State Farm Personal Articles Policy? Not for business?

[alfonso_bresciani1]

I tried to get a Personal Articles policy on my cameras and lenses

and they said that I can't if I make money with the gear??

 

The only policy I qualify for, (according to them) is business

insurance, coverage up to 300.000 for $475 year.

 

Is this BS or what ?

 

 

I read in here once that ppl are getting the Personal Articles even if they're pros.

What's the scoop?

[photomark]

The scoop is that if you do this you are taking a risk that the insurance company will be

justified in not paying your claim. Since insurance is supposed to mitigate risk, this kind of

defeats the purpose, doesn't it?

 

Consider looking into some of the photographer organizations, many of them offer insurance

to their members at rates significantly lower (even after you factor in membership costs) than

you will get as an individual seeking business insurance.

[alfonso_bresciani1]

Thanks for your reply.

 

I just checked ASMP and they do offer insurance with taylorinsurance.com for their

members. They seem to cover a lot :)

I just requested and online quote.

 

Let's see how it goes.

[Jerry_]

If you are in the photography business, any insurance premium is a business expense....why get worked up over it?

[alfonso_bresciani1]

I'm just trying to find out which one to get.

I hear bad stories about State Farm.

I just wanna a policy to cover theft,damage from dropping equipment with no catch and

no BS

 

Do you know any?

[mikael_karlsson]

Alfonso:

 

I have State Farm for everything. The cars, the house, an umbrella policy, life insurance and business insurance and am exceptionally pleased with them. Last year we had some tornado damage and they came through for us big time.

 

Getting business insurance with them takes some fiddling and might not be possible at all - it varies from region to region what they offer I understand from my agent. But, if you have a good agent he/she should be able to either get you an inland marine policy for your gear or inform you of any other possibilities as far as business insurance goes. If you're looking for a policy that covers everthing from gear to liability State Farm might not be what you're looking for and a specialized agency (like what you've been looking at) might be your best bet.

[gary evans]

<i>If you are in the photography business, any insurance premium is a business expense....why get worked up over it? - Gerald</i></p>

 

<p>Does that mean all business expenses are free? I guess all the pros are running out and buying D2X's, F6's, Leica's, and Hasselblads then because they're just business expenses too.</P>

 

<p>Sorry Gerald, couldn't resist...</p>

[Jerry_]

"Does that mean all business expenses are free? I guess all the pros are running out and buying D2X's, F6's, Leica's, and Hasselblads then because they're just business expenses too."

 

 

 

 

It depends on how your prepare your tax form: if you spend some of your income for equipment and elect not to take depreciation, some 'gear' can be a write off for that tax year. But...large but...if you try to take $24,000 out of your income for 'gear,' leaving you with -$1,400 in reportable income for the year, you best be prepared for the ol' auditor's visit. The I.R.S. knows you like a meal now and then, plus you have to pay the phone company, and drive your 'wheels' to your business opportunities.... [The I.R.S. also likes you to contribute a bit to self-employment tax and social security tax, regardless of how much 'gear' you try to write off for the year.]

[bill_thorlin]

Sounds like your taxman is like our taxman - he has a set of tables for each type of enterprise and if you fall too far outside the norm you ring alarm bells. Play the system seems to be a universal rule.

 

Alfonso - I know nothing about US insurance practices but one thing I do know is "read the small print and read it very carefully".The exclusions they can come up with just beggar belief !

[craig_gillette]

It's an unfair and often illegal practice to not cover those things for which you have coverage, but there is no requirement to pay something that isn't covered. You want to see infighting? Watch health coverage and comp carriers fight it out over claims with unclear circumstances. If you're using your car, your camera, etc., for business purposes and that's not clearly covered or is particularly clearly not covered, you could expect the claim to be denied.

[streetlevel]

I have State Farm for my business liability and property insurance - thankfully, I've not

needed them, but they've been nothing but helpful and responsive when I've had

questions. For the works - (liability, property, and inland marine for travel/location

equipment work) - the price you were quoted sounds like an ok deal. I pay mine quarterly

and just roll it into my expenses. No big.

[bob_lazzarini]

Alfonso,<p>

Like Mikael, I've also State Farm Insurance for everything.<br>

The cars, the house, an umbrella policy, life insurance and photo equipment.<br> With the exception of car insurance, I am also exceptionally pleased with them.<p>

Leica M3 falls out of my hands and hits a marble floor;<br>

its rangefinder goe kaput and the lens mount become useless;<br>

I put in a claim with an estimate;<br>

no problem;<br> and the check arrives in the mail very shortly for the total repair bill.<p>

My State Farm agent could not provide business insurance, <i> I'm in New Jersey, and this was many moons ago</i>, but he did help me getting it from another source.<p>

Good Luck & Cheers!