If you’re a creative agency, freelance videographer or photographer, the chances are you will need to carry around a lot of expensive equipment in your vehicle.
Filming at different locations can involve overnight stays, which means expensive equipment is often left in a car or van overnight. Although every effort is made to keep valuable equipment out of sight, unfortunately 31% of photography equipment thefts are from the car, so there is a very significant risk if you’re travelling around with expensive equipment.
Although times are hard financially for creative agencies and freelancers now, this is not the time to reduce your insurance premium by reducing your cover.
The internet is awash with stories from creative professionals who have had their equipment stolen and they are at a loss as to how they can continue with their business if their insurance doesn’t cover the cost of the replacement.
In this blog, we will look at the questions creative agencies and freelance professionals should ask themselves so that they can protect their equipment while they are travelling.
1. Is the true cost of my equipment covered by my insurance policy?
Creative professionals need thousands of pounds worth of equipment to deliver their work. From laptops to cameras, lighting gear to smartphones, these professional tools are quite a hefty investment.
This equipment is essential for a creative’s livelihood. Losing any of it could set your business back significantly, not only financially but also in terms of productivity and meeting client deadlines. Replacing stolen or damaged gear can be expensive, especially if you don’t have adequate savings set aside for such unforeseen events.
Tip: Make sure your insurance policy covers all of your creative agency equipment. Over the course of a year, you might update your equipment, so make sure your insurance policy covers the increased investment.
2. Does my insurance policy cover me for travel?
Your work might involve travel between multiple locations—clients' offices, conferences, or workspaces and this might mean overnight stays with the equipment left in a car or van. Criminals are getting increasingly sophisticated, so it’s possible that you will be a target for equipment and vehicle theft at some point.
Even the most sophisticated alarm systems can be accessed by criminals and despite your best efforts to hide equipment, there is still a significant risk. The majority of standard insurance policies don’t include cover if a theft took place overnight, so it’s worth checking your insurance policy.
Tip: There are some insurance policies available now that cover photography, AV and videography equipment that is left in a car between the house of 9pm – 6am. Get in touch with Eggar Forrester Creative if this level of insurance cover will give you peace of mind when you’re on a shoot or client site.
3. Will my standard home / motor insurance policy cover for my creative equipment?
Don’t make the mistake that your home or motor insurance will cover your equipment that’s stolen from your vehicle. It’s unlikely that you will have this level of cover with a personal policy, so you will need to make sure you have adequate insurance for your creative equipment via a business insurance policy.
Tip: Speak to an insurance specialist who knows how your industry works. A specialist insurance policy for creative professionals is the best way to make sure your equipment is protected in case of theft from your vehicle. Insurance policies for your creative agency or freelance work will cover common situations relating to your work, which make it a wise choice if you’re looking to protect your videography, photography and AV equipment.
4. What should my creative agency insurance policy include?
· Comprehensive Equipment Coverage: Make sure the insurance policy you’re looking at covers laptops, cameras, video and sound equipment and any other tools that you use.
· Vehicle Theft Protection: Specifically ask if the policy covers theft of equipment from your vehicle. This should include both parked and transit scenarios. Check whether there are any time exclusions; many standard policies exclude 9pm – 6am, so you won’t get full overnight coverage (luckily Eggar Forrester Creative can cover you for the whole night – there are no exclusions with some of our insurance providers)
· Damage Protection: Check to see if your equipment is covered for accidental damage, such as drops, spills or breakages.
· Liability Insurance: Liability insurance is often essential in case a third party’s property is damaged during the course of your work. This adds an extra layer of protection.
· Business Interruption Coverage: If your equipment is stolen, and the claim is upheld, you might need cover for any lost income if your equipment is stolen and you’re unable to meet project deadlines or client obligations.
Tip: Take a look at your insurance policy and see if it has the above levels of protection. Speak to an independent broker for some advice if you aren’t sure.
5. This sounds complicated. How can I make sure I’m getting the right insurance cover for my creative business?
We understand insurance can be complicated, and it's easy to get overwhelmed with the options. As insurance specialists in the Creative industry, we take the hassle away from this complicated (and not entirely interesting) purchase.
We can give you complete peace of mind that you’ve got an insurance policy in place that will protect your business in the case of theft or damage.
Not only does this safeguard the financial position of your business, but a robust insurance policy will also allow your business to recover quickly in the event of a claim.
Making sure you have the correct level of cover may increase your premiums VERY slightly in the short-term, but in the event of a claim, you’ll be thankful that you got the coverage you need to protect your creative business.
Tip: We know that it can be easier to pick up the phone and speak to somebody directly so that you can ask all your burning questions. Running a creative business is hard enough and there’s enough reasons for sleepless nights, so we don’t want insurance to be another reason to keep you awake!
Ready to talk insurance?
Rhys Owen-Conway is Eggar Forrester’s creative industries insurance expert. Rhys can guide you through the process, so that you know exactly what level of cover you need for your creative agency, so that you’ve got complete peace of mind that you have the right level of cover.
We know that overnight insurance cover is crucial for many creative agencies and freelance professionals. That’s why we are delighted that several of our insurance providers can include fully comprehensive cover for your equipment between the hours of 9pm and 6am.
Get in touch with Rhys Owen-Conway on 0207 382 7710.