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Photography insurance in 2019

These days, most cameras are premium models and come with hefty price tags. Whether you’re an amateur photographer exploring it as a hobby or a seasoned pro, losing camera equipment due to fire or an accident can be a heartbreaking as well as a costly affair. A simple solution to protect yourself and your gear from potential financial damage is to invest in an insurance policy that would cater to your specific requirements. Still not convinced about buying photography insurance? Read this article to change your mind.

Why you should take photography insurance?

If you earn your livelihood through photography, then investing in good camera equipment insurance is a must. Outdoor professional photographers are always running the risk of theft, sudden accidents and unforeseen circumstances that can damage the gear. For instance, if you are covering a wedding and someone trips over your tripod, you will not only have to cover the cost of the damage but it will also expose you to the risk of being sued by the injured party. If these reasons are enough for you to even consider investing in photography insurance, then take a look at some of the things you should keep in mind before taking the final call.

A comprehensive guide to choosing the right photography insurance

1.      Find the right company: Try to select a firm that specializes in photography insurance as general insurance brokers will not be able to tailor the policy according to your particular requirements.

2.      Understand your needs: Depending on whether you shoot outdoor or inside a studio, choose between equipment & camera insurance, liability insurance or errors & omissions insurance and get the minor details modified.

3.      Make small damage claims: While making a claim for minor damages can cause your premium to go up, it is more beneficial for the long run. You’ll end up saving money while getting repairs and it will also cover maintenance costs.

4.      Read the small print: Most people don���t read the fine print of a policy carefully and sometimes what appears to be a decent deal on the surface might not turn out to be as good when considering all the clauses. Therefore, always review the deductible costs against the premium to be paid and the waiting period before the payout.  

Types of photography insurance

1.      Equipment & camera insurance: As the name suggests, this covers any physical damage to your DSLR camera, the lens, and other related gear. It also includes insurance against accidents such as theft or ‘acts of god’ like flood, earthquake, etc.

2.      Liability insurance: General liability insurance will protect your business, property as well as employees and cover the legal cost of defending you against a lawsuit in case of an accident.

3.      Errors & omission insurance: Also called indemnity insurance, this one safeguards your reputation in case of problems arising due to a breach of contract, errors or oversights. An exacting client can make things difficult to you in the courtroom and a professional photographer needs to be prepared for any legal battle.

Our viewpoint: Ultimately, it’s important to do a thorough research, estimate the value of your equipment and consider different photography insurance policies before choosing the perfect one!