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Why do I need business insurance to cover my gear? - My gear is insured on my renters (homeowners) policy, right?

June 3, 2016

I just spoke with a professional photographer who is a member of the American Society of Media Photographers. She asked the above questions. Answer below:

 

I appreciate your belief that your renters (homeowners) insurance policy covers your equipment. Even though you scheduled your equipment it is most likely limited to $200 off premises.

Because you use your camera equipment for your business, there are limitation and/or exclusions in your renters insurance policy. Regarding personal property (Coverage C), most renters (homeowners) policy's say:

 

"limitations apply to the following groups of personal property...the total amount of coverage for each group in any one loss is as follows: Property used or intended for use in a business while the property is away from the residence premises - $200."

As you can see - if you use or intend to use your camera equipment for business you are limited to $200 coverage away from your apartment (house).

A photographers business owners policy covers your equipment properly. Coverage is usually replacement cost value and in some situation (inland marine - commercial articles) actual cash value. In addition, you get general liability, professional liability (errors & omissions) , loss of business income, etc. 

I work with PPA and ASMP chapters (and non-members) to save photographers the financial hardship and grief of a denied claim. Of course, the above statements are advisory in nature and no guarantee of coverage. Refer to your specific policy for coverage's, limitations, and exclusions.
  
 

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