the time of the incident. You will save more money years down the line by simply paying for minor, inexpensive repairs, such as replacing the shutter on your camera or fixing a button.
What about liability insurance?
The next bit to take into consideration when looking into camera insurance is liability insurance – what is this? This is a type of protection and coverage that you need before you can legally set a photo on set to work with others in the industry. Make sure you have this before you begin working with others, as this can safeguard you from any issues that can arise from working with others.
If you decide not to purchase liability insurance with your camera insurance, you may find that you have been charged with a lawsuit while you’re working on a photoshoot. Whether you did something intentionally – or you accidentally hurt some equipment by accident – this can lead to a lawsuit and extensive claims to be filed against you. If you don’t have liability insurance, this can cause you to lose hundreds of thousands of dollars on your project.
Make sure that you purchase general liability insurance, as this can cover your business, your camera property, your employees, and yourself against any unfair claims that can cause you to go bankrupt. In addition, you can also provide liability insurance cover to those with whom you frequently work or you are in close contact during your camera photoshoots.
Furthermore, your liability insurance policy will also cover the risk associated with people with whom you frequently do business, ensuring that if they accidentally damaged property or a third party, that you are not liable for anything that happens after the fact. Typically, the liability policy of this type of insurance will cover any fees that may arise from being taken to court or being sued for damages. In this case, you should use your liability insurance and camera insurance to make sure that you are not charged with anything.
Errors insurance
The next type of insurance that you should consider along with camera insurance for photoshoots and your professional business is errors and omission insurance. This type of insurance, also known as indemnity insurance, is a type of insurance that helps protect your reputation in the industry if you find that someone has been saying slanderous things about you in the camera and photography world, purchase this type of insurance to ensure that you are not ruined in the industry if you are currently in the middle of a lawsuit or terrible public battle.
By purchasing this type of insurance, you can avoid financial damages, damage to your reputation, damage to your connections in dentistry, and harm to your personal standing in the industry. If you are doing well in the photography business, but you find that your new client is saying terrible things about you, purchase errors, and omission insurance to avoid being mislabeled in the industry.
How much is your camera gear worth?
The next aspect to take into consideration when it comes to camera insurance is how much your gear is worth. Do you have just one camera or do you have multiple cameras, tripods, lenses, accessories, and much more? The first thing you need to do when looking at camera insurance is to calculate the total cost of all of your gear and apparatuses to see how much it would cost if you were to replace every single thing. Think about if you want your new camera insurance policy to cover the actual value of your gear – a number that you will calculate – or the stated value.
The actual value of your camera gear is the value of your gear with the depreciation taken into consideration. For example, if you purchased your camera a few months ago for $5,000, it might now only be worth $4,500. You have to take this into consideration when calculating the actual cash value. If you want to use your stated value, this takes into account the amount you originally paid for when it comes to any equipment that you may damage or lose.
Camera insurance costs
The last factor to take into account when finding out if you should purchase camera insurance is how much you’ll spend on this policy. Just like other types of insurance, you may find that it is more upfront than you would like – but it can save you hundreds of thousands in the long term!
Make sure that you figure out the premium price of your new camera insurance policy, calculating the deductible, premium, and what your coverage includes. Make sure you see if your coverage includes yourself, other third-party people, accessories, camera gear, and other items to see what you are exactly paying for. You want to make sure that your coverage policy includes all of your camera gear!
Furthermore, after figuring out exactly what your policy covers, make sure you avoid adding on any extras into your policy that are obsolete – this is only costing you more money and giving more to the insurance company that is already costing you a lot of money. Figure out if you want indemnity insurance or travel cover – and then make a decision from there!
Conclusion
If you are a professional photographer, buying camera insurance is the best way to safeguard yourself, your employees, third parties, and your gear from extensive damage and costs! If you do not buy camera insurance, then you may find yourself at the end of a lawsuit, public battle, or expensive replacement prices that can lead to spending thousands of dollars in the long run!
