Are You Traveling on Business with a Lot of Gear?


There are a number of businesses that require you to travel abroad with a lot of equipment or gear in order to do your trade. These include the photography business, and its cousin, video production business.

If you’re operating in any, or even both, of these niches, then you should definitely think about getting travel insurance for your equipment. They are, after all, the bread and butter of your business. If any damage occurs, it would be very expensive to get them replaced or repaired. Thus, you need to avail of some financial protection for them and your enterprise.

2 Reasons to Insure Your Equipment

Here are three reasons why you should consider buying insurance for the equipment that you use for business.

  1. The risk for damage is too great

Traveling with your gear, like cameras and other sensitive equipment, puts you at risk of damage. You may be meticulously packing your equipment into your travel bags, but it can still get damaged by mishandling during the process of loading them to your airplane. You could sue for damages, of course, but having insurance gives you access to reimbursement while you pursue the loaders for compensation.

In addition to travel damage, natural disasters beyond your control can possibly destroy your gear despite your best efforts to protect them. You could lose them during a hurricane, a flood or fire.

  1. Loans can require insurance for your equipment

Some important equipment can unfortunately be too expensive, and cannot be acquired without taking out a loan of some sort. You will still need insurance at this point, because some lenders will not approve you for an equipment acquisition loan if you will not purchase production for the gear.

Of course, you can only enjoy the full benefits of insurance if you’re able to find the policy with the coverage that’s ideal for your needs.

Selecting the Right Policy for Your Equipment

Taking out an insurance policy is an investment. This means that you will need to find the one that’s ideal for your needs. Otherwise, you’ll end up paying for coverage that is not enough to protect you from possible losses and could expose you to financial loss, albeit limited.

Here are some tips to bear in mind when shopping for equipment insurance:

  1. Read the terms of the policy carefully

There is always a detailed description of every individual insurance policy out there. Take note of the coverage specified, so you can gauge whether the value offered is sufficient to protect you from any damage done to your equipment. Make sure also to read the fine print.

  1. Lay your needs out to the agent

The best source of information is the insurance agent. He or she will know which policy could be adequate enough to cover the value of your equipment in case of an accident or a natural disaster. You will need to bring some paperwork to ascertain the value being talked about here.

To summarize – equipment insurance is necessary in order to protect you from financial losses, which you will otherwise incur if your equipment is lost or damaged while conducting your business. You could be reimbursed for the loss, which you can use for repairs or to acquire new equipment to replace what was lost.

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