Insurance: Trying to do things the right way...

[shimmishim]

I'm only doing my photography as a side business (at least for now) but I'm making sure that I have all my ducks in a row.

I have a CPA to handle all my tax stuff.
I have my business licenses (one for the city and one for the county).
I have my federal tax ID number.
I have a small business account (for all business related expenses and deposits) bank account.

Now the only thing I'm missing (I think) is insurance.

One place I've heard of (using the search function here) is Hill & Usher. I just got a quote back from them to cover my equipment as well as a $1M liability policy for $680?! This seems a bit high... or is it this high because I'm brand new and I've never had insurance before (kind of like when you buy a new car for the first time and your insurance is high)?

From reading what others pay... it seems a bit high. If this sounds about right, please advise... or if you guys have recommendations for other places to get insurance, it would be much appreciated!

Thanks

[Tigershark]

It really depends on how much equipment you have and the deductible. If that is for 20k of equipment then I would say it is reasonable if it were for 10K it seems a little high. They also evaluate what kind of photography you will be dpong. You sound like you have everything in order. If you are a member of PPA then you can get a discount with Marsh, they have good policies IMO Good luck

[shimmishim]

Equipment wise I have about $15K worth.

I guess reading through the sticky at top and seeing what other people paid made me a bit hesitant...

[DDCSD]

You can always go to a local independent agent and they can shop around for you. Remember, insurance prices vary tremendously depending on area.

[shimmishim]

You can always go to a local independent agent and they can shop around for you. Remember, insurance prices vary tremendously depending on area.

That is true too. I didn't think about that. It seems like a lot of people are a fan of state farm. Maybe i'll find a local agent and talk to them.

I guess in terms of insurance coverage... is there anything I need besides liability and equipment? I know Hill & Usher quoted for other stuff as well.

[wyofizz]

State Farm is very reasonable.
If one says they don't do photography coverage try another agent
they do write them

Dave

[turbo212003]

State Farm is very reasonable.
If one says they don't do photography coverage try another agent
they do write them

Dave

State farm does. I have a policy with them worth 8k.

[asysin2leads]

I'm only doing my photography as a side business (at least for now) but I'm making sure that I have all my ducks in a row.

I have a CPA to handle all my tax stuff.
I have my business licenses (one for the city and one for the county).
I have my federal tax ID number.
I have a small business account (for all business related expenses and deposits) bank account.

Now the only thing I'm missing (I think) is insurance.

One place I've heard of (using the search function here) is Hill & Usher. I just got a quote back from them to cover my equipment as well as a $1M liability policy for $680?! This seems a bit high... or is it this high because I'm brand new and I've never had insurance before (kind of like when you buy a new car for the first time and your insurance is high)?

From reading what others pay... it seems a bit high. If this sounds about right, please advise... or if you guys have recommendations for other places to get insurance, it would be much appreciated!

Thanks

I have Hill & Usher, who is underwritten by The Hartford. I went with them, as opposed to a separate rider on home policy, because they are in the video/photo insurance industry. They have liability insurance so that if your lightstand falls on the little kid running around it, you're covered. Will your home owners policy rider cover that? I know that many on here add it to home owners, but it was a personal preference for me not to. I pay $197 a quarter. Also, will the homeowners plan cover any rented equipment?

[shimmishim]

I have Hill & Usher, who is underwritten by The Hartford. I went with them, as opposed to a separate rider on home policy, because they are in the video/photo insurance industry. They have liability insurance so that if your lightstand falls on the little kid running around it, you're covered. Will your home owners policy rider cover that? I know that many on here add it to home owners, but it was a personal preference for me not to. I pay $197 a quarter. Also, will the homeowners plan cover any rented equipment?

I have no plans of putting it on home owners insurance as I understand that it does not cover business property...

Okay... $197 a quarter ain't terrible I guess. How much coverage do you get if I may ask (liability and equipment)?

[asysin2leads]

I have no plans of putting it on home owners insurance as I understand that it does not cover business property...

Okay... $197 a quarter ain't terrible I guess. How much coverage do you get if I may ask (liability and equipment)?

$1mil liability and have $28,000 worth of equipment coverage. That also covers any rental equipment I may get. I had to provide a Certificate of Insurance when I rented the 300 2.8. It was e-mailed to me in about 10 minutes. There are other little perks w/ Hill & Usher. I actually went back and checked and it's $179 per quarter.

[wyofizz]

Kevin,
That's a pretty high premium for 1M in liability.
I have 20K for gear & 2M liability from State Farm for half that premium.
On my policy most of premium is for the liability portion.

Dave

[asysin2leads]

Kevin,
That's a pretty high premium for 1M in liability.
I have 20K for gear & 2M liability from State Farm for half that premium.
On my policy most of premium is for the liability portion.

Dave
I know there are other amounts of liability on the policy. That was the one I could remember. I'll have to dig up the policy to find out specifics.

[shimmishim]

I know there are other amounts of liability on the policy. That was the one I could remember. I'll have to dig up the policy to find out specifics.

Here's a little help. :)

BUSINESS LIABILITY:
BODILY INJURY/PROP DAMAGE OCCURRENCE:
BODILY INJURY/PROP DAMAGE AGGREGATE
MEDICAL EXPENSE (ANY ONE PERSON)
FIRE LEGAL LIABILITY (ANY ONE FIRE)
PERSONAL & ADVERTISING INJURY
PRODUCT LIABILITY/COMPLETED OPERATIONS
HIRED & NON-OWNED AUTO LIABILITY
ERRORS & OMISSIONS LIAB OCCURRENCE
ERRORS & OMISSIONS LIAB AGGREGATE
BUILDING COVERAGE (IF ANY)
BUSINESS PERSONAL PROPERTY (STUDIO CONTENTS)
SCHEDULED CAMERA COVERAGE
BUSINESS INCOME & EXTRA EXPENSE ACTUAL LOSS SUSTAINED
IDENTITY RECOVERY
MONEY /SECURITIES ($250 DEDUCTIBLE) $10000 IN/$5000 OUT
TERRORISM COVERAGE INCLUDED

Also comes with extended property insurance coverage as well.

[WMS]

Just for comparison my Jewelers liability insurance (jewelers block) which would be similar in coverage although I am covered for more in the way of loss of property owned by others (which would include the money/securities coverage) runs a little over $1100.00 per Year (although sense my insurer is a mutual I do get some of it back occasionally)

Wayne

[CyberDyneSystems]

For a business and the liability, $680.00 seems good to me.

My package was about $500.00 with lower liability cover edge, but my business was smaller..

[aram535]

Just for comparison, State Farm for a Professional Insurance of equipment, no deductible, and insurance for full replacement value of $21k+ I pay a little more than $300/year. I also have business/liability insurance with them, but it's a separate policy.

[shimmishim]

Just for comparison, State Farm for a Professional Insurance of equipment, no deductible, and insurance for full replacement value of $21k+ I pay a little more than $300/year. I also have business/liability insurance with them, but it's a separate policy.

can I ask how much you pay for your liability policy?

[asysin2leads]

Here's a little help. :)

BUSINESS LIABILITY:
BODILY INJURY/PROP DAMAGE OCCURRENCE:
BODILY INJURY/PROP DAMAGE AGGREGATE
MEDICAL EXPENSE (ANY ONE PERSON)
FIRE LEGAL LIABILITY (ANY ONE FIRE)
PERSONAL & ADVERTISING INJURY
PRODUCT LIABILITY/COMPLETED OPERATIONS
HIRED & NON-OWNED AUTO LIABILITY
ERRORS & OMISSIONS LIAB OCCURRENCE
ERRORS & OMISSIONS LIAB AGGREGATE
BUILDING COVERAGE (IF ANY)
BUSINESS PERSONAL PROPERTY (STUDIO CONTENTS)
SCHEDULED CAMERA COVERAGE
BUSINESS INCOME & EXTRA EXPENSE ACTUAL LOSS SUSTAINED
IDENTITY RECOVERY
MONEY /SECURITIES ($250 DEDUCTIBLE) $10000 IN/$5000 OUT
TERRORISM COVERAGE INCLUDED

Also comes with extended property insurance coverage as well.

Thanks, John. I am at work and the detailed policy information is at home in my file cabinet.

[aram535]

can I ask how much you pay for your liability policy?

The reason I didn't post it is that because it's combined into various other packages that I have with them so I'm not sure what it is exactly. I think it's about $500/yr for 500k but I could be off.

[airfrogusmc]

I just switched to State Farm from Hartford and I pay about $1,300 for all of our business insurance. Thats all equipment covered on location and office equipment full replacement and 1 million liability.

[asysin2leads]

I just switched to State Farm from Hartford and I pay about $1,300 for all of our business insurance. Thats all equipment covered on location and office equipment full replacement and 1 million liability.

My computers, hard drives and other office equipment are also covered w/ The Hartford.

[Concretin Nik]

State Farm is very reasonable.
If one says they don't do photography coverage try another agent
they do write them

Dave
Yea, it's really dumb. My agent wouldn't write one... (and they have my cars and homeowners policies) but another local agent would... but Ohio Casualty Group was about $40 cheaper per year ($220) for 5K equipment and $ 1/2 mil. (My niche is cheaper to get into at my current level.)

Be sure to ask if there is a "processing fee" if you want to pay monthly... OCG wanted $7 extra a month, and of course this wasn't mentioned when I ordered the policy, it was a nice lil' surprise with my first bill... I went ahead and paid the whole year.