How is the cost of living crisis impacting photographers and videomakers?

In today’s tricky financial climate, we’re all looking for ways we can cut costs – whether for your business and/or your household budget.

There are some obvious steps people are taking to reduce spending – cutting down on eating out, being more conscious of heating and lighting and travelling less. Once these areas have been scrutinised, insurance expenditure is often next on the list for cutbacks.

The protection and peace of mind provided by insurance is perhaps more important now than ever. Insurance plays a vital role in building resilience through financial protection to millions of households and businesses, helping them survive scenarios such as theft, flood or fire.

When it comes to insurance, it’s best to play it safe!

The pressures being faced by business and individuals right now can lead to making snap decisions – such as cancelling insurance direct debits without any discussion with the insurance provider. Talking to your insurance adviser before taking action could you save you more in the long run and protect you from being underinsured.

What does it mean to be underinsured?

People often don’t know they are underinsured until it comes time to claim. Current inflation rates will impact the value of camera equipment and therefore if clients do not monitor their sums insured (value of equipment covered) it could leave them underinsured and out of pocket if and when you need to make a claim.

According to Paul Newberry, Lead Client Adviser at Aaduki, “More often than not, people don’t realise the importance of keeping the insurer up to date of any changes to their business. The consequence of being underinsured by 50% is that you will only receive 50% of the claim value.

“Many policies cover equipment whilst on location. Our policy covers the equipment at the client’s premises too, so even if they are struggling for work and using the equipment, we would suggest keeping cover in place.

“Given the current supply chain issues, replacement equipment and replacement parts for repairs can be hard to source at the moment. Our policy covers the cost of hiring equipment during the claim process so that clients can carry on working and complete any contracts they have in place.”

What to inform your insurer about

  • Changes in turnover or wages
  • New equipment
  • Location of storing your equipment
  • Changes in staff – increases or decreases
  • Changes in the type of work you do


Advice that makes a difference

The team at Aaduki would be more than happy to talk through the details of your own insurance, or any other insurance questions you have. Our friendly team of experts understand the needs and working practices of photographers and video makers. We’ve been working in the industry for more than 20 years, so there isn’t much we haven’t seen!  Our aim is to support photographers and video makers with specialist advice to help you manage and mitigate the risks you face. We hope to speak with you soon.


Paul Newberry Cert CII

Lead Client Adviser