When you’re spending hundreds to thousands of dollars on photography gear, you want to ensure that it is insured in case of an emergency. The last thing you want is your camera to fall and break while trying to shoot a wedding, only to be stuck having to pay for the damages out of pocket. It’s not a cheap fix, which is why we can’t recommend gear insurance enough.
If it’s something that you’ve considered but you’re not sure if it’s right for you, or you just want to learn more about it, you’re in luck. We’re telling you everything you need to know about camera gear insurance.
What Is Camera Gear Insurance?
Many new cameras come with a warranty, though this typically only lasts a year or two. Once the warranty expires or you run into damage outside of the warranty (i.e., a cracked screen, broken flash, etc.), you have to pay for any damages yourself. And this can be pricey.
Camera insurance covers everything from the body of the camera, the lenses, the LCD screen, shutter mechanisms, batteries, and more. You’re protected from theft, unfortunate drops, water damage, power surges, and more.
How Much Does Insurance Cost?
The price of gear insurance will vary depending on the coverage, the value of your gear, and the company you use. However, you can typically expect to pay anywhere between $150 to $500 a year.
Can You Use Your Homeowners Insurance For Your Camera?
Many photographers assume that their camera is covered by their homeowners insurance. Unfortunately, this is not the case if half of your income comes from photography or if it is used for business purposes. This means that you would not be protected even if the camera is stolen or damaged at home.
Types Of Photography Gear Insurance
Because homeowners insurance will not keep you protected, it’s wise to look into a different kind of protection. However, we know that there are a few options out there, so to ensure that you choose the one that is right for you, we’re helping break down each one.
Commercial Property Insurance
Commercial property insurance is by far one of the most important types of insurance for photographers. That’s because it covers all business assets–aka everything that is important to run your photography business. This means your cameras, equipment, lighting, and laptops are all safe.
General liability does not protect your gear but rather your business. Say, for example, that you are shooting a wedding, and the bride’s uncle trips over one of your tripods. Or say that you accidentally run into a delicate statue at the venue while on a job because you’re trying to get the perfect shot. General liability covers third-party property damage and bodily harm. If any medical bills or repairs need to be paid for, this will keep you from having to shell out that money yourself.
Also known as Errors and Omissions (E&O), this type of insurance protects you in the case of a lawsuit. If you cannot make it to a wedding or you lose your hard drive full of images for a client, and they take you to court, this will help act as a buffer.
Now that you know if camera gear insurance is right for you, it’s time to start thinking about what gear you may be missing. Luckily we’ve got a quiz to help you decide what photography purchase you need to make next!