Insurance for Photography Equipment
You love taking pictures, but photography equipment, including your camera, lenses, flashes and other gear, costs a fair amount of money. In fact, even a hobbyist can own up to $3,000 to $5,000 worth of photography gear, while some pros own three times that much.
Unfortunately, accidents happen. Should your equipment get damaged or stolen, would you have the funds to replace it all at the same quality? Most people likely wouldn’t so we recommend you take out a rider on your homeowners’ insurance policy to cover the amount.
How It Works
A rider, also called scheduled personal property, has you covered for instances of theft, fire, damage and loss, even when the incident occurs outside the home. A typical homeowners’ insurance policy without a rider only offers up to $500 in coverage for photography equipment. Once you add scheduled personal property, that amount goes up and covers a greater range of situations in which your gear could be damaged.
The amount of coverage you’ll need also depends on what you own and how much it costs. As is the case with all scheduled personal property, your policy should have a value assigned to each piece. Experts recommend that, when meeting with an agent, you put together the exact name, model and serial number for the camera, lens or other gear and find the receipts that show how much you initially paid. Over time, as you add new gear, keep your insurer updated regarding its value.
For Commercial Photographers
Keep in mind that homeowners’ insurance policies won’t cover your gear if you use it for commercial purposes. Even if you’re not a full-time photographer, earning a certain portion of your income from taking pictures can indicate you’re using the camera solely for commercial reasons.
In terms of insurance, being a professional photographer is essentially like running a business. As a result, the amount from a rider isn’t enough; instead, it’s suggested that you have a full commercial policy with liability coverage, in case someone trips over your equipment, as well as workers’ compensation, should you employ others for photography.
To get a photographer-specific policy, it’s recommended that you get connected through a professional organization, to an insurer who specializes in this area.
Concerned your camera and other equipment might not be covered? To learn more about taking out a rider, contact Ion Insurance. Give us a call today at 203.729.5261.