Q: I'm traveling to a shoot. What insurance covers my camera equipment while I'm on location?
A: If you run a photography or videography business, one of the risk management challenges you'll face is protecting your equipment while you're traveling and working on location. From an insurance perspective, property damage and theft that occurs outside your office is actually covered differently than losses that occur at your business's location.
To understand how to cover your camera equipment against a variety of perils, let's look at a case study.
Business Insurance Case Study: Covering Camera Equipment for a Home-Based Business
Here's a common scenario: you run a videography business with $10,000 worth of equipment. You work from home, but often travel to make films for your clients. When you travel, you usually only carry about $4,000 worth of equipment. How much videographer insurance do you need?
To adequately insure your camera equipment, you'll need Commercial Property Insurance that covers your equipment while it's at home and on the road.
For a small business or freelance videographer, a Business Owner's Policy with an Inland Marine Insurance rider will probably cover your risk at a good price. Here's how this coverage works:
- A Business Owner's Policy is a combination insurance policy. It packages General Liability and Property Insurance together, usually costing $500 in annual premiums. If you run a home-based business, your Renter's or Homeowner's Insurance won't cover business property. You'll need a business insurance policy (BOP / Commercial Property Insurance) to protect your professional equipment. In our scenario above, this coverage will insure the business owner's $10,000 worth of equipment while it's at their home.
- An Inland Marine Insurance rider can be added to your BOP property coverage and will cover camcorders, microphones, and other videography equipment you bring with you on a shoot. Inland Marine Insurance covers property from theft, fire damage, and other perils while you're traveling or using it in a location outside your business's office.
For free quotes on these or other videography insurance policies, use our online insurance app.