First and foremost, I feel that I should make a bit of a disclaimer that I am by no means an insurance expert. I am, however, extremely interested in carrying excellent insurance. My parents were under-insured when I was a kid, and I saw their financial lives completely transformed by a pair of instances that could have turned out very differently, had their insurance been of better quality.
SO... a while back, when I decided to find myself some photography business insurance, I decided to dig around and find what I considered to be exceptional insurance. I started off with a membership to PPA, but the insurance that came through there seemed to feel like it was just a minimal baseline of coverage. It would be better than nothing, of course, but I wanted something more expansive.
I ended up finding a local Allstate agent who has a photographer working directly in her office. Actually speaking to another photographer, who understood my gear, my basic coverage needs, and the unique risks and situations that a photographer is placed in, I found it absolutely a "no-brainer" to have her craft my policy. I asked her to take some time to lay out a number of the things that she had gone over with me, and she was kind enough to provide the following information for photographers. I relay it to you here, and hope that you find it helpful!
If you are interested in speaking with her directly, the agent is Donna O'Sullivan and her photographer/employee is Joan Tomlinson. Kindly do mention that Mark Morris from the Photographers Cooperative sent you! It is nice to keep track of the referrals that I have sent along. I am thrilled with their expertise, their straight-forward honesty, and their professionalism.
There are precious few photographers that earn enough to absorb a $1,000,000 lawsuit from a falling light stand, to handle that and still be solvent in business. Quite literally ONE big problem could spell the end of your financial ability to stay in business. Depending on how your business is structured, it could even come back and impact your personal finances and your family! So if I may offer some non-expert advice: get expert advice, and protect yourself if you plan on earning an income from your photography! As soon as you take payment for services, you are a business, and you need to be prepared to handle the liability and other responsibilities of being a business owner.