There's been a few threads recently about the confusing issue of INSURANCE - do you need it and if so, what type(s) exactly? So I thought a few basic pointers would be in order.
I emphasise - these are only BASIC GUIDELINES!
I worked in Insurance for nearly 25 years both as an Insurance Broker and as a Commercial Insurance Underwriter for one of the UK's 'Top 5' Insurance Companies.
BEFORE deciding what covers you need you must answer this question - DO YOU CHARGE FOR YOUR PHOTOGRAPHIC SERVICES?
If you DO NOT then most likely you Household Insurance Policy will provide all the cover you need. READ IT!
Things to consider are:
Do you have Theft and Accidental Damage cover away from your premises? The answer sould be YES or you're taking a great risk evertime you go out.
Is there a Single Article Limit (SAL) on your policy for your camera gear or just an overall limit? Is this limit enough?
Do you have Theft/AD cover from unattended vehicles? Is the SAL enough?
What basis is your policy cover? Is it 'New for Old'?
Always, always, ALWAYS check that your Sum Insured (and any SAL) is adequate!
Your Household cover should provide you with Public Liabilty cover (minimum £2Million Limit of Indemnity)
If your policy doesn't give you the above or you are not sure please talk to an Insurance Broker.
~~ If you do not charge for your services you do not need to read further. If you DO charge, read on... ~~
For PROFESSIONAL photographers (and that means anyone who charges a fee for their services) you should consider the following:
EMPLOYER'S LIABILTY - THIS IS A LEGAL REQUIREMENT IF YOU EMPLOY ANYONE! Seek advice.
PUBLIC LIABILITY - not a LEGAL requirement (but, to my mind, SHOULD BE!) Covers you up the Limit of Indemnity (LoI)against any bodily injury you may cause to third parties (other people) and material damage you may cause to third party property.
What LoI do you need? I doubt any legit company offers less than £2Million LOI these days but you may require higher! Some Councils require you to have £5M or £10M for instance.
(Imagine if a faulty lighting cable burnt down a hotel or if a pro footballer tripped over your tripod or you and broke his leg... how much do you think that would cost?)
THEFT and ACCIDENTAL DAMAGE covers - no legal requirement but can you afford to lose/break your gear?
Consider the basis of cover and limits as above. Make sure that your Sum Insured is adequate.
Consider also Theft from unattended vehicles.
OTHER covers you may like/deem necessary to have are:
PERSONAL ACCIDENT provides YOU with a lump sum if you (or named insured person) permanently lose the use of a limb and/or a weekly sum if you temporarily do so.
PERSONAL ACCIDENT AND SICKNESS as above but includes sickness!
Why do you need PA or PA+S cover? Well, if you're self-employed and unable to work where will your money come from? If an employee is unable to work are you contracted to still pay him/her? Or will you need to take on temporary staff to maintain business as usual?
BUSINESS INTERRUPTION COVER. If you can't work because your gear has been stolen or damaged you will lose revenue.
PROFESSIONAL INDEMNITY COVER. There has been much confusion over this one - possibly due to the word 'Professional'!
This cover is for persons giving professional advice for a fee (Lawyers, Accountants, Consultants, Insurance Brokers, etc).
As a photographer you DO NOT require this cover! You are providing a service not advice.
These are only some basic guidelines. If in doubt always seek professional advice - check your Yellow Pages for Insurance Brokers and make sure they are qualified British Insurance Brokers Association (BIBA).
I emphasise - these are only BASIC GUIDELINES!
I worked in Insurance for nearly 25 years both as an Insurance Broker and as a Commercial Insurance Underwriter for one of the UK's 'Top 5' Insurance Companies.
BEFORE deciding what covers you need you must answer this question - DO YOU CHARGE FOR YOUR PHOTOGRAPHIC SERVICES?
If you DO NOT then most likely you Household Insurance Policy will provide all the cover you need. READ IT!
Things to consider are:
Do you have Theft and Accidental Damage cover away from your premises? The answer sould be YES or you're taking a great risk evertime you go out.
Is there a Single Article Limit (SAL) on your policy for your camera gear or just an overall limit? Is this limit enough?
Do you have Theft/AD cover from unattended vehicles? Is the SAL enough?
What basis is your policy cover? Is it 'New for Old'?
Always, always, ALWAYS check that your Sum Insured (and any SAL) is adequate!
Your Household cover should provide you with Public Liabilty cover (minimum £2Million Limit of Indemnity)
If your policy doesn't give you the above or you are not sure please talk to an Insurance Broker.
~~ If you do not charge for your services you do not need to read further. If you DO charge, read on... ~~
For PROFESSIONAL photographers (and that means anyone who charges a fee for their services) you should consider the following:
EMPLOYER'S LIABILTY - THIS IS A LEGAL REQUIREMENT IF YOU EMPLOY ANYONE! Seek advice.
PUBLIC LIABILITY - not a LEGAL requirement (but, to my mind, SHOULD BE!) Covers you up the Limit of Indemnity (LoI)against any bodily injury you may cause to third parties (other people) and material damage you may cause to third party property.
What LoI do you need? I doubt any legit company offers less than £2Million LOI these days but you may require higher! Some Councils require you to have £5M or £10M for instance.
(Imagine if a faulty lighting cable burnt down a hotel or if a pro footballer tripped over your tripod or you and broke his leg... how much do you think that would cost?)
THEFT and ACCIDENTAL DAMAGE covers - no legal requirement but can you afford to lose/break your gear?
Consider the basis of cover and limits as above. Make sure that your Sum Insured is adequate.
Consider also Theft from unattended vehicles.
OTHER covers you may like/deem necessary to have are:
PERSONAL ACCIDENT provides YOU with a lump sum if you (or named insured person) permanently lose the use of a limb and/or a weekly sum if you temporarily do so.
PERSONAL ACCIDENT AND SICKNESS as above but includes sickness!
Why do you need PA or PA+S cover? Well, if you're self-employed and unable to work where will your money come from? If an employee is unable to work are you contracted to still pay him/her? Or will you need to take on temporary staff to maintain business as usual?
BUSINESS INTERRUPTION COVER. If you can't work because your gear has been stolen or damaged you will lose revenue.
PROFESSIONAL INDEMNITY COVER. There has been much confusion over this one - possibly due to the word 'Professional'!
This cover is for persons giving professional advice for a fee (Lawyers, Accountants, Consultants, Insurance Brokers, etc).
As a photographer you DO NOT require this cover! You are providing a service not advice.
These are only some basic guidelines. If in doubt always seek professional advice - check your Yellow Pages for Insurance Brokers and make sure they are qualified British Insurance Brokers Association (BIBA).
I got out of the business 'cos I couldn't stand it any more. Now I shuuder at the very mention of the 'I' word. Thought I'd try to knock it in the head before it's ugly head is reared again and again and...:bonk:
oh well better give them a call and see what they offer