4 Questions to Consider when Buying Photography Business Insurance

Posted by David Hamilton on Mar 14, 2016 5:14:08 PM

Regardless of whether you are renewing or purchasing photography  business insurance for the first time you should consider the following to ensure the best price and protection:

1. What are the limits for your gear and liability?

Limits that are too high costs you unnecessary premium dollars. Have you updated your inventory of gear and determined a current replacement cost value? If your replacement cost value is higher than the limit on your policy, you are underinsured and should purchase a higher limit of coverage.

The minimum general liability coverage you should purchase is $1,000,000. The general liability will protect you from lawsuits that result from property damage or bodily injury that you, or your employees cause while shooting. The liability policy will pay the legal costs for your lawyer and the judgement costs up to the liability limit that you purchased.

Will your current liability policy provide enough protection if you end up in court defending a lawsuit from  camera insurancewell-paid programmer’s husband after you permanently disabled her when your pelican lens case was knocked off your rooftop shooting location onto the sidewalk below? A programmer that is 40 years old making $200,000 a year could sue for 20 lost years of future earnings – or $4,000,000.  Additional limits of  liability coverage typically go down in cost for each million over 1million that you purchase. For instance, The Front Row Insurance online photographers program prices general liability for photographers as follows: $150 for 1mil, $200 for 2mil, $350 for 5mil.

2. Is the process to buy the coverage you need fast and simple to understand?

Is there an online option that asks for only necessary information in a clickable format? Are the drop down boxes that explain the coverage clear and comprehensive?  There should be no need to scan paper applications back and forth.

At Front Row we have created an 5 minute on line insurance solution.

Available to Canadian photographers Learn more

The policy term is for 12 months and coverage is provided in most countries worldwide except those subject to trade restrictions.

Rental equipment coverage is also available. All equipment is covered for replacement cost for:  theft, damage, fire and loss of use. The online link ensures industry-low prices:

  • $10,000 equipment coverage: $75 CAD,
  • $2,000,000 location liability coverage: $200 CAD; $5,000,000: $350 CAD. Liability covers property damage and bodily injury that you do  while shooting on location or in a rented studio. Pays legal fees too.
  • $350 deductible for gear

3. Does my gear policy include any enhancements such as office contents coverage or Portfolio coverage?

 

  Front Row Other Programs
No Minimum Premium Yes No
Worldwide Equipment Coverage Territory Yes Yes
Automatic $10,000 Office Contents Coverage + $5,000 in Laptop Coverage Yes Extra Charge
$15,000 of Money & Securities Yes No
$10,000 of coverage for newly acquired equipment for up to 30-days Yes Yes
Commercial General Liability is available on a stand-alone basis Yes No
Coverage for Earthquake & Flood included up to your full Equipment Values Yes No
$7,500 of Library Stock ("Portfolio") Coverage Yes No

 

4. What do I have to do to make a claim?

You have the coverage and now all your equipment has been stolen. Should you call the broker or the insurance company  when you first hear about a claim? Call the broker.

Claims Reporting Procedures

  • All claims should report the following: Date of Loss, Description of Loss, Names and phone numbers of persons to be contacted.
  • All incidences should be reported promptly. If you are not sure there is coverage, call your broker.

Is it possible to take immediate action to make repairs if further damage to the property is likely?

As long as the claim is covered, the reasonable cost of temporary repairs made to prevent further damage is money well-spent and, therefore, reimbursable, subject to all policy terms and conditions. Documentation in the form of bills, receipts and photographs should be retained in order to verify damages and repair costs.

About: Front Row Insurance Brokers Inc. is an independent  insurance broker that works on behalf of the Canadian arts and entertainment industry to provide insurance for the lowest possible cost. Should a claim occur, Front Row ensures that clients receive the money they are owed per the insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal, Nashville and Los Angeles.

 

Tags: Photography Equipment Insurance, photography insurance, Photographer Insurance Policy, Photography Equipment Insurance Policy

Front Row Insurance Expands to Nashville - Welcoming Industry Veteran Tom Corley

Posted by Mike Groner on Mar 4, 2016 4:55:28 PM

Front Row Insurance, specialized entertainment insurance brokers, is pleased to announce the opening of its new Nashville office to be headed by experienced entertainment professional, Tom Corley. Front Row is a specialized insurance broker with offices in Vancouver, Toronto, Montreal and Los Angeles.

Tom Corley InsuranceWith over 25 years of experience, Corley has worked in the music industry alongside artists Ronnie Milsap, Waylon Jennings, Dixie Chicks, Faith Hill, Dolly Parton, Kenny Chesney, Restless Heart, and many others. As a Producer for AEG Live and TBA Entertainment, he handled many tours including the CMT Tour featuring Brad Paisley, Keith Urban, Miranda Lambert and Rascal Flatts, Reba/Kelly Clarkson Tour, and Kenny Chesney’s Stadium and New Year’s Eve concerts. In 2001, Corley also assisted and relocated the CMA Music Festival performance stages from the Tennessee State Fairgrounds to the stadium downtown and worked there for the first two years.

“We are delighted to welcome Tom into Front Row," said David Hamilton, President of Front Row Insurance Brokers. "Tom's long history as one of the top tour managers in the world gives Front Row a deeper practical understanding of the risks our clients face associated with touring and live events. Tom is a rare expert that can identify the risks of the music industry that should be transferred to the insurance companies: new and existing clients will benefit from Tom's expertise. Front Row is a specialized entertainment insurance broker: our volume with the insurance companies will allow Tom to offer his clients the best protection at the best possible premiums available in the marketplace. Everyone working in the music industry that seeks Tom out will be better protected and a lot happier after hearing some of his entertaining stories!"

Corley’s new role is effective immediately and he is looking forward to putting his skills and experience to good use. “For over 25 years, I purchased this type of insurance and I am now delighted to offer these products to my peers in the entertainment industry,” says Corley. “With Nashville’s continuous growth in the entertainment industry, everyone in the music and film industry, theatre companies, and photographers can now get expedient, affordable entertainment coverage they need with Front Row.”

Tags: Music Insurance Broker, tour liability, band tour insurance, Tom Corley, Front Row Insurance Nashville, Tom Corley Front Row Insurance, Tom Corley Insurance

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