Unmanned Aerial Vehicles Drone Insurance
The use of drones, otherwise known as unmanned aerial vehicles, has increased over the years. Technology advancement has made drones accessible. Drones are being used commercially in photographing, Surveillance, medical and agricultural fields to advance their services. Unmanned Aerial Vehicles Drone Insurance is necessary for any drone based business.
Unmanned Aerial Vehicles Drone Insurance
With the increased use of drones, requirements and regulations are becoming more stringent. Some of these requirements include obtaining drone insurance before issuing a permit or license to carry out any aerial work.
As a UAV or drone business owner, it is essential to have drone insurance to protect your business if any lawsuits are filed against you.
Cost of Drone Insurance.
The standard price for general liability insurance for a small drone business depends on the location of the business, size, revenue, and claims history.
Other factors that come into play when insuring your drone or an unmanned aerial vehicle include the type of drone, the price of the drone, and the location where the drone is to be used, and skill level.
Types of Unmanned Aerial Vehicle Drone Insurance
Commercial General Liability Insurance
This policy covers third party property damage and injuries caused by your drone. General liability insurance covers the third party medical expenses.
Non-owned Drone Coverage
This policy protects businesses or individuals who hire unmanned aerial vehicles or drones for use by third parties.
Hull Coverage
This policy covers the actual drone if it is damaged, stolen, or vandalized
Workers compensation
Your employees are your responsibility, and should an employee sustained a work-related injury, the policy covers the medical expenses and wages lost during the treatment.
Business income coverage
If your drone business is forced to close temporarily, this policy covers income lost Until you are operational.
Inland Marine
This policy covers your drone and drone equipment in transit worldwide.
The amount of drone coverage insurance needed for your business depends on
Your business– Some Industries require more coverage than others, for example, the photography and filming industry.
Your assets- The amount of money you will pay out of pocket in case of an over risk.
Your clients -Your coverage amount will depend on your clients; for example, corporates require more coverage than small businesses.
Is Drone Insurance Legally Required?
In most parts of the world, the commercial use of drones requires insurance. However, it is not a requirement to have insurance to fly a drone in the US, whether for business or recreational purposes.