Gear insurance is one of those things that everyone agrees is a must, but nobody wants to actually deal with or pay for. Lets face it, it isn’t the most fun thing to research and purchase, but in today’s video, I hope to ease your pain and show you some of the best options and tools available to us.
Gear Insurance Options
Today we are going to take a close look at 4 options to insure your gear.
1. Home Contents Policy (Around $10/Month)
A home contents policy often comes with your renters/home owners insurance or can be added for almost nothing. You can get a renters/home owners insurance from State Farm, Allstate, Farmers and most other agencies.
What it Covers:
Belongings in your home (talk to your insurance agent for limitations)
Usually covers up to $20,000
Protects you against:
Fire or Lightning
Windstorm or Hail
Freezing of plumbing system
Theft (depending on your insurance agency)
Pros:
Cheap
Cons:
Only covers items in your home
Does not cover accidental damage
2. Protect Your Bubble ($3.99+/Month)
Source: ProtectYourBubble.com
Protect Your Bubble is going to be perfect for those with just a few items that need covered.
What it Covers:
Gear you choose to cover.
Protects you against:
Drops & accidental damage
Theft (Some UK users will have theft covered, no US theft coverage)
Spills & liquid damage
Mechanical breakdowns
Pros:
Affordable
International usage (which is awesome)
Easy to setup
Cons:
Expensive for people with lots of gear
Doesn’t cover all types of video gear
3. Photographer Memberships (Around $300/Year)
Many photographer membership organizations offer photo equipment insurance to their members. Membership fees and insurance premiums vary, but most memberships are around $300 per year.
What it Covers:
(Varies membership to membership)
Protects you against:
(Varies membership to membership)
Pros:
Can be more affordable than other insurance options.
Membership comes with lots of other features and benefits.
Cons:
Limited to photo gear.
Membership comes with a lot of stuff you may be uninterested.
Often limited to $20,000+/- coverage.
4. Insure My Equipment (Around $500/Year)
Source: InsureMyEquipment.com
Insure My Equipment is the insurance company I went with after a ton of research. I give lots of details in the above video, but I’ll let the coverage details below do the talking.
Covers:
Cameras & camera equipment
Sound equipment
Lighting equipment
Grip equipment
Communications equipment
Portable electric equipment
Editing equipment
Projection equipment
Office personal property & similar personal property
Generator
Mechanical effects equipment
Props, sets, and wardrobes and all similar personal property
Protects you against:
Theft
Fire
Earthquake
Flood
Acts of terrorism
Smoke
Water damage
Falling objects
Equipment in transit
Lightning
Explosion
Windstorm
Hail
Accidental damages (i.e. scratches or dropping equipment)
Tips and Tools
General Liability (Around $500/year)
Source: InsureMyLiabilityOnline.com
This is a must for anyone working with clients professionally. If you’re charging people for your services and work with them physically (filming interviews, music videos or actors) you should have general liability. I purchased my general Liability insurance from the same guys that get me equipment insurance.
Gear Manufacturers Warranty (Free)
Remember that little Warranty card you tossed aside when you got your new camera or lens? Dig it up, see if it is still valid and register your gear to protect yourself against malfunctions and even damages. Most gear comes with a 1 year warranty, but some companies give you 6 years (like Tamron) or even 10 years (Tiffen’s Davis and Sanford tripod). I’ve saved hundreds of dollars by using manufacturers warranties.
GPS Trackers ($120)
These great little GPS tracking devices could be kept/hidden in your camera case. If your case gets stolen or lost, just hop on your phone and track it.
- Micro Tracker ($120)
- SkyNanny ($150)
Lens Tag (Free)
Source: LensTag.com
Lens tag is a fantastic service designed to get your gear on record with the least amount of effort, the strongest ownership claim and as quickly as possible.
iCloud/Find my iPhone (Free)
Source: Apple – iCloud – Find My iPhone
Fantastic tool from Apple that allows you to find your iPhone, iPad or computer on a map. You can also have the device go into lost mode, emit a VERY loud sound or remotely delete all data.
Setup Steps:
- First, make sure you have passcode on all of your devices so no one can turn security settings off.
- Download the Find My iPhone app on all iOS devices.
- On each device and computer, navigate to Settings > iCloud and then set “Find My iPhone” to “On”
- Next, log on to iCloud.com, log in and click on “Find My iPhone” you should now see all of your devices.
Stop Theft ($25-40)
Source: StopTheft.com
Stop Theft can be used to secure, track and disable your devices remotely. They also have stickers with tattoos to make thieves think twice about jacking your device.
Gear Insurance Conclusion
getting gear insurance seems like a very daunting task, but at the end of the day it really isn’t that bad. Between getting your gear insured and using some of my tips and tools you should be able to sleep very well knowing your gear is protected and insured.
I would love to get your thoughts/comments on gear insurance and services you use. Do you have an agencies you’ve been happy with? How do you protect your gear?