It’s 2020 and the drone industry is growing faster than ever before. Current trends show annual growth rates of drone sales at about 67% per year, growing to reach 2.4 million units per year in 2023.
This isn’t just a new and fast growing industry. This is a full blown revolution in the way that hundreds of thousands of businesses will operate. As the number of drones expands, so do their uses and utility. Industries like agriculture, aerial photography, video and photo production, delivery, transportation will all be revolutionized by the use of drones.
These businesses will change the world as we know it, but they won’t be immune to third-party liability claims and lawsuits. Every drone business needs a solid Drone Liability Insurance policy.
At BWI, we specialize in aviation and drone insurance and these are the basics of a Drone Liability Insurance policy:
Why do I need a Drone Liability Insurance Policy?
- To protect you and your business from third-party claims including bodily injury and property damage arising from the use of your drone.
- To protect you and your business from invasion of privacy, libel, slander and copyright infringement.
- To protect you and your business from a lawsuit and provide money for your legal defense.
What does a typical Drone Liability Insurance Policy cover?
1. The main coverage on a Drone Liability Insurance policy is liability coverage. This is typically offered in amounts as low as $500,000 and up to $25,000,000 depending on the drone/job site/risk and exposures. Liability covers bodily injury or property damage as a result of using your drone. Example: You are flying your drone over a construction site and you accidentally crash into an automobile causing property damage.
2. The second coverage on a Drone Liability Insurance policy provides legal defense coverage in the event that you are sued for an event that was caused by the use of your drone. Legal defense limits are typically unlimited, meaning the insurance company has no limit on what it will pay to defend you. The stipulation with legal defense is that once a claim is turned in to the insurance company, they have full control over how that claim is handled. Most insurance companies will want to pay a claim and move on and are likely to settle rather than defend.
3. The third coverage on a Drone Liability Insurance policy is called advertising liability and typically has a limit of $1,000,000. This is coverage specifically to protect you against claims of stolen ideas, libel, slander, copyright infringement, etc.
What does a Drone Liability Insurance Policy typically cost?
A 1 year drone insurance policy including $1,000,000 in liability coverage typically runs between $475-$550 per year depending on the use of the drone, operator qualifications, job site risks, etc.
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 800.296.8595