Insurance; PPA Benefits?

So I got a quote back from my insurance broker for general business liability and equipment coverage. $1,000,000/$2,000,000 liability, and $5,000 equipment coverage = annual premium $600. Is this reasonable?

Or, should I join PPA and purchase their affiliated liability coverage (similar limits) and free equipment coverage? Might be a bit higher total cost but are other membership benefits worth it?

Any input is appreciated. Thanks in advance.

The benefits of insurance through PPA's affiliate may be OK but the quote you got seems fair.
I am a PPA member and I enjoy the group but I purchase my insurance locally for the ability to have a relationship with my insurance rep.
One has to remember that the "deals" that large organizations like PPA get are very similar to what you can get on your own with just a bit of work. I also noted that some national groups get their coverage out of offices no larger than your local guy's office. So even though PPA and other groups offer these benefits they may not represent a real deal to you.

The benefits of PPA are in the indemnity trust and the camaraderie of other working pros that help you succeed in your business.

yeah, ours is $750 for the year and covers 1m/3m and $30k in equipment. $600 is about right.

Liability alone is usually in the $300-$350 range for that coverage amount so another $300 for $5k in gear isnt too bad. Just make sure the coverage is replacement value not cash value and doesn't have any theft restrictions. Hill and Usher and Tom C Pickard are two of the big names in the photo business for insurance. I would compare any local quote coverage against quotes from those two.

Thanks guys. It appears as though the PPA membership is not a huge benefit at first if funds are tight. I can probably get just as good a deal on liability and equipment coverage without the PPA membership. I am still interested in the membership, and will more than likely join at a later date. Thanks for your input. I will get more quotes to compare.

markd61 wrote in post #15473721
The benefits of insurance through PPA's affiliate may be OK but the quote you got seems fair.
I am a PPA member and I enjoy the group but I purchase my insurance locally for the ability to have a relationship with my insurance rep.
One has to remember that the "deals" that large organizations like PPA get are very similar to what you can get on your own with just a bit of work. I also noted that some national groups get their coverage out of offices no larger than your local guy's office. So even though PPA and other groups offer these benefits they may not represent a real deal to you.

The benefits of PPA are in the indemnity trust and the camaraderie of other working pros that help you succeed in your business.

I totally agree with all of this, and do the same.

I advocate keeping your banking, your legal representation, your accounting, and your insurance protection with local reps...those are things that when you need them most urgently, you need someone with an office you can sit in.

But for sure, add what PPA has to offer as well. Their Indemnity Trust is something no wedding photographer should do without, and their Studio Management Services is also an important resource. Neither is "free" but each provides a unique service for professional photographers well worth hundreds of times more than you pay.

PPA looks rather tempting for insurance and I'm curious how the deductible structure compares with other companies.

• $250 for first loss
  
• $500 for second loss
  
• $750 for third loss, within a rolling 12 month period
  
• Additional $250 deductible applies on breakage claims
  

bmaxphoto wrote in post #15475317
Thanks guys. It appears as though the PPA membership is not a huge benefit at first if funds are tight. I can probably get just as good a deal on liability and equipment coverage without the PPA membership. I am still interested in the membership, and will more than likely join at a later date. Thanks for your input. I will get more quotes to compare.

You should not join the PPA just to get insurance.. thats a bad idea.

You should join the PPA to educate yourself, attend events and network with other photographers. That alone is worth the membership because educating yourself to be a better photographer pays huge dividends. The more you can make, the more you can expand your business and not worry about insurance problems because you can pay someone else to do that for you

The added benefit of investing in your photography career is that the PPA wants to invest in you as well. So the 15,000.00 equipment insurance is just one thing less thats on your plate and trust me, when you fall into a lake and take $10,000.00 worth of gear for a swim, you will be dam glad you had PPA equipment insurance.

PPA also offers much in the way of business guidance and legal support/advice. It is a good organization to be a part of, if you are a professional.