hasselblad
Well-known member
Hey guys!
Who do you use for insurance for your business?
How much is the going rate?
Thanks!
Otto
Who do you use for insurance for your business?
How much is the going rate?
Thanks!
Otto
Insurance for photography business?
- Thread starter hasselblad
- Start date
Run&Gun
Veteran
It’s all going to depend on the type of coverage and amount of gear you want covered. Several years ago, I moved over to United Agencies in Burbank, upon recommendation from a friend. They specialize in insuring ‘us’ and our gear. I think I pay $6K+/year for equipment and liability coverage. But I own a lot of equipment.
Doug Jensen
Carbonite Member
I also have separate business insurance that covers my gear and liability. It runs about $3K per year.
I'm with Hanover and have both gear (equipment) coverage as well as general liability. Runs around $1k per year. Doug & R&G have nicer and more stuff than me. 
Even though I've never had a claim, rates do seem to have jumped up a pretty good percentage the last 2 years... so I might be shopping around when my renewal comes up in a couple of months.
Even though I've never had a claim, rates do seem to have jumped up a pretty good percentage the last 2 years... so I might be shopping around when my renewal comes up in a couple of months.
ahalpert
Major Contributor
I pay just $500/year for equipment coverage and liability through Hiscox "photographer's insurance" - https://www.hiscox.com/small-busine...al-business-insurance/photographers-insurance
I'm somewhat undercovered on the equipment side. Up to $25k insured at home, up to $10k insured away from home. I have about $40k of kit in secondhand value (much more if bought/sold new, of course). But I think that it's unlikely for me to lose more than $10k of kit on a job. I usually have around $20-25k with me. And a thief isn't going to get away with all my bags since some of it will be with me. So, I'm basically covered if I drop and break a camera/lens or if a thief makes off with a gear bag
The odd thing that slightly gives me pause is that Hiscox doesn't require a schedule of gear. I used to have an equipment floater through ProductionInsurance.com (but if I recall correctly they stopped offering that product). They required a schedule of equipment, and I think also serial numbers for the more expensive items. I was paying about $350/year to insure about $27k worth of stuff. (no liability in that policy, just equipment)
So, in a way I feel like I'm getting a much better deal without an equipment schedule because I can insure (a limited loss) for an infinite amount of gear. I just hope that the insurer actually pays out... I've never made a claim with either insurer, but I've heard plenty of horror stories about insurance companies
Tangentially, what do people here do for life insurance? Any tips? I'm currently applying for a policy
I'm somewhat undercovered on the equipment side. Up to $25k insured at home, up to $10k insured away from home. I have about $40k of kit in secondhand value (much more if bought/sold new, of course). But I think that it's unlikely for me to lose more than $10k of kit on a job. I usually have around $20-25k with me. And a thief isn't going to get away with all my bags since some of it will be with me. So, I'm basically covered if I drop and break a camera/lens or if a thief makes off with a gear bag
The odd thing that slightly gives me pause is that Hiscox doesn't require a schedule of gear. I used to have an equipment floater through ProductionInsurance.com (but if I recall correctly they stopped offering that product). They required a schedule of equipment, and I think also serial numbers for the more expensive items. I was paying about $350/year to insure about $27k worth of stuff. (no liability in that policy, just equipment)
So, in a way I feel like I'm getting a much better deal without an equipment schedule because I can insure (a limited loss) for an infinite amount of gear. I just hope that the insurer actually pays out... I've never made a claim with either insurer, but I've heard plenty of horror stories about insurance companies
Tangentially, what do people here do for life insurance? Any tips? I'm currently applying for a policy
Clermond
Veteran
which country?
I have an insurance Germany based for Europe which covers also gear that is left (not visible) in the car even during the night. The rate is about 2% of the value and it has a decreasing deductible rate for the 1st three years. Once my gear was held back by customs for one week, stored on a cart outside the office. I was pretty relieved that I had an insurance and I could focus on getting my job done with rental gear.
sleekmedia
Well-known member
Surprised by some of the pricing listed here. I have well over 100k of equipment insured with loss/damage protection and 1M standard and an option of 3M production/liability insurance for my business for just under $1000/year. I use the same agency as my home-owners and car insurance (Erie).
Run&Gun
Veteran
Just wondering what your "world" is. Many years ago, I contacted the insurance company that my house and vehicles are with about using them for my business insurance and got a quote. Right before the finalization my agent asked me if I shot "TV" or stills. I of course told him "TV", he said they would not insure me, because they deemed it too high-risk(but did not have a problem with the dollar amount of insurance coverage I wanted). And the insurance company that I was with for YEARS (and had GREAT rates) dropped me for the same reason(never covered up what I did, they just made a presumption that I just shot things like weddings and not actual TV/Production work). So I ended up at a specialty agency. And I have many $100K's of gear covered. Some would probably say I'm actually over-insured, but I've had an almost total loss before. One of my buddies, who is much more "bottom-line" focused than I am has the philosophy of only having enough insurance coverage to get you back on your feet with a minimal gear package.
Run&Gun
Veteran
I did have an almost total loss, before. Almost everything except the camera and lens.
My original policy, YEARS ago, was an unscheduled policy(more or less just a dollar amount of coverage). Now, my current insurance requires everything that is covered to be listed with cost per item.
Doug Jensen
Carbonite Member
I've got over $250K insured with $2M liability and my rate is somwhere around $3K/year, so not that far off from your rate. Also, mine is through a local agent and a well-known insurance company, which could make a difference if I ever have a claim.
Doug Jensen
Carbonite Member
All my gear is listed in a spreadsheet with model, manufacturer, value, etc. At renewal time each spring I go through the entire list and reduce the value of gear as it ages. There's no sense in me insuring an older camera that originally cost $20K for that amount if similar used cameras can be bought for a fraction of that. If I ever had a claim, the insurance company wouldn't give me $20K even if I had been paying a premium that was based on that value. So over-valuing gear is a waste of money. Sometimes I take the value right down to $0, but still leave it on my list if I still have it.
^ I also have my gear listed in a spreadsheet like Doug. But thanks for the great tip / reminder to go through that list and check the value of each item, every year Doug. A really good agent would remind you of this every year - but then they don't have much incentive to do so - other than keeping a relationship... but I've never found a really good insurance agent.
ahalpert
Major Contributor
You can also insure new gear for the used cost if that's how you intend to replace it. If you don't want to buy a secondhand unit or it's not available, then obviously you gotta stick with the new price.
I sort of feel like I'm at low risk of losing or breaking things or having things stolen (maybe closer to average risk for having things stolen), so I'm not crazy about paying for insurance that assumes I have average risk. I'm more in the camp of your colleague in terms of having just enough insurance to get my business running again. There are tools I don't use as much as I expected and wouldn't necessarily need to replace. There are cheaper versions of some of my tools now available. Or I bought expensive lenses that mooted cheaper versions I previously bought. I could get my business up and running for much less than my cumulative investments
ahalpert
Major Contributor
Did your storage unit get robbed?
Run&Gun
Veteran
It’s funny you mention lenses, because I keep my glass insured at full price. It’s all still in production, or at least there are newer versions of some, and there is no guarantee that you would necessarily be able to find some, any or all on the used market or in a timely manner.
Run&Gun
Veteran
Truck stolen out of the hotel parking lot and picked clean like a Thanksgiving turkey. For some reason they left my tripod and a battery charger, but took all the sandbags. Lol. Thankfully the camera and brand new at the time HD wide angle lens were in the hotel room with me. Of course, back then I didn’t have nearly as much gear as I do now, and probably 90%(or more) of what I owned at the time was in the truck. And what was almost as bad as that was dealing with the MF’n Atlanta PD afterwards and my auto & home insurance company for the damages to the truck and sound system and stolen personal effects. My business insurance company was actually super easy to deal with and started cutting checks right away to help get me going again.