Called my State Farm agent today and asked about an insurance policy to cover the theft of my gear, in my home, and on the job, as well as $1,000,000 in liability.

He quoted me $378 a year.


Any ideas if this is good, bad, or just plain ugly?

That sounds about right... do you have other policies with them?

This sounds low to me. Make sure the agent understands he is writing a commercial policy. Also find out if you have a claim on your business equipment while on a job if it will affect your homeowners policy since it will all be tied together.

FWIW, I pay just under $700 a year for all of my equipment and liability.

Policy Coverages & Amounts
-----------------------
Coverage B - Business Personal Property
$5,000
Coverage C - Loss of Income - 12 Months
Actual Loss Sustained
Coverage L - Business Liability - Per Occurrence
$1,000,000
Coverage L - Business Liability - Annual
$2,000,000
Coverage M - Medical Payments
$5,000

BASIC POLICY PREMIUM: $277.00


Credits/Charges which have been applied
-------------------------------------
Business In Residence Premises

NY Fire Ins Fee: $1.74

TOTAL PREMIUM: $278.74
TOTAL MONTHLY PREMIUM: $23.23

Other Endorsements or Policies
-----------------------------------------
Other Endorsement/Policies
inland marine floater
Limits/Deductibles
$5000/ $250 ded
Additional Premium
$108.00

No idea if this helps, but this was what he then emailed to me.

Seems a little low on the equipment insurance... I have what I consider to be very basic equipment and it's worth more than $5k.

State Farm is a great insurance company - they give you big breaks if you have multiple lines through them.

Based on the two insurance policies I've had, this is far too low. My yearly premiums have been b/t $600-800. And looking at your personal equipment coverage - $5,000 is far too low. Let's say you just had minimal equipment, just your camera and two good lenses meets that amount let alone your computers, printers, memory cards, bags, lenses, lighting, etc.

Take another look and itemize your business equipment and then resubmit that figure. Your premium will go up, but at least you'll be covered.

Also, medical coverage is probably not necessary, so you may be able to do away with that in order to offset your higher equipment limit.

thanks so much everybody!

Also ask if theft is covered. I looked at a few policies and when I took a deep look the reason for the low price was that theft was not covered. I feel that theft is one of my biggest threats so a policy that does not cover theft is not a good idea. I also agree that $5,000 is way low for equipment. We pay about $500 a year for $20,000 in equipment and a $1,000,000 liability policy.

Keep looking around and get some other quotes to see what other companies offer and if you are a PPA member check out their insurance to see if it is a good option for you. I found a local company that was cheaper so I went with them but PPA uses MARSH which is a respected company as well.

I worked for SF for 9 years and grew up in a SF family. Great company. Just make sure that your agent understands the limits of coverage you need. I currently have a PAP(personal articles policy) on my equipment to cover it. It is an all risk policy without a deductible. I will be looking into a more inclusive coverage soon.

Kim, does this coverage also include if you needed insurance for a venue? Let me know I am looking to change insurances and I have SF for renters insurance

Get a hold of Richard Reyes with Hill & Usher.

http://www.hillusher.com/

-tmiller
Tim Miller Photography
http://tmillerphoto.com

My insurance with SF looks about the same as this one, except I have $10K equipment coverage with a $500 deductible, but I don't have to list anything with them and it covers "any and all equipment I use to run my business". If I add a specific equipment policy the premium jumps to $340, the deductible is only $250, but I have to list everything with serial numbers. But what I like about this is that if I list, and say my equipment gets stolen during a job, the insurance covers what I paid for the equipment, not replacement value. It helps to know a friend that works at the agency, and to put a little pressure from shopping around and getting other quotes. I am in IL so I don't know if state has anything to do with the amount of the premiums.

Laura, it does include insurance for when at the venue. Al, my kick ass insurance guy stated that if and when a venue asks to provide coverage, I call up Al at the office and he will fax over the paperwork to the venue for me. I am just responsible for finding out exactly HOW the venue wants to be listed on the coverage.