insurance question...

[Kellyj69]

We are opening our own studio... still trying to catch my breath .. you guys could have givein me SOME kind of warning (i'm sure there are PLENTY in the forums)

so.. insurance.. to cover shoots in studio, on location.. and to cover my equipment..

company suggestions??

coverage suggestions???

thanks

Kelly

[jdepould]

Do you have any professional affiliations (ASMP, NPPA)? Often, they get special rates for members. I have my Travelers commercial inland marine policy through NPPA, they also have liability policies.

[Sime]

If you were in the UK or Aus I could help - sorry, USA is out of my depth... Hope it goes well!

[kingpatzer]

Are you a homeowner? Is your company a straight partnership? If so you might be able to get a rider on your home owner's insurance at a good price.

If it's a corporation, then you still might be able to get a package rate through your current insurance provider. Many companies have price breaks for bundling their insurance.

I would recommend an absolute minimum of $1m personal liability, $10m professional liability, and no fault full replacement cost coverage for all of your gear. Whatever you set your deductibles at, make certain that amount is sitting in a bank account at all times.

[funcrunch]

I got liability and equipment insurance from Willis at a discount by being a member of Photo.net.

[Brian Mullins]

Don't go the homeowners route.. you need commercial insurance and any rider on a homeowners insurance policy can leave you unprotected.

Contact Hill & Usher - they specialize in commercial insurance for photographers.

As for what you need:

Liability - $1m/$2m policy
Inland Marine - Covers your gear and, most importantly, it follows your gear into the field.
Errors & Omissions - Covers you in case of catastrophic loss of images - like a HD dying,etc. Policies vary but, in short, it will cover the recovery efforts (which is in the THOUSANDS of dollars) and some policies will even cover the recreation of the work.
Workplace coverage - for equipment that resides at the studio.

Some things to think about:

Hired Auto - your assistant is driving to a location and gets into a wreck. She, or the other person, can sue your company as she was driving on company business, even if she is a 1099'd subcontractor.

Hope this helps!

[kingpatzer]

Originally Posted by Brian Mullins

Don't go the homeowners route.. you need commercial insurance and any rider on a homeowners insurance policy can leave you unprotected.

Which is why you talk to an agent and read the policy before you buy it. I have a $1M personal liability policy on my home owners that covers any personal liability for any reason, including professional misconduct. It cost more than a general liability rider, but less than equivalent coverage on a separate commercial policy.

You're right that a general rider will likely be problematic. Talk to your agent and make sure they understand your needs. Then go over your policy with a fine tooth comb before signing.

[Brian Mullins]

Originally Posted by kingpatzer

Which is why you talk to an agent and read the policy before you buy it. I have a $1M personal liability policy on my home owners that covers any personal liability for any reason, including professional misconduct. It cost more than a general liability rider, but less than equivalent coverage on a separate commercial policy.

You're right that a general rider will likely be problematic. Talk to your agent and make sure they understand your needs. Then go over your policy with a fine tooth comb before signing.

Not saying you didn't do your homework but, generally speaking, homeowners does not, by nature (and even by rider) cover "professional activities" done outside the home. Seen this come up a few times and the photographer was left unprotected - especially regarding their gear when it was stolen from their car while on-location.

[kingpatzer]

Originally Posted by Brian Mullins

Not saying you didn't do your homework but, generally speaking, homeowners does not, by nature (and even by rider) cover "professional activities" done outside the home. Seen this come up a few times and the photographer was left unprotected - especially regarding their gear when it was stolen from their car while on-location.

Mine does not cover my gear. I have a separate policy for my gear and business assets. It's only part of my own personal insurance solution, not the whole thing.

State Farm. All my equipment is covered ($50 deductible), and 1 million in liability...about $350/year.