By Whether you’re a full-time professional photographer or an amateur who owns a lot of expensive kit, it’s always worth considering whether you need to get yourself insured. However, similarly to house, car and travel insurance, what is included within your policy can differ greatly and therefore understanding what you need and what you don’t is essential.
So to help you out, the team over at Eggar Forrester Creative have created an essential guide to choosing photography insurance. Check it out below.
How much is your kit worth?
Camera Gear | Photo: Lucas Favre via Unsplash
One of the first things you need to do when considering taking out photography insurance is working out how much your equipment is worth. We suggest sitting down with a pen and paper and jotting down all of the equipment you own. Here are a few of the basic things that might be on your list:
- Cameras
- Lenses
- Tripods
- Drones
- Light Reflectors
- Backdrops
- Props & Accessories
- Memory Cards
Once you’ve listed your items and calculated their combined value, you may find that you’re able to have these items ensured under your regular home content policies. If you’re an amateur photographer, it is definitely worth getting in contact with your insurer. However, if you’ve totalled up your list and you’re a professional photographer, it might be worth taking out a full photography insurance policy.
Warranty and Guarantees
A lot of new cameras, lenses, equipment and technical accessories come complete with some form of warranty or guarantee. Whilst not strictly an insurance policy, these warranties can be an excellent addition as they cover the equipment for any problems which may be the manufacturer’s fault. It is worth checking the terms and conditions of each warranty and checking whether you need to register your equipment with the manufacturer to qualify.
Replacing Equipment
For many people, the idea of taking out photography insurance generally focuses around their equipment and what will happen if it is stolen, lost, accidentally damaged or simply stops working. Whilst equipment cover is likely to be an essential element within the policy, what you get can differ quite considerably.
Some policies will include temporary hire of your equipment until yours is found, replaced or repaired, other policies will simply cover the costs. It is at this point worth considering what you would need if your equipment was no longer usable and how waiting for your new equipment would damage your business.
If your photography equipment is lost, stolen or damaged beyond repair, your insurance policy will likely cover you for replacing it. However, the amount to which you can claim back will depend upon your insurance policy. Some policies cover ‘new for old’ in the sense that your insurer will provide you with new equipment which holds the same or equivalent specifications. Understanding what you’re entitled to, what you own and how much it is worth is an essential part of taking out photography insurance.
Home Contents & Travel Insurance
Camera and travel map | Photo: Annie Spratt via Unsplash
As mentioned above, if you’re just an amateur photographer your equipment is likely to be covered by your home contents insurance for loss, accidental damage, theft and even trips abroad. For those policies that don’t cover trips abroad, it may be worth looking into existing travel cover or taking out a new policy. Often these can be cheaper than a whole new photography insurance policy, and if you’re an amateur it is likely all you will need.
Basic Cover
If you’ve got to this point and still feel you need to take out an additional photography insurance policy then you’ll need to start considering the extent of the cover you need. Generally, you will find that brokers offer three types of cover: Basic, Professional and Bespoke.
If you’re a semi-professional photographer, the basic cover will likely be more than enough to ensure your covered for every eventuality. On a basic policy, you can expect to be covered for your equipment but also for professional indemnity and public liability. If you’re running a business, no matter how small, professional indemnity and public liability will be essential.
Public liability insurance ensures that any legal costs and compensation payments are covered if you or your business are ever responsible for property damage or an injury.
Professional indemnity insurance is equally as important and covers you in the event of negligence. If a client of yours is unhappy with your work and is determined to recover lost expenses, professional indemnity insurance will protect you.
Professional Cover
Professional cover is very similar to a basic policy, in the sense that you will be covered for your equipment, public liability and professional indemnity. However, alongside these core components, photography insurance for a professional photographer is also likely to cover more legal fees, equipment to a higher value, business interruption, and cyber cover in the event of a data breach or cyber-attack.
When looking for either basic or professional cover online, you will likely be required to answer several questions about your equipment and business. They may include, but are not limited to the following:
- What sort of business do you undertake? And more importantly, where?
- Do you have an existing policy which you need to replace?
- What is your estimated yearly business income?
- How many employees do you have?
- How much is your kit worth?
- Do you require overseas cover?
- Do you require vehicle cover to protect against theft?
- Do you wish to take out a voluntary excess charge?
It is worth thinking about these questions before going ahead and looking for an insurance policy as having these numbers, dates and existing policy information to hand will enable you to make the right decision quickly.
Bespoke Cover
Photographer in white room | Photo: Jesse Orrico via Unsplash
An alternative to professional cover for full-time photographers and business owners is bespoke cover. Perfect for those who want to pick and choose what is covered, a bespoke policy is usually the best choice for a high-earning professional or larger photography business. As each policy is created on a case-by-case basis, you will need to get in contact with a specialist photography insurance broker to discuss your options.
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Author Bio: This article was written by Eggar Forrester Creative, an insurance broker dedicated to finding bespoke cover for creative professionals.
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