STICKY:  Are you insured?

While incorporating will protect you against major liabilities, and property insurance against equipment theft or loss, nobody has hit upon the most important form of insurance- long term disability.

We are more likely to become disabled and be unable to earn a living than die during our working years. Social security disability will only pay if you are unable to work in any capacity- so if you were earning $100k as a photographer but are able to work for minimum wage as a busboy Social Security pays you nothing.

If you are fully disabled you will earn less than $20k/year on social security disability- hardly enough to survive.

The only protection is a private long term disability policy which while expensive will pay you if you are unable to work in your specific profession (better policies) and if you pay for your premiums with after tax dollars the monthly benefits (usually 3/4 of your pay) are tax free!

If anyone has questions on this please feel free to PM me. This truly is the most sigificant insurance you can buy for most people.

Everyone mentions that you should keep receipts for everything purchased and insured, but I am curious what you do about the used gear bought here on the marketplace, ebay, FM, etc? Other than if paypal is used, there really isn't a receipt. Most transactions I've had were paid by certified bank checks. I've had agents tell me that as long as I have the serial numbers and photos or boxes for the equipment and can pull replacement costs online, I am okay. But, agents are there to sell you a policy, not get you your money when push comes to shove in a claim. What's the general consensus on that situation?

fortinaa wrote in post #2819547
Everyone mentions that you should keep receipts for everything purchased and insured, but I am curious what you do about the used gear bought here on the marketplace, ebay, FM, etc? Other than if paypal is used, there really isn't a receipt. Most transactions I've had were paid by certified bank checks. I've had agents tell me that as long as I have the serial numbers and photos or boxes for the equipment and can pull replacement costs online, I am okay. But, agents are there to sell you a policy, not get you your money when push comes to shove in a claim. What's the general consensus on that situation?

Hi Aaron,
It's a good thing to track as much as you can. Can you get a receipt receipt for the certified cheque? Can you print a copy of the posting? Did you get the original box? If you can match up the amount you paid with a transaction from you bank account or credit card then this will help substantiate your claim. Also make sure your agent sees the equipment. If you are insured through an insurance agent (not a broker, and agent works for only one insurer i.e. State Farm, Allstate) then you will have better luck for your agent to go to bat for you with the adjustor.

I think if you are able to produce all this information then you will be fine if you make a claim. But again I highly recommend going to an agent and not a broker.

Ive been looing into getting insurance, since my photography is a small home business and not covered by my homeowners policy.

I thought I would share the quote that I got from Farmers Ins. in CA

$592 Business Owners Policy Coverage which includes:

Package - Property
Contents - $8,000
Outdoor Signs $2,500*
Accounts Receivable - $5,000*
Valuable Paper - $5,000*
Employee Dishonesty - $10,000*
Fire/Tenants Liability $75,000*
Off Premise Personal Property $5,000*
Money & Security - $5,000*
Electronic Data Processing $10,000*
Media/Records $2,5000*
non-owned Auto - Included
Arson Conviction Reward $5,000
Business Income - Actual Loss Incurred
Business Pers. Prop - Seasonal Increase - Add's 25% Incl.
Fire Dept Service Charge $1,000
Fire Extinguisher Recharge - $2500
Increased Cost of Construction $ 5000
Lock Replacement $1,000
Newly Acquired Buildings $250,000
Newly Acquired Personaly Property $100,000
Depositors Forgery $2500

* Higher Limits Available

Property Deductible - $500
Wind & Hail Deductible - Policy deductible
Employee Dishonesty Ded. $500
Money & Securities - $500

Liability
Per Occurrence Limit - $500,000
Aggregate limits - all other occurrence - 2x Liability Limit
Aggregate Limits - Prod/Comp'l Ops - 1x Liability Limit
Contractual liability - included
Liability for newly accuried locations
limited World-Wide liability - included
Medical Payments - $5,000
Non-Owned Watercraft - Included
Owners Protective liability - included
Personal And Advertising Injury Liability - included
Products and Completed Operations - included
Premises and Operations - included
Spouse or Partners as Insureds - included
Supplemental Payments $250/day limit

------

I don't need some of the items on this policy like "employee dishonesty" as of yet, but as far as I understand this policy is a "whole" and I can not remove unwanted needed items.

Still looking into other insurance.

Hope this helps someone.

RichNY wrote in post #2800172
While incorporating will protect you against major liabilities, and property insurance against equipment theft or loss, nobody has hit upon the most important form of insurance- long term disability.

Long term and short term is a must, as I've found out the hard way after a shoulder op 5 weeks ago. I don't have any income at all while I'm off and I'm looking at another three to six weeks until I'm fully fit to carry on as normal...........

Can anyone in the UK suggest any companies that would be good for this type of insurance???

Cheers

Rob

I checked with State Farm where I have my homeowners ands they wanted $540 a year. Doesn't that seem high? Does anyone recommend and insurance companies they work with?

jerrybsmith wrote in post #3033767
I checked with State Farm where I have my homeowners ands they wanted $540 a year. Doesn't that seem high? Does anyone recommend and insurance companies they work with?

thats more than twice what I paid with them, but it all has to do with what they cover. For that price you can get full business coverage with Group Insure or Hill and Ushire

Dachbean wrote in post #2824670
Hi Aaron,
It's a good thing to track as much as you can. Can you get a receipt receipt for the certified cheque? Can you print a copy of the posting? Did you get the original box? If you can match up the amount you paid with a transaction from you bank account or credit card then this will help substantiate your claim. Also make sure your agent sees the equipment. If you are insured through an insurance agent (not a broker, and agent works for only one insurer i.e. State Farm, Allstate) then you will have better luck for your agent to go to bat for you with the adjustor.

I think if you are able to produce all this information then you will be fine if you make a claim. But again I highly recommend going to an agent and not a broker.

what about shooting photos of the gear you own alongside that days newspaper so you have proof you had the gear in your posession? will that help?

They could say you kept an old newspaper and photographed it yesterday.

GerryDavid wrote in post #3178471
They could say you kept an old newspaper and photographed it yesterday.

good point. didn't think of that.

Robuk wrote in post #2995682
Long term and short term is a must, as I've found out the hard way after a shoulder op 5 weeks ago. I don't have any income at all while I'm off and I'm looking at another three to six weeks until I'm fully fit to carry on as normal...........

Can anyone in the UK suggest any companies that would be good for this type of insurance???

Cheers

Rob

Sorry I can't help you in the UK. In the US we have taxes deducted from salary that provides short term coverage automatically. It covers things like your shoulder operation and women on maternity leave.

It's the long term insurance where people are left on there own. If a photographer is making $100k/year for example and they become disabled for an extended period of time or permenantly they will be screwed. US social security wont even pay them any disability at all if a person could work part time at McDonalds for minimum wage. If they become totally disabled- lets say you go blind then you receive a small monthly check- perhaps $1500.

With a private disability policy that you pay for with your own money you would receive about 65% of your $100k/year salary and it would not be subject to tax. You would receive this even if you could work full time in a different profession than your original profession even if the new profession pays more than your original profession. (Extreme example- you go blind, go to law school and come out making $300k/year- you still receive full disability benefits on top of your current earnings)

jevidon wrote in post #3178616
good point. didn't think of that.

And theres the method where you mail yourself something like photos or list of something, but you dont open it. Perhaps even getting the post master to stamp the seal to prove it hasnt been tampered with. So when you have to prove that the item is from a certain date, you just present the letter.

Apperantly thats not likely to work either.

I'm finally insured!
I bought through State Farm, getting renter's insurance at the same time as my inland marine policy. I even bought the earthquake and flood insurance!

Now I almost wish something would happen...

Sonic Infidel wrote in post #3191820
I'm finally insured!
I bought through State Farm, getting renter's insurance at the same time as my inland marine policy. I even bought the earthquake and flood insurance!

Now I almost wish something would happen...

I just got renters insurance through state farm but the sales person told me that they were unable to handle my photography equipment if I used it for business purposes and that I would have to go through a different insurance company. can you tell me more about the insurance policy you got for your gear?

That's really strange. The guy I went to said it was no problem and he does this for tons of local photographers. I just got the standard Inland Marine policy which essentially covers transportation of goods and your liability associated with them. For the purposes of the policy, your gear is always "in transport", even if it's not really going anywhere. (At least that's what was explained to me.)

If you're getting that kind of response, perhaps it's better that you go somewhere else anyway...