Professional Organizations and Insurance

[CobyPhoto]

Insurance for your business and equipment is a major decision. A quick word of warning about insuring your equipment on your home or auto policy through a special rider-if you ever have a claim, get ready for your rates to go up, up, up on your home owners or auto policy when you renew. I have a comprehensive policy for my studio and business, covers everything from liability to income, but I insure my equipment through Marsh Group (PPA Program) foir about $2.40 per $1,000 dollars of equipment and a very reasonable deductible. This insurance covers breakage, incidental damage, theft, even from your auto on location etc. You name it, it covers it. The policy is designed just for photographers and they know what they are doing.

Another issue with having your equipment insured through your home or auto or other type policy that isn't specific to business is that you aren't covered for PROPERTY used in a business...just personal use. So if you are using it for business your isurance isn't worth a dime.

It gets more in depth than this. I have spent many hours reading and have found a plan and stick with it.

Just do your home work and ask MANY questions when you talk to the firm that is insuring your equipment.

CJ

[brad]

We are a corporation, so we don't have the option of insuring it on our personal policies..

Thanks for the lead on the Marsh Group.. I'll check them out.

[CobyPhoto]

Brad,

You will want the added security of the PPA's Indemnity Program as well. It is only 327.00 a year and it is worth every cent if you have a situation that it comes to your rescue.

An example: A friend of mine shot a wedding, was still shooting film. His shutter sync with his flash was malfunctioning and there was no way to know it until the film was processed...PPA Indemnity reconstructed that wedding and furnished other equipment and photographers to shoot it in order to supply the photographer with the necessary photos to fullfill his contract, at no additional cost to the photographer! PPA Indemnity insurance and the Equipment insurance through Marsh Infinity Group is well worth the cost.

I don't have the contact info at home, but I do at the studio. Feel free to contact me if you need it or have any other questions.

CJ

[brad]

Coby: Isn't the indemnity required with PPA membership? Do you have a total annual cost?

[CobyPhoto]

Brad,

Yes, it is required if you choose Portraiture or Wedding Specialty in your application. The Total cost is $327.00 Annually. Or within a couple of bucks of that.

If you want more info, call me tomorrow:

(409) 945-5055

CJ

[brad]

Cool, Coby, thanks.. for that price, to join PPA and get that insurance is a pretty good deal.. then just need liability and equipment insurance and the package is complete

[Roadrnr]

Originally Posted by CobyPhoto

Insurance for your business and equipment is a major decision. A quick word of warning about insuring your equipment on your home or auto policy through a special rider-if you ever have a claim, get ready for your rates to go up, up, up on your home owners or auto policy when you renew.
CJ

Actually, your camera equipment could not be insured on your auto policy. Even if you could, and filed a claim, it would/should not cause your insurance rates to increase. Your rates on auto insurance should increase because of a negligent accident, but not from a break in to your auto.

As far as the home insurance, most companies do offer a floater policy as an endorsement to the home policy. It is an all risk endorsement with no deductible that costs $X / $100. However, if you are using your equipment on a professional basis and require several thousand dollars (say $25k) then your best bet would be to look into a commercial policy that you can cover your equipment and liability on one policy at a lot better price.

[BobbyC]

Matt is very correct about the homeowners. If they have an inkling of an idea you are using it for business and feel as though they have proved it, you will get zero coverage. I know from personal experience.