Drones have been a part of the military for the longest time and are a type of Unmanned Aerial Vehicle. However, their capabilities have expanded into commercial domains as hobbyists and enthusiasts want to capture aerial images or videos. As the usage of drones grows, so do the chances of an accident, giving rise to the need for insurance.
In the real estate industry, drones help to capture aesthetically pleasing aerial pictures of properties. In the engineering field, workers use them to conduct land surveys. These were just a few examples of common usage. However, many other sectors utilise drones to enhance their business, and such broad usage portfolios are not without weaknesses. For example, even the smallest drone poses a risk and can cause accidents. Read further to learn more about Drone Insurance.
WHAT IS DRONE INSURANCE?
Insurance is widely available for most assets, and drones are no exception. Today, most drone insurance will cover physical injury, property damage, and other claims specified in the policy. For example, if your drone gets lost during a flight or collides with an object, you might claim with your insurance provider. Therefore, financing your drone and insuring it will help relieve the stress of damaging or losing your drone.
DO I NEED DRONE INSURANCE IN THE UK?
Although drones have been popular for some time, the Civil Aviation Authority and Federal Aviation Administration do not have definite rules for drone insurance. As a result, there is no legal obligation to have drone insurance when flying. Instead, each country has separate rules based on the drone you fly. Check your country's regulations to discover if you need drone insurance.
WHO SHOULD GET DRONE INSURANCE?
Drone users typically fall under two categories: hobbyists and professionals. The type of user and frequency of usage will determine whether or not you should secure drone insurance. Drone insurance is typically not required for pilots who fly for hobbies. However, commercial pilots should consider obtaining the best available drone insurance policy, even if the government does not mandate it. Because the data held in drones is sensitive and vital, professionals may want to insure against loss or accident.
The following are a few commercial areas that may require a drone insurance policy:
- Civil Engineering Companies
- Law Enforcement
- Agriculture Industry
- Real Estate Agents
- Railroad, highway, and structure maintenance business
- Professional Photographers and Videographers
Even great drone pilots can crash. So, what's better than being prepared for an unexpected event?; securing drone insurance! Another factor to consider when debating drone insurance is the item's worth. Our general recommendation is that cheap drones under £100 do not require insurance, as the cost does not justify the reward.
WHICH DRONE INSURANCE IS RIGHT FOR ME?
Some home insurance companies might cover recreational drones under personal property. However, professional users will need to think about four main types of drone insurance; Hull Insurance and Liability Insurance. It is vital to choose the right drone insurance that complies with regulations, your business and your requirements.
Hull Insurance covers the damages to the drone in case of an accident. Additionally, it also covers the cost of lost drones. Hull insurance does not get enough attention because many cheap drones are on the market. Therefore, consumers find it easier to replace a lost or damaged drone. However, when your drone has expensive add-ons like sensors and high definition cameras, then this type of insurance is your life (money) saver.
Liability Insurance precisely suits drone usage for business or commercial purposes. Liability insurance covers damages caused to lives or property other than the drone itself. Large businesses tend to acquire liability insurance before they begin any drone-related project.
Cyber Liability Insurance: Cyber-attacks are more prevalent than ever before in this modern era. All digital devices are susceptible to being hacked. The last thing you want is for a hacker to gain hold of your drone mid-flight, and you have to pay for any damages incurred. In such a scenario, cyber-liability insurance waves you off the responsibility for any damages caused during a cyber-attack.
Commercial Property Insurance is similar to Hull and Liability Insurance, but it focuses more on theft or fire cases. The other types of insurance usually do not cover theft or fire.
THE INSURANCE COST
Drone Insurance is not necessarily expensive. For example, basic drone insurance can cost about £500 per year. The exact cost will vastly depend on various factors such as usage, pilot certifications, a record of maintenance, and more.
Drone Insurance is best for those that fly high-end equipment. However, it is also for those that are flying for commercial purposes. So if you are not a hobbyist, make sure to get yourself drone insurance and keep your mind at peace.