Unmanned Aerial Vehicles Drone Insurance Arizona Policy Information
Unmanned Aerial Vehicles Drone Insurance Arizona 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 Arizona 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 Arizona 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 Arizona 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 Arizona 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 AZ 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 Arizona 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. AZ 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 Arizona 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
AZ Unmanned Aerial Vehicles Drone Insurance
Aviation is a litigious environment. AZ 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.
Arizona Economic Data, Regulations And Limits On Commercial Insurance
Anyone who is thinking about starting a business knows that choosing the right location for their operations is essential. The right market and a demographic that will benefit from and be interested in purchasing the products and services a business offers is crucial for the success of an organization. If you're considering Arizona as the location for your company's headquarters or a new division of your business, it's imperative that you make sure the state offers a climate that will allow your operation to thrive.
By analyzing the employment rate and the key industries that are thriving in the state, you can determine if Arizona will be a suitable location for your business. It's also important to be aware of the forms of commercial insurance coverage business owners are required to carry. Below, we look at all three areas to help you decide if the Grand Canyon State is the right place for you to establish a business.
Economic Trends for Business Owners In Arizona
The unemployment rate in Arizona is higher than the national average; as of May, 2022, the rate was 4.9 percent, while the national average as 3.6 percent. However, compared to 2009, when the rate was 10.9 percent, there has certainly been a decrease in the rate of unemployment.
Urban areas are the ideal locations for businesses in the Grand Canyon State, such as Phoenix, Tempe, Scottsdale, and Chandler; but, smaller areas offer promise, too. Payson, Snowflake, Flowing Wells, and Cottonwood are just some of the smaller locations that are seeing economic growth in Arizona.
There are several key industries that are thriving within the state, including:
- Aerospace and defense
- Bioscience and health care
- Film and digital media productions
- Professional and business services
- Technology and innovation
- Trade, transportation, and utilities
Commercial Insurance Regulations In AZ
The Arizona Department of Insurance regulates insurance in Arizona. Commercial insurance is vital for a business, as it protects the interests of all who are involved with the organization; owners, employees, customers, and vendors. Like any other state, certain forms of commercial insurance are mandated in Arizona, meaning business owners are legally required to carry these policies.
All employers are required to carry workers' compensation insurance, as it provides coverage for work-related accidents and illnesses that employees sustain. Commercial liability insurance, which covers third-party personal injury and property damage liability claims, might also required for certain licenses.
For establishments that sell alcohol, liquor liability insurance is a legal requirement. Lastly, companies that rely on vehicles for business-related purposes (truckers, etc.) must carry a commercial auto insurance policy to protect the drivers of their commercial vehicles, as well as other drivers on the road.
Additional Resources For Aviation Insurance
Learn about aircraft and aviation liability insurance - a specialized form insurance that provides coverage for hull losses as well as liability for passenger injuries, environmental damage and third-party damage caused by aircraft accidents.
- Insurance Aviation Terms Glossary
- Aerial Applicators
- Flight Schools
- Hot Air Balloon
- Unmanned Aerial Vehicles (UAV) Drone
Aviation policies often have to be written so that they cover the liability of the owner and the operator relating to bodily injury to passengers or to people who aren't passengers, as well as for property damage.
The policy will cover medical costs, including the loss of income, paid to any passengers who are suffering from permanent or total disability but without proving negligence.
In other words, you can consider aviation insurance a sort of liability insurance for the aviation industry.
Aviation insurance often covers various types of risks such as:
Aircraft Hull Insurance - It covers the aircraft itself in the event of accidental damage, regardless of where it might happen. Spares - The policy will cover any damage or the loss of spare parts relating to the aircraft or the engine if they aren't attached to them.
Passenger Legal Liability Insurance - The policy will cover both the airline and the operator in the event passengers face bodily harm, death, or loss of their baggage while in the custody of the airline or its operator.
Third-Party Legal Liability - The policy will cover the airline and the operator when there is damage to a third-party property on the ground for which they may be held liable.
Cargo Liability Insurance - The policy covers damage or loss to the consignments that are carried by the insured airline. The shipper and consignees will claim against the carrier; that's when the insurer will cover the airline. The policy also covers post office mail that is often shipped via airline operators.
Minimum recommended coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Communication Equipment Floater, Computers, Contractors’ Equipment, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Umbrella, Hired and Non-Owned Auto, Workers Compensation, Aircraft Hull, Aircraft Liability & Hangarkeepers Legal Liability.
Other coverages to consider: Earthquake, Equipment Breakdown, Flood, Cyber Liability, Employment-related Practices, Underground Storage Tank, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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