If you keep the equipment in your home, it is significantly cheaper to insure your hoe and add the equipment as "personal belongings" and if you need to add accidental damage insurance, it is still a better deal.
John, You should get another insurance agent. It depends on what State you are in, but in Florida, if you work from home, it is not required to have an incedental policy from discretionary income that comes from the use of personally owned possesions, regardless of the income it provides (Per our new State Farm policy.).
Absolutely. If you are in a state that considers your personal property a "business" asset, you might want to write your congressman as well. Business is business, but when you are shooting one wedding (or other event) a month, you should fall under certain exemptions anyway, but that again is up to the state tax law.