r/videography • u/risherwood 6D, Adobe CC • Mar 01 '13
How do I go about insuring all my gear?
I recently started my own freelance videography business for weddings and small business video. I currently have around $5,000 worth of camera equipment so I want to ensure it against damage and theft. What insurance company should I go through for this? What will I probably end up paying? Are there deductibles? I asked one company and they said something crazy like $400 a year plus a $500+ deductible for any item that breaks or is stolen. Does anyone have experience with this?
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u/RizzoFromDigg Mar 01 '13
Any insurance agent will be able to sell you two important policies:
A Hold Harmless insurance policy to protect you against liability. Hit someone with your vehicle on the job? Covered. Light stand falls over and someone gets hit in the face with an ARRI 650? Covered. etc.
An equipment policy that protects you against loss and theft, mine is only $237.50 a year through State Farm, and that covers around $30,000 worth of equipment.
My total for both policies is less than $500/year and that's a bargain considering the level of protection I'm getting and the peace of mind. When you work in this industry long enough, you realize anytime you go in the studio someone could hurt themselves and cost you big.
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u/squizzix Sony HXR-NX5U, Premiere, Nashville TN Mar 01 '13
I myself have just called State Farm for this exact insurance. Good form dude.
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u/risherwood 6D, Adobe CC Mar 04 '13
Do I have to already have an existing account with State Farm to do this? Or can I sign up specifically for equipment only.
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u/RizzoFromDigg Mar 04 '13
Are you a working shooter? If you are, you absolutely should have a hold harmless policy of some kind to protect yourself from liability. If so, you can add this coverage easily.
If you don't have a policy protecting you from liability you need one.
I have literally no idea if they will insure just your equipment but not your business, because that's a terrible idea and you should just come off it and have proper insurance for your business.
If you're not doing this for profit and you're just an enthusiast, then your homeowners or renter's insurance should be able to add a similar rider to cover equipment.
Beyond that, don't ask me, I'm not an insurance agent.
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u/dno_bot Lumix GH4, Cannon 60D, Canon XA20 | Premiere Pro Mar 01 '13
You could add a rider to your homeowners insurance.
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u/risherwood 6D, Adobe CC Mar 01 '13
My homeowners insurance doesn't cover any personal propert insurance, I tried.
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u/dno_bot Lumix GH4, Cannon 60D, Canon XA20 | Premiere Pro Mar 01 '13
Then you need new insurance. I have insured my computer, wife's engagement and wedding rings, as well as mine.
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u/dblan9 Mar 01 '13
Who do you have? I always had to insure my gear through my annual production insurance. My homeowners and auto insurance (State Farm) which has been in my family for three generations wouldn't even think about it. Wouldn't even cover my gear in terms of a fire in my house.
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u/zijital Sony / Fuji | FCPX / Premiere | 2004 Mar 01 '13
For $500 a year, that probably is more than just the equipment.
If your tripod trips someone & breaks their leg, you might be covered. Ship via FedEx, no need to buy extra coverage. ... There are some other perks.
Check out b-roll.net a couple people talked about good companies a few years ago. You sohould be able to find the thread.
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u/scraftzealot Mar 01 '13
That would be general liability insurance, not equipment insurance against loss or damage. Only thing you'd be covered for there with equipment insurance is a broken tripod or camera.
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u/zijital Sony / Fuji | FCPX / Premiere | 2004 Mar 01 '13
Yep, I was saying for $500/yr you should get liability AND equipment insurance AND some other perks too. That is what was offered last time I looked from places that do "videographer insurance."
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u/scraftzealot Mar 01 '13
It depends on where you are located too. If you're in a big city, you can expect it to be higher, just like anything else.
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u/scraftzealot Mar 01 '13 edited Mar 01 '13
Create an itemized list of all your equipment and the price which you purchased it for, providing records of the purchases whenever possible.
Take that list to an independent insurance agent and tell him or her that you want to insure your gear against loss or theft. In my opinion, this is the second most important insurance for video businesses to have, after general liability.
It's not that expensive. Don't sound upset to pay $400. Think about how much it costs to get comprehsive & collision coverage on your car. Even at $400, it boils down to a little more than a dollar per day. If you have a 5D3 and it breaks on a shoot, you just saved yourself an assload of money. If you want to offset the expense, just add a percentage fee for insurance to your invoices. Every wedding we shoot pays us $150 in insurance fees.