Learn & Explore Series Episode 153

Photographers Insurance

Did You Know?

Data Extraction From Digital Media
Extraction of data from a digital media is covered under equipment breakdown coverage on a Business Owner's Policy (BOP), if present. Coverage for the expenses to recover data responds when there is direct physical damage to the media where the data is stored. "Accident" means a fortuitous event that causes damage to covered equipment.
For example: You drop your external hard drive on the floor. Direct physical damage occurs. The expense of $1,848 is paid to a third party data recovery vendor who recovers the data and copies it onto a replacement drive. An example of coverage not being extended - the hard drive simply wears out and stops working without any direct physical damage.
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Did You Know?

Actual Cash Value Vs. Replacement Cost Value Coverage
Generally speaking, your business personal property (camera equipment, computers, lighting, etc.) is covered on either a replacement cost new claim settlement (no depreciation) or an actual cash value (an element of depreciation is calculated into your claim settlement). Check your policy. It will state in your Declarations what type of coverage you have. Of course, Replacement Cost is a better coverage option when available.
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Did You Know?

Did you know that you may have coverage when spilling coffee on your laptop? A photographer recently spilled coffee on her laptop. It wouldn't turn on. It seemed the electrical components were fried. She took it to a tech and verified the damage. Repair was estimated to be $1,200. Her Business Owner's Policy (BOP) extended coverage. Spilling coffee (or other liquid) is a covered cause of loss under a BOP. Direct physical damage from an accidental event is a covered cause of loss unless excluded or limited.
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Special Thanks to Industry Expert:

Howard Burkholz

Questions covered in the above interview:

  1. Let’s do something fun. Let’s jump into the way back machine. Let’s go back to the very day - the very morning this agency was founded. What was the inspiration for doing so?
  2. When a company comes to market with a new product or service, they generally have an avatar or a person in mind that they would like to market to. Who is that person here?
  3. How do you feel your agency is different from others on the market?
  4. I’m going to ask you a personal question. What do you enjoy most about what you do?
  5. Before diving deeper into these questions, why do you feel it’s important for photographers to have the right insurance coverage?
  6. In your opinion, what are the 3 most important parts of an insurance policy?
  7. What mistakes do you see photographers making when trying to select insurance?
  8. Now, you're out of Utah, correct? What states do you cover?
  9. Is it possible to get coverage for photographers who are traveling internationally? Are there any caveats?
  10. Can you speak to us about Actual Cash Value vs Replacement Cost?
  11. If there was such a thing as a “typical insurance policy", what’s normally covered and what isn’t?
  12. When submitting a claim, what are some dos and don'ts?
  13. What questions should you be asking an insurance agent when deciding what company to go with?
  14. What benefits are there when picking up coverage from your agency?
  15. What’s one word that you feel best describes your agency?