Insurance Curator Protecting cameras, lenses, lighting, audio rigs, computers and other professional gear is one of the most important financial decisions a freelancer in the USA can make. A single theft, accidental drop, or equipment-destroying incident on location can cost thousands and interrupt your income. This guide explains how gear insurance (often called inland marine, equipment floater, or equipment insurance) works, realistic cost expectations, recommended providers, and step-by-step buying tips targeted to freelancers in the United States (with examples for New York City, Los Angeles, and Chicago).
What gear insurance covers (and what it doesn’t)
Bold takeaway: gear insurance is for loss, theft, and accidental damage of business equipment whether on location, in transit, or stored. Typical coverages include:
- All-risk physical damage (drops, water damage, impact)
- Theft and robbery (including forced entry)
- Transit coverage (equipment damaged while traveling between jobs)
- Worldwide coverage (optional, for destination shoots)
- Rental reimbursement (temporary replacement equipment)
Common exclusions you must check:
- Wear-and-tear, gradual deterioration, or manufacturer defects
- Professional liability and client data risks (separate policies)
- Losses from misuse or illegal acts
For professional liability and contract compliance, pair gear insurance with an E&O policy — see recommended reading: Best Insurance For Freelancers for Professional Liability (E&O): Who Covers Contract Work?.
How much does gear insurance cost? (real-world figures)
A practical rule-of-thumb used by brokers and insurers: 1%–3% of the total replacement value per year for an all-risk equipment floater. That range varies based on geography, claimed history, deductible, and whether you buy additional worldwide or rental coverage. Sources: Insureon and carrier pricing pages.
- Example math:
- $10,000 in gear → roughly $100–$300 per year
- $30,000 in gear → roughly $300–$900 per year
Specific provider examples (current approximations and typical entry-level pricing for the USA market):
- Next Insurance (Photographers Insurance) — general liability from roughly $20–$40/month; adding equipment/inland marine endorsements often costs an additional $10–$50/month depending on declared value and location (NYC vs. rural areas). (See Next Insurance photographers product)
Source: https://www.nextinsurance.com/business-insurance/photographers-insurance - Hiscox (Small Business Insurance) — small-business policies with property/equipment coverage typically start around $30–$60/month for micro businesses; inland marine add-ons adjusted by value and deductible. (See Hiscox small business products)
Source: https://www.hiscox.com/small-business-insurance - Specialty and trade associations (example: Professional photography associations and regional brokers) — many offer tailored equipment floater policies starting around $100–$400/year for hobby-to-small-pro setups; higher-value pro packages scale up accordingly. Industry guides and brokers report 1%–3% rule of thumb. (See Insureon guide)
Source: https://www.insureon.com/photographers-insurance
Note: Rates are materially affected by location. Cities with higher theft and claim frequency like New York City and parts of Los Angeles often see higher premiums versus lower-crime areas of the Midwest such as some suburbs of Chicago.
Compare common policy structures
| Policy Type | What it covers | Typical deductible | Estimated annual cost for $20k gear |
|---|---|---|---|
| Standalone equipment floater / inland marine | All-risk physical damage, theft, transit | $250–$1,000 | $200–$600 |
| Business Owners Policy (BOP) with contents | Property + general liability bundled | $500–$1,000 | $400–$900 |
| Association/Group equipment plan | Often limited claims handling, lower cost | $250–$1,000 | $150–$500 |
(Estimates derived from broker and carrier pricing ranges; use for planning, always get firm quotes.)
Top providers and when to choose them
- Next Insurance — Best for fast online quotes, small-studio photographers, and gig creatives who want affordable modular add-ons. Good tech interface for instant COIs (useful for venue/contract requirements).
- Hiscox — Good for small creative businesses needing a more traditional insurer with flexible BOP options.
- Specialty insurers & associations — Best for high-value pro photographers and commercial video crews (high-net-worth gear) — look for underwriters that offer agreed value, worldwide coverage, and low depreciation clauses.
When contract venues require certificates or specific limits, choose carriers that issue COIs quickly online. For more on contract compliance and limits, read: Best Insurance For Freelancers to Comply With Contract Requirements: Certificates and Limits Explained.
Location-specific considerations (NYC, Los Angeles, Chicago)
- New York City: Expect higher premiums due to theft/claim frequency and higher replacement costs. If you frequently work in Manhattan, add a lower deductible for equipment and consider theft-specific endorsements.
- Los Angeles: Add worldwide liability and equipment transit coverage if you travel frequently to shoots, especially for entertainment/production jobs.
- Chicago / Midwest: Generally lower premiums, but winter weather (sleet, road salt, transit claims) means check transit coverage and weather-related exclusions.
How to buy — 7 practical steps
- Inventory & declared value: Create a photo-backed inventory with purchase dates and serial numbers. Insurers base premiums on declared replacement value.
- Decide coverages: Inland marine (equipment), worldwide coverage, rental reimbursement, and agreed-value for high-end kit.
- Choose deductible: Higher deductible lowers premium — but ensure you can afford it after a loss.
- Compare quotes: Get at least 3 quotes — from a direct carrier (Next, Hiscox), a specialty insurer, and a broker (e.g., Insureon or local broker).
- Check COI process: If you work venues in NYC/LA that require COIs, ensure the insurer provides immediate certificates online.
- Ask about claim examples: Verify real claim handling experience — quick replacements and fair depreciation policies matter.
- Bundle where it makes sense: Combine equipment floater with a BOP or general liability for a cost-efficient solution — learn more on bundling: Best Insurance For Freelancers to Bundle Personal and Business Coverage Cost-Effectively.
Reducing premiums without risking coverage
- Increase deductibles modestly
- Implement documented security measures (locks, secure transit cases, alarm systems)
- Keep detailed inventory and serial numbers
- Consider forming an LLC (may lower premium modestly as part of risk management) — read: Best Insurance For Freelancers to Lower Premiums: Deductibles, LLCs and Risk Management Tips
Claim examples & what to expect
- Theft from a vehicle in Manhattan: Insurer will require police report, proof of ownership (serial numbers), photos, and may depreciate older equipment unless agreed-value applied.
- Accidental drop at wedding: All-risk floater typically covers repair or replacement up to policy limits after deductible.
Quick checklist before buying
- Is worldwide coverage included or optional?
- Are wireless/DRone/UAS coverages required by clients? (Often excluded)
- Does the policy offer agreed value or actual cash value?
- How fast does the insurer provide COIs?
- Confirm policy aggregate limits — will a single catastrophic loss exceed your limit?
Sources and further reading
- Next Insurance — Photographers insurance and equipment add-ons: https://www.nextinsurance.com/business-insurance/photographers-insurance
- Hiscox — Small business insurance products and property coverage: https://www.hiscox.com/small-business-insurance
- Insureon — Photographers insurance guide, pricing notes and tips: https://www.insureon.com/photographers-insurance
Protecting your gear is protecting your business. Start with an accurate inventory, get three quotes, and choose the solution that balances replacement cost, deductible affordability, and claims service — especially if you work in high-theft or high-cost cities like New York City, Los Angeles, or Chicago.