With anything in life, you need guarantees in case something gets damaged or hurt. For those who have expensive equipment for their job, such as photography gear, lighting equipment, and other expensive items, you need to protect yourself and your equipment in case something happens to it while on the job.
For example, during movie shooting on movie sets, you need to protect yourself by purchasing some type of safeguarding plan for your crew, your equipment, and yourself. If something happens to your photography equipment or lighting equipment while on set, you need to ensure that you do not have to pay full price for fixing this technology.
If you avoid purchasing equipment protection ahead of the time, you might be setting yourself up for potential failure later on in the project. By failing to safeguard your equipment, you will have to pay hundreds of thousands of dollars out of pocket to fix any broken equipment.
See more the main reasons and the benefits as to why you should purchase protection for your equipment and technology while on a production set!
The top 5 reasons why you need camera insurance for your equipment during your next project!
For a movie project, any adventure shoot, or outdoor nature photography, you used to purchase camera equipment and camera insurance for your gear! If you fail to protect your gear, you will have to replace your cameras and their accessories with your out of pocket money. The accessories used with cameras include the lenses, lighting equipment, carrying case, and other accessories that can help you get the perfect shot!
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No matter where your next shoot is, whether it is on a protected set in the middle of the city or if it is in the middle of unbridled nature, you need to make sure you purchase camera insurance so that you can avoid any accidents while on the job. Since accidents are virtually inevitable, protecting your equipment while on the go is key to saving money.
Benefit #1: protects you while traveling abroad
You may be wondering why you should purchase camera insurance, especially if you have money to spare and you do not want to spend money upfront, but would rather take your chance. Although you may feel like you can get away with just risking it, camera insurance ensures you can avoid any damage to your equipment while traveling abroad that can put a hole in your wallet.
Your camera equipment could go through serious damage while traveling – just like anything else in your luggage! If your camera equipment is in your suitcase and your suitcase is damaged, this could seriously hamper your camera equipment’s effectiveness. Furthermore, your camera equipment could be stolen while traveling abroad – if this is the case, you would seriously benefit from having camera insurance for your gear.
Benefit #2: Camera insurance covers all of your accessories
But what does camera insurance cover? Does camera insurance cover just the camera, or does it cover other accessories as well? You need to look into these details before purchasing camera insurance so you know what is covered during your trip. Camera insurance covers your cameras, lighting equipment, lenses, and other gear that you will use during the job. The main gear that photographers use is the aforementioned products, along with any carrying cases, additional lenses, and other materials that are required for your job.
When purchasing camera insurance, you need to know what is included and what is not. Although all of the aforementioned products are included in the camera insurance policy, there are a few things that are not included in the price. You need to keep this in mind before you are buying the insurance.
- Anyone currently who is working with your camera equipment, or anyone in the past who has filmed any work that can be viewed as adult material with your camera equipment.
- Anyone who is currently using your equipment, or anyone in the past, that has performed work that could be defined under the scope of paparazzi work
- Anyone insured that has had numerous complaints or lawsuits in the past 5 years that involve concerns like identity theft or personal advertising issues
- Any insured that has been canceled within 3 years prior
- Any insured with claims exceeding $5,000
Benefit #3: you have thousands of dollars covered!
The third benefit of purchasing camera insurance for your next job is the high level of cover you receive with your policy. In most cases, you will have up to $15,000 of equipment camera insurance covered! This means that if you completely destroy your camera by accident, or your camera is stolen, this number will typically cover the entire price of your stolen equipment.
Furthermore, camera equipment is very pricey – a professional camera body and the short will typically cost between a few thousand dollars and tens of thousands depending on the type and the brand. A DLR camera for professional use is typically around $1,000 just for a new lens, whereas an SLR camera will come in at around $3,000. This means that with up to $15,000 in insurance coverage, you will have your camera and lens fully covered during any accidents or incidents of theft!
Furthermore, you can usually find a camera insurance policy with the ability to cover equipment repairs or equipment loss. Most policies offer at least a $50 flat deductible for equipment repairs with an additional $350 for full replacement of your equipment.
Benefit #4: peace of mind while on the move
The fourth reason why you should purchase camera insurance equipment for your next job or project is peace of mind. Instead of worrying about the conditions of your camera equipment or stress about leaving equipment on set overnight, you can rest assured that your equipment is safeguarded and protected against any accidents or theft.
Even though you will still need to take care of your equipment and protect yourself and your business, you can remain stress-free while doing important work for your job and making an income. For example, you can travel with your camera while on a flight, bus, or train, and not worry about whether or not your camera has been damaged during transportation.
Benefit #5: save money from out of pocket expense
The final reason and benefit of purchasing camera insurance for your equipment is the ability to protect your savings and avoid spending excess out of pocket money for repairs and buying new equipment. If you do not have a lot of money to spend up front on your new camera project or shoot, you need to protect yourself from having to pay out of pocket for a new camera, new lens, or new carrying bag. Instead, purchase camera insurance up front, although you will be spending some money, and end up saving tens of thousands in the long run!
As you know by now, camera insurance is not too costly for a policy and plan covering the duration of your project. However, purchasing new camera equipment is very costly, with new cameras ranging typically around $3,000 to $!5,000 spending on the brand, type, and accessories needed for your project.
Instead of having to buy new DSLR or SLR cameras for your project, you can get camera insurance that covers your gear and equipment! This policy will cover any gear you won, such as tripod, shutter release, lenses, flash, and lighting equipment, and is covered under your insurance policy. You can also add extra coverage for additional items, although it won’t break the bank in the process!
As a professional photographer, you can get a business owner’s policy that helps small and freelance business owners protect their business property. The typical price of this kind of insurance for professional use typically starts at around $10,000 for your personal property coverage. The price of covering around $10,000 of camera equipment only comes to between $2 and $10 per month depending on the value. This is much less than spending tens of thousands on a new camera!
If you decide to purchase extra coverage options for your camera insurance, you need to figure out exactly how much your accessories, camera, and equipment is worth. Calculate the total price of your camera, accessories, travel case, and extra lenses to find out how much you want to be insured for. The best way to figure out how much your camera and accessories are worth is by keeping the original purchase receipts from the time you bought the equipment.
Conclusion
As you can see, purchasing camera insurance is a great way to safeguard your camera equipment, reduce the chances of spending out of pocket money, and adding peace of mind to your next projects. Instead of spending tens of thousands of dollars in the long run, you can spend just between $2 and $!0 per month to insure your camera lens, shutters, lighting equipment, and other accessories used for your next project.
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