Are you a drone owner? If so, you might be pondering if you require drone insurance. Drone insurance is a smart investment to safeguard your costly piece of equipment and the people nearby, even if it isn’t mandated by law where you are from.
What kind of insurance do I need for a drone?
Commercial drone operators should think about the following four forms of insurance: Insurance for liability, hull, cyber liability, and commercial property. You may be asking yourself which is best for you. Well we cannot tell you as each person is different in their needs. We can share what each one is so you can make an informed decision. This is not advice nor do we advocate for any particular company.
If you harm someone with your drone or cause damage to someone else’s property, liability insurance will shield you from financial hardship. This kind of insurance is typically required by businesses to defend them against claims of property damage and physical harm.
This kind of drone insurance pays for drone damage in the event of an accident or the cost of a new drone if yours is lost. Due of drones’ low cost, this is frequently disregarded or dismissed. However, a hull insurance coverage would cover those parts if your drone is outfitted with pricey extras like fancy cameras, specialist sensors, or ground scanning systems.
Cyber Liability Insurance
Cyber liability insurance protects you from legal responsibility for cyberattacks that can cause uncontrollable bodily harm. A cyber liability coverage, for instance, would release you from responsibility for any losses occurring from an accident if someone succeeded to seize control of your drone mid-flight.
The Cost of Drone Insurance
The cost of drone insurance is not very high. An annual cost of $500 to $1,000 is typical for a policy with $1 million in liability protection. Hourly rates might start as low as $10. You can get your rates reduced though.
There are several factors that might affect your rates, make you ineligible, or even cause them to go up. Most insurance companies will demand that commercial operators possess a certain quantity of flight hours logged (often between 50 and 100 hours) and be in possession of an active FAA UAV license.
Pilots must maintain a maintenance journal that demonstrates their drones are in excellent condition and repairs were done properly. Additionally, all flight logs must be detailed. Premiums might increase if you don’t do it. This is something to consider.
Here are some of the drone coverage providers based on industry according to Investopedia:
Best for High Coverage Limits: BWI Fly
Best for Flexibility: SkyWatch.AI
Best for Hobbyists: Thimble
Best for International Coverage: DroneInsurance.com
Best for Weddings and Events: Avion Drone Insurance
Best for Businesses: United States Aircraft Insurance Group (USAIG)
Any drone owner would be prudent to invest in drone insurance. It can aid in defending your drone from mishaps, theft, and other unanticipated occurrences. Drone insurance policies come in a variety of forms, from straightforward coverage to more all-inclusive packages.
You may rest easy knowing that, in the case of an unforeseen catastrophe, you are covered by purchasing drone insurance. In order to safeguard your investment and the individuals nearby, purchase drone insurance if you own a drone. Purchase our EVOLVE 2 now!