Unmanned Aerial Vehicles Drone Insurance Alabama Policy Information
Unmanned Aerial Vehicles Drone Insurance Alabama 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 Alabama 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 Alabama protects your UAV business from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
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 Alabama 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 Alabama 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 AL 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 Alabama 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. AL 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 Alabama 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
AL Unmanned Aerial Vehicles Drone Insurance
Aviation is a litigious environment. AL 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.
Alabama Economic Data, Regulations And Limits On Commercial Insurance
Every business-minded person who is looking into opening a business knows that location plays a huge role in their success. It's important to ensure that the area where you're thinking establishing a business is conducive to your industry. Additionally, it's important to have a firm understanding of the rules and regulations that pertain to commercial operations in the area.
If you're an entrepreneur who is thinking about starting a business in the state of Alabama, read on to find an overview of The Heart of Dixie's economic data and commercial insurance requirements.
Economic Trends For Business Owners In Alabama
Unemployment rate is an important factor that prospective business owners should take into consideration before establishing a corporation, as it directly reflects the labor market of the area. A low rate of unemployment indicates that there are enough jobs to support the overall population, and jobs indicate that local businesses are successful.
This information directly reflects whether or not the economy of a state is healthy enough to support new businesses. As per the Bureau of Labor Statistics, Alabama's unemployment rate was 2.7% as of 2020, 0.8% lower than the national average of 3.5%. This is a good sign for entrepreneurs who are considering establishing a business in the state.
Birmingham is one of the top cities for business in Alabama. It's considered the hub of technological growth in the state, and is the site for numerous tech startups. Huntsville is also a key location for startups in the tech industry, as it's regarded as one of the most "tech-friendly" cities of the Southern United States. Montgomery and Tuscaloosa are also two cities potential business owners might consider setting up shop in the state of Alabama.
While several industries do well in the state, the following key sectors are experiencing the most growth in AL:
- Aerospace and aviation
- Beverage production
- Chemical development
- Corporate operations
- Metals, such as iron and steel
Commercial Insurance Requirements In Alabama
The Alabama Department of Insurance regulates insurance in AL. Alabama mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alabama requires you to have worker's compensation insurance if you have 5 or more employees on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alabama also requires all business-owned vehicles to be covered by commercial auto insurance. Other insurance policies that business owners in AL need to invest in depend on the specific industry.
Additional Resources For Miscellaneous & Non-Profit 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
- Printers & Publishers
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- 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.
Request a free Unmanned Aerial Vehicles Drone Insurance Alabama quote in Alabaster, Albertville, Alexander City, Andalusia, Anniston, Arab, Athens, Atmore, Auburn, Bay Minette, Bessemer, Birmingham, Boaz, Brook Highland, Calera, Center Point, Chelsea, Clanton, Clay, Cullman, Daphne, Decatur, Demopolis, Dothan, Enterprise, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Payne, Fultondale, Gadsden, Gardendale, Greenville, Gulf Shores, Guntersville, Hamilton, Hartselle, Helena, Homewood, Hoover, Hueytown, Huntsville, Irondale, Jacksonville, Jasper, Lanett, Leeds, Lincoln, Madison, Meadowbrook, Meridianville, Millbrook, Mobile, Montevallo, Montgomery, Moody, Moores Mill, Mountain Brook, Muscle Shoals, Northport, Oneonta, Opelika, Opp, Oxford, Ozark, Pelham, Pell City, Phenix City, Pike Road, Pinson, Pleasant Grove, Prattville, Prichard, Rainbow City, Robertsdale, Russellville, Saks, Saraland, Satsuma, Scottsboro, Selma, Sheffield, Southside, Spanish Fort, Sylacauga, Talladega, Tarrant, Theodore, Tillmans Corner, Troy, Trussville, Tuscaloosa, Tuscumbia, Tuskegee, Valley, Vestavia Hills, Wetumpka and all other cities near me in AL - The Yellowhammer State.
Also learn about Alabama small business insurance requirements for general liability, business property, commercial auto & workers compensation including AL business insurance costs. Call us (205) 855-5999.