Is It Really Worth Buying Professional Camera Insurance?
If you were walking or driving around with £5,000 in your wallet, it would be natural for you to feel nervous – especially if it wasn’t insured.
Why then are so many people comfortable carrying around a bag containing a camera kit worth £5,000 (or more)?
Try to imagine what could happen should the bag and kit somehow be lost, damaged or stolen. Apart from the cost of the replacing the kit you could be jeopardising your livelihood if you have to cancel bookings.
So let’s understand some of the basics of professional camera and video equipment insurance.
When you decide to purchase Professional Camera Insurance, the first thing you need to do is evaluate the risks to which your equipment is exposed and try to match them to the covers available, as well as how long it might take to repair or replace, what those costs might be and what additional costs you might incur. You may also want to consider what income you may lose. Getting advice from a Professional Broker can help a lot and avoid missing important risks you haven’t considered.
Is there a possibility that the location in which you have to work or the type of work attracts a higher risk of loss or damage? What about areas with a high crime rate for instance or are you being asked to work at heights or below ground or under water. Getting close to the action is an occupational hazard so make sure you are insured should you suffer a calamity.
Professional camera insurance is extremely valuable insurance protection but you should not assume that ‘All Risks’ are covered. Check for exclusions, terms and conditions of cover.
It is wise to purchase the best Professional Camera Insurance you can afford before you experience any catastrophes.
WHAT TYPE OF INSURANCE?
Many amateurs and some professional photographers think they do not need more than a normal household insurance as that will cover the basic risks for them. A dangerous thought!
It is essential to thoroughly check the policy you are looking to buy. Household insurance is not likely to operate with as much urgency as a business policy and is unlikely to provide cover for business activities.
Nowadays, special insurance schemes have been devised to cover the sorts of risks household insurance and standard off the shelf business policies do not. This will avoid the tears and tantrums for people who discover too late they are not covered.
Even if you are an amateur but equipped with high-end equipment, consider Professional Camera I
nsurance to keep yourself safe.
A simple internet search might reveal the insurance schemes spending the most. It rarely reveals the best or worst cover or the best claims service.
Asking other photographers or searching for professional photographer groups on social media platforms like Facebook might give you a better idea of what’s available and which insurer offers the widest possible insurance cover for your equipment and business. Claims service is also very important.
Select a few favourites and contact them to see who you feel matches your wish list of covers and who you trust the most. Never judge the value of a policy on lowest premium cost alone. You might save a few pounds but you might end up losing thousands.
A comprehensive policy will give you greater peace of mind as you wander around with your £5,000.