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04/15/2004 02:41:52 PM · #1 |
Just called my homeowners policy underwriter and to my chagrin found out that since I have a business license, earn income and the IRS allows me to take deductions for the stuff I buy they will not underwrite any of my equipment nor will they sell me a general liability or property/casualty policy.
Soooooooo . . . .
Anyone have any experience with insuring a photography business? I'm toting around close to 5 digits of equipment on some photo shoots and I have been known to get out away from civilization from time to time. I'd hate to damage some equipment or have a model turn an ankle trekking back into a lovely pastoral setting and not have $25-100 worth of insurance that could save me thousands in medical expenses or hardware replacement.
Thanks for your help,
Kev
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04/15/2004 03:05:55 PM · #2 |
Hey now.
Got an immediate hit over at FredMiranda for Tom Pickard & Co //www.groupinsure.com/.
I'm waiting for a quote from them but looks like it'll be over $300/year for around $8,000 worth of equipment and general liability for me. That doesn't sound too bad.
Kev
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04/15/2004 04:50:40 PM · #3 |
Go bare. Put the money that you would have spent on premiums in the bank and self insure. THE biggest rip off in America today is insurance.
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04/15/2004 05:06:31 PM · #4 |
Originally posted by dsray:
Go bare. Put the money that you would have spent on premiums in the bank and self insure. THE biggest rip off in America today is insurance. |
Until you need it.
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04/15/2004 06:31:58 PM · #5 |
Originally posted by dsray:
Go bare. Put the money that you would have spent on premiums in the bank and self insure. THE biggest rip off in America today is insurance. |
Hmmm, following your logic I could put the $300 I'll spend on premiums into an account and pickup what, 5% interest annually. OK. At what point will I have saved enough to cover the $7,500 I've already dropped on equipment not to mention the next $15,000 I'm looking at putting into it?
2004
$300
$ 15 (approximate annual interest)
$315 total
2005
$315
$300
$ 30
$645 total
2006
$645
$300
$ 45
$990 total
Hmmm, at this rate I'm reaaaaallly hoping I don't get robbed or have a model twist her ankle while walking around on location or have a model's car broken into during a shoot.
Actually, with insurance I get immediate security as well as $2,000,000 general liability and personal casualty so that if we're out-of-doors on a photoshoot (I only shoot outside) and she gets bitten by a snake or trips over a root or breaks the heel of some designer pumps and puts a nail through her foot I know that I'm covered for the expenses as well as damages and suffering. The policies I'm looking at not only protect my equipment but also protect my personal assets from being seized with an "Errors and Omissions" clause.
I work for the largest group disability insurance agency in the world and we work our rears off to help people. I see everyday how many people are helped because each person puts a small amount into a common pot. Sure some of the people at the top get rich or richer. Overall many people who can't afford to go without a paycheck have their bills paid while they are disabled.
I was looking for responses from people who have reasonable answers to my question. I think I found them and I'm statisfied. I'd just hate for anyone to think that there is no response to your insipid comment of being "self-insured." Just because I was willing to hoist a ton of my income at buying myself into photography doesn't mean that I can afford to buy the same equipment again.
Kev
Message edited by author 2004-04-15 18:34:52.
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04/15/2004 10:16:15 PM · #6 |
Originally posted by dsray:
Go bare. Put the money that you would have spent on premiums in the bank and self insure. THE biggest rip off in America today is insurance. |
Hmmm, I guess that's your decision, but I would say it's not very smart unless you have the money to replace all of your equipment already on hand.
Assuming that you have $7500 in equipment(which isn't really a lot) and premiums are $300/year or $25/month and that you can earn 5% on your money and that inflation stays constant @ 3%(this is pretty optimistic). So you will really only gain 2% in value on your money invested. You will be able to afford replacement equipment in 20 years and 4 months. Even discounting inflation, and getting 5% on your investment, it will still take 16 years and 3 months to have the money to replace $7500 in equipment.
That also doesn't take into account liability for any accidents or other mishaps that might happen.
Self-insurance might be OK if you have the assets of Bill Gates, but for the average guy just trying to run a small business on the side, it's just stupid.
All I can say is Good Luck. You'd need it.
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