A few years ago, drones were typically confined to movies, but today they are becoming a more common gadget for industrial and even personal use. According to the Federal Aviation Association, there are more than 860,000 registered drones in the USA, out of which almost TWO-thirds are for commercial use.
If you fly a drone for commercial purposes, know that there are certain risks associated with this machine that can easily cause damage to property or people.
This is why getting a drone insurance plan is imperative to protect yourself from all possible liabilities. If you are a professional drone pilot, you should buy insurance as soon as you get your drone. But is it a costly expenditure?
What Is Drone Insurance?
Unfortunately, flying a drone is not as simple as it may seem. There are many risks associated with using a drone commercially including an increased personal liability risk and exposure. Liability insurance is a standard on all commercial drone insurance properties and protect the policyholder from the risk of bodily injury or property damage that arises out of the operation of the drone. it.
While drones can be relatively inexpensive, many commercial drones cost thousands of dollars and have expensive equipment attached. Pushing optional physical damage coverage on your commercial drone insurance policy will give you peace of mind that in the event of a crash or accident, you can replace or repair your drone and equipment.
Types of Drone Insurance
You can easily find many drone insurance policies, each offering a certain amount of coverage with different features and, of course, different costs. Here are some common ones.
Hull or Physical Damage Coverage
Also known as physical damage insurance, hull insurance helps cover expenses related to the repair or replacement of the drone. If, during an accident, your drone experiences damage, you can use your hull insurance to cover the related expenses.
The coverage available depends on the policy you may have bought. For example, most people who fly low-cost drones may not find the need to get this insurance, but those with expensive models such as the Augmented Aerigon may find it pretty helpful.
Getting liability insurance may be helpful if you want to keep yourself safe from lawsuits. This insurance policy can cover against claims made by a third party on the property or personal damages that your drone may have caused during a flight.
Most liability insurance policies often cover property damages and bodily injuries. The amount of coverage you receive depends on the policy you purchase.
How Much Does Drone Insurance Cost?
Whether you buy hull or liability insurance, you have to pay the price. Most people don’t buy a policy because they perceive it to be expensive. However, that’s not always the case.
Drone insurance cost varies depending on many different factors. It can range from $500 to $750 per year for liability only coverage, depending on your required coverage and other factors.
Many other variables affect the cost of insurance. Here are a few in detail.
- Training: Some providers reduce the cost of insurance if you provide them with proof of completing a training course. A trained pilot is often more careful with flying the drone and also cautious when tackling significant accidents.
- Safety Measures: If you can show the provider all the safety measures you follow during a flight, you may get an insurance policy at a significant discount. In this case, a good safety record may also help.
- Equipment: If you choose hull insurance for your expensive drone and its camera, be prepared to pay a high amount for the required coverage. The cost of insurance increases with the equipment you plan to get covered.
- Commercial use and exposure. If you are using your drone commercially for property inspection, vs pipeline patrol or agricultural spraying, the cost of insurance may change dramatically based on the risk to you and the insurance company.
Tips to Purchase Affordable Drone Insurance
We can’t emphasize enough the need to get drone insurance. Rather than an expense, it is a wise investment that can protect you from certain potential expenditures. However, if your pocket can’t afford an expensive insurance policy, here are a few tips to help you get one that may suit your budget.
- Work with an honest insurance broker: It is always wise to work with an insurance broker that specializes in professional drone insurance, such at BWI. We understand the drone industry and we can help in securing a professional drone insurance policy tailored to your liability risks and exposure.
- Get many quotes: Before you stick to an insurance provider, get as many quotes as possible. This is because the cost of policies varies between insurance companies, and it is best to compare before settling on a specific rate.
- Identify your potential risks: If possible, analyze all your potential risks before going to an insurance provider. You should also be aware of your business operations and how they can affect the chances of flying a drone.
Drone Insurance Cost – Worth It or Not?
There is no solid figure for the drone insurance cost. The cost varies depending on several factors such as the price of your drone, its equipment, your flight time, your experience, and the safety measures that you may have put in your place. Your industry and commercial uses also impact the cost you pay for a policy.
To get the best quote, visit as many insurance providers as possible and show all your proofs to earn a significant discount. BWI Aviation Insurance provides pilots with the best commercial drone policies so they can fly with peace of mind. Contact the team now and get a quote.
Why should I choose BWI as my Drone Insurance risk manager?
BWI specializes only in aviation and drone business insurance. Our team of highly trained, insurance professionals can guide you through the insurance process and make sure you have the best drone liability insurance policy at the lowest rate to protect your business.
BWI is one of the largest drone business insurance brokerages in the Country and our agents have experience in assisting thousands of drone businesses get insurance policies for every type of drone industry.
BWI is a family owned brokerage, celebrating 44 years in business and based in Southern California. BWI has invested in state of the art and innovative technology designed to give our agents an edge in shopping for drone insurance and providing an amazing experience for our customers.
How do I get a Drone Liability Insurance quote?
You can submit a quote request in 5 minutes or less by clicking this link or by calling one of our drone insurance professionals at 800.666.4359