Unmanned Aerial Vehicles Drone Insurance Policy Information
Unmanned Aerial Vehicles Drone Insurance Due to technical advancement, the commercial application of drones is becoming more accessible and has turned into a multimillion-dollar industry. Unmanned aerial vehicles (UAVs), or drones, have become complex and highly technical, and you simply can't risk damage or loss.
If you're making money with your UAV, or you plan to in the future, insuring it could save you a lot of money down the line if an accident happens. Getting unmanned aerial vehicles drone insurance may also help you close clients. If anything, you've got peace of mind knowing that you're covered in the unlikely event of an accident.
Unmanned aerial vehicles drone insurance protects your UAV business from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
How Much Does Unmanned Aerial Vehicles Drone Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small drone businesses ranges from $77 to $99 per month based on location, size, payroll, sales and experience.
Types Of Unmanned Aerial Vehicles Drone Insurance
As a drone business owner (or someone thinking about opening a small business), your head is probably spinning over the choices when it comes to the types of unmanned aerial vehicles drone insurance coverage your company needs. UAV drone insurance offers these important coverages to protect you, your employees and your business:
Commercial General Liability Coverage - This unmanned aerial vehicles drone insurance coverage protects your drone business from third-party liability. This includes property damage and bodily injury caused by the drone, premises liability at locations used in connection with scheduled aircraft, as well as medical expenses.
General liability coverage can help pay medical costs and damages if you are found liable after your client or a member of the public sustains bodily or property damage arising from drone accidents. This is especially important, if you are going to be filming in an area where there are windows or other fragile obstacles.
Non-Owned UAV Liability Coverage - Non-owned drone insurance provides coverage to companies or individuals that use or hire UAVs that they do not own and that are operated by third parties. These exposures are primarily contingent liabilities where the user does not employ the operator and is not directly involved with the operation and maintenance of the UAV.
Hull Coverage - Accidents can be expensive. Purchase this unmanned aerial vehicles drone insurance to cover the theft or damage to the drone and any ground equipment used to operate it, or any electronics or components (payload) carried. Coverage includes:
- Aerial system.
- Remote control.
- Additional equipment (e.g. camera, surveying equipment).
Workers Compensation Insurance - Workers comp is required for any non-owner or partner employees. If any of your employees becomes injured while working for you, or if they become ill due to something that happened at work, you become responsible for them. workers comp pays for costly medical care bills.
Business Income Coverage - Covers losses that occur when work is interrupted or your drone business is closed temporarily due to a covered loss. This will pay you a portion of your income for up to 12 months until you are operational again.
Inland Marine - An inland marine policy covers the drone and equipment anywhere in the world (subject to certain excluded territories), including in transit. There is however a policy endorsement that you need to be aware of that imposes some common sense restrictions to make sure that appropriate security measures are in place when you leave the equipment in an unattended vehicle.
Is Drone Insurance Required by Law?
In many parts of the world, commercial drone operators are required to obtain insurance. The FAA does not currently require U.S. operators to be insured to fly a drone for either recreational or non-recreational purposes, but businesses should diligently weigh the potential risks and associated costs when considering unmanned aerial vehicles drone insurance coverage. Companies you contract with might require UAV insurance as a condition of doing business.
How Much Does Drone Insurance Cost?
The cost to insure your UAV for commercial use can vary pretty dramatically depending on the type of drone, your intended use, you skill level, and the general locations you will be using the drone.
How Much UAV Insurance Coverage Do You Need?
The amount of coverage that you need depends on a number of factors, including:
- Your Business - some industries, such as film, require higher insurance coverage than others as a matter of course.
- Your Customers - if your customers tend to be major corporations, they may have different insurance requirements than small businesses or sole proprietors.
- Your Assets - how much of a loss could you afford out of pocket if you are underinsured?
What Information About Your UAV Business Do You Need To Provide?
- Physical attributes - including the type and weight, takeoff and landing configurations, control redundancy, overhaul/engine life, operational range, communication links.
- Purpose of use - e.g. power line survey, or power pole inspections
- Primary location of use
- Any restrictions that have been imposed
- Details of the pilot(s) and their aeronautical experience
- Whether any risk/safety management systems are in place
- Details of any past claims
Unmanned Aerial Vehicles Drone Insurance
Aviation is a litigious environment. drone operators may not consider what they are doing to be dangerous yet they could be exposed to legal action if damage is sustained to property or injury to persons. This is why UAV insurance is so crucial. In the aftermath of an accident, drone operators will greatly benefit from the support of a trusted insurance provider.
Small Business Economic Data & Insurance Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Small Business Economic Data In The United States
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
- In 2015, small businesses in the United States employed an estimated 58.9 million American workers, or 47.5 percent of the nation's private workforce.
- Largest shares = fewer than 100 employees. The small businesses that employed 100 people or less had the largest share of employment amount small businesses.
- Employment increased by nearly 2 percent. In 2018, employment amongst small businesses increased by 1.8 percent, which is an increase of 1 percent from the prior year.
- Increase in proprietors. In 2016, the number of small business proprietors increased by 2.3 percent.
- In 2015, small businesses were responsible for creating 1.9 million net jobs. Organizations that employed 20 people or less had the largest gains, as they added an estimated 1.1 million net jobs.
- There were 5.7 million loans that were value less than $100,000 issued by lenders in the United States in 2016. These loans were issued under the Community Reinvestment Act.
- Small business owners that were self-employed at the incorporated businesses that they owned reported a median income of $50,347 in 2016.
- Small business owners that were self-employed at the unincorporated businesses that they owned reported a median income of $23,060 in 2016.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
- Commercial Property Insurance: In the case of an unplanned disaster - fire, flood, vandalism, theft, etc. - this type of coverage will help you avoid paying for the damage out of your own pocket. Even if you rent the property, you should still carry commercial property insurance.
- Commercial Liability Insurance: In the event that a legal situation arises - a negligence lawsuit, for example - commercial liability coverage will provide financial protection. It will cover the cost of legal defense fees, court fees, and even moneys that may be awarded.
- Commercial Auto Insurance: If you operate a vehicle for any activities that are related to your business - transporting and/or delivering goods, or meeting with clients - commercial auto insurance is legally required for businesses of all sizes, including small businesses.
Additional Resources For Miscellaneous Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare Insurance
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Control of Well
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Unmanned Aerial Vehicles (UAV) Drone
- Waste Disposal Landfill
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.