Cameras are essential tools for professional photographers to perform their job. A small malfunction or loss of any of the photographic equipment could potentially cause business interruption and financial burden. For a semi-professional or an amateur, cameras are expensive gadgets to replace.
Purchasing insurance before the worst happens is a sensible decision for photographers. This article discusses the importance of having insurance for your cameras. It also provides tips to choose the right kind of insurance policy.
Understanding the need of insuring your camera
Despite your best efforts to use your camera equipment properly, accidents and mistakes happen. A few factors that affect the functioning of cameras are as follows:
Cameras of photographers, especially who shoot outdoors, are often exposed to different weather conditions. Exposure to extreme climatic conditions like too hot or cold weather may affect their functioning.
Cameras are not that hard as they look. They have delicate parts – lenses, panels, shutter doors, etc. If it is a digital camera, it is more fragile. A little negligence in handling may lead to accidental destruction/damage. Your camera warranty may/may not cover such damages.
Any loss or damage to cameras or any related equipment because of an accident, repair, or theft will be costly because all the things like camera lenses, tripods, flashes, etc. have irreplaceable value.
Finally, theft is always a threat to expensive cameras. These goods have more return value. Therefore, the probability of getting your camera stolen is high.
With so many threats as said, isn’t it a good idea to have insurance in hand which acts as a financial tool to protect cameras and accessories from the risk of loss and damage? Of course, Yes. Let us see how to choose the right kind of policy.
Choosing right kind of camera insurance policy
Having understood the importance of camera insurance, it is imperative to choose the right insurance policy that covers most risks involved in your profession. In general, you need to choose your policy depending on your level and purpose of your photography.
Those who have taken photography as a full time profession and are earning considerable income from photography need to go for professional photography insurance. Photographers who do photography as a part-time activity can go for semi-professional policy, while amateurs who pursue photography as their hobby can choose amateur insurance policy.
Every policy carries its own coverage and the rates vary depending on the coverage offered. Therefore, buy enough insurance which can cover all your risks.
Compared to part time and amateur photographers, full time professionals perform a wide variety of activities. Therefore, they need more coverage for their cameras. Some insurance covers are highly essential for them to get the true value from the insurance policy.
A few covers that are worth considering for your cameras are public and employers’ liability insurance. They cover the risk of liability from office premises and content, professional indemnity, business interruption, etc.
Make a note on the exclusions
Besides concentrating on all the covers included in your camera insurance policy, it is also important to check the exclusions i.e., the things that are not included/covered by your policy. In general, regular wear and tear, mechanical breakdown, etc. are not included in the policy. Make sure, therefore, that you are aware of all the exclusions before you purchase the insurance.
Insurance brokerages tailor policies based on your requirement
It is hard to choose the best insurance for your camera. This is because there are a large number of insurance products in the market. In such a situation, approaching a reliable insurance brokerage would be a time-saving and cost-effective solution.
Experienced insurance brokerages work with multiple insurers. They have the ability and expertise in tailoring the policy based on clients’ requirement. Compared to an individual insurance provider, they offer a wide range of policies from different insurance providers in the market. Thus, they help you make a choice that fulfils your insurance needs.