No matter if you’re an amateur photographer or professional, equipment can be expensive – protecting it with an insurance policy can provide peace of mind.
Accidents happen, such as when you trip on your tethering cable while shooting at a wedding and damage all your equipment. A camera equipment protection plan typically offers both general liability and commercial property coverage to protect you in such instances.
Accidental Damage
When investing in expensive camera gear, you want to use it whenever necessary. But should your equipment become stolen or broken unexpectedly, losing thousands could leave you scrambling for solutions – which is why camera insurance should always be included as part of any package deal for photographers.
Professional photographers typically carry business insurance to protect their equipment and other assets. But hobbyist photographers without business may find it more challenging to secure coverage for their gear; most homeowners and renters insurance policies typically only cover personal property up to a certain value, which doesn’t cover high-priced photography equipment such as cameras. You may be able to purchase extra protection for an additional fee on most policies that could increase this limit and protect against accidental damage.
Accidental damage is one of the primary reasons to insure cameras and other electronic devices, providing peace-of-mind from unplanned repair or replacement costs. Working with an established provider such as Goodcover allows you to tailor a policy specifically to fit your needs as well as add specific coverages for special devices.
Consider both accidental damage and theft when choosing camera insurance policies. Traveling or working in public environments raises the possibility that someone could break into your bag or simply walk off with it; quality camera insurance policies offer coverage for lost or stolen gear and provide reimbursement of its value in case your gear goes missing.
Your gear can also be insured at either its “replacement cost” or its “cash value.” A replacement cost policy pays you enough money to replace your camera if it’s lost or stolen; while cash value policies provide reimbursement of its current market price. Many insurance companies provide both options, so that you can select one that best meets both your budget and equipment type needs.
There are other ways to reduce financial loss, including purchasing a security system for your home and locking all doors and windows when away, but nothing beats having comprehensive camera gear insurance policy in place to safeguard expensive investments and provide peace of mind.
Theft
As a photographer or videographer, your equipment represents an investment worth thousands of dollars, so protecting it against theft is of vital importance. If your camera gear is particularly costly, consider purchasing an insurance policy which covers its full replacement value; such policies often also cover repairs or replacement expenses as well.
Because camera gear is both portable and expensive, thieves often see it as an easy target. From breaking into your home or studio to taking it from your backpack or leaving it somewhere out of sight in your car – thieves are particularly harmful to photographers and their businesses. Camera insurance provides coverage against theft for both its replacement value and cash value depending on what policies are purchased.
Professional photographers and videographers need more than a basic camera equipment insurance policy; they require additional liability protection in case their work causes property damage or bodily harm to third parties. A business owners policy (BOP), which typically bundles together general liability coverage and commercial property coverage into one package policy.
No matter whether they specialize in wedding, portrait or wildlife photography; wildlife or landscape art; multimedia journalism; or just taking photos to illustrate a story, most photographers understand the value of investing in camera gear insurance as an inexpensive way to safeguard their investment. Even small items of equipment can be costly to replace; therefore acquiring camera gear coverage provides peace of mind against such losses.
Homeowners and renters policies don’t usually cover camera equipment used professionally, even if stored at an insured residence. You will require separate stolen camera insurance policies to safeguard this equipment if you use it professionally, although many camera and videography businesses purchase such policies as part of their larger business insurance package. To decrease your chances of theft by installing security measures at your home, studio, car, tracking camera gear serial numbers as well as receipts; keep them if damaged equipment was lost; save receipts so they can provide evidence to an insurer should this ever become necessary.
Fire
As a photographer, safety must always come first. Being prepared for unexpected scenarios requires being prepared as well. That is why purchasing camera gear insurance is such an invaluable investment – protecting you against massive financial loss or legal liability should something go wrong and it is far cheaper than an extended warranty plan.
Camera equipment insurance usually only extends coverage to camera bodies, lenses, flashes, tripods and accessories – such as lenses and flashes – rather than other forms of equipment like computers, laptops or memory cards. You may be able to add these with an additional premium payment. Furthermore, you have two main policies to choose from when insuring camera equipment: replacement value which pays to replace or repair damaged or stolen cameras with brand new versions or cash value reimbursement which reimburses you the current market value of your camera; you may even find policies which protect both when working both from home as well as traveling or working on location – perfect for photographers who rent extra gear when working on projects!
Photographers and videographers need to do their research before purchasing used camera gear, whether or not it be new. Research what the piece of equipment or camera costs currently and compare pricing at major wholesale websites like B&H or Adorama before reading reviews to be aware of any potential issues that could surface later on.
As well as checking for potential damage or issues, it’s wise to investigate the history of any camera you plan on purchasing. This can provide insight into its usage patterns and environments – such as desert or snow use which might increase risk over time.
Note that many standard insurance plans cap the amount you can claim for cameras to a certain amount; this is particularly prevalent with home and auto coverage. To get around this limitation, bundle camera equipment with gadget coverage from companies like AKKO; these plans start from $15 monthly and cover up to 25 items including your camera gear.
General Liability
Not all photographers consider camera gear insurance essential; however, those who have invested significant sums in their equipment and who work with clients may want to seriously consider investing. Furthermore, policies can also protect against liability should a third party become injured while working with you.
Before purchasing camera gear insurance policies, it’s essential to understand their limitations. Some personal property policies only cover items located at home – leaving out traveling or on-location gear without coverage. To address this problem, riders are available that cover it when you are out and about; these could prove more cost effective than separate camera coverage policies.
Be mindful of how your camera gear policy defines “covered property.” Some policies reimburse for actual cash value (depreciated amount), rather than replacement cost valuation, while others offer more affordable replacement cost valuation, helping you recover after losing costly equipment.
As photographers who often work on location with rented gear, knowing if their policy covers this equipment is of paramount importance. Once this decision has been made, then you can decide between purchasing additional camera gear coverage or adding an endorsement rider that covers rented items to an existing policy.
If you’re shopping around for camera equipment insurance, seek out companies that specialize in it. A number of these firms will customize policies according to the risks and value of your equipment; many also have experience working with photographers so they know which incidents to expect and how best to avoid them.
Goodcover’s SUPERGOOD policy offers comprehensive protection from accidental damage and other common mishaps without complicated exceptions or depreciated amounts that might leave your most expensive equipment unavailable to replace. Plus, its online form makes finding customized plans simple!
