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How Much Does Commercial Drone Insurance Cost?

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October 26, 2020 by JMG Insurance Corp

Commercial drone insurance is a type of liability insurance designed to help cover third-party claims concerning property damage or bodily injury. Many such policies can also cover the costs of physical damage to the drone. The cost of commercial drone insurance can be affected by various factors. Insurance companies will often require that drone pilots keep documentation to prove they know how to safely operate this type of technology (e.g. proof of training).

Why Do Companies Need Commercial Drone Insurance?

No state government in the United States currently mandates any standard rules or regulations regarding drone insurance. However, it is important to acquire this type of coverage for your business because flying a drone carries several risks that could ultimately be very costly to your organization. If you work in any of the following industries, drone insurance may be especially beneficial:

  • Construction
  • Engineering
  • Real estate
  • Law enforcement
  • Emergency response & fire and rescue operations
  • Commercial photographers and filmmakers
  • Media and traffic monitoring
  • Agriculture
  • Railroad and highway maintenance

What Affects The Cost?

The cost of insuring a drone, also known as an Unmanned Aerial Vehicle (UAV), often depends on multiple factors. Here is a close analysis of four of these factors.

Cost Of The Drone

Commercial drones are generally more expensive than those intended for personal use. Personal drones (such as the Mavic Mini) may cost as little as $400. According to a 2016 study from research and advisory firm Gartner, commercial drones make up only 6% of the market, although their price tags of approximately $100,000 were projected to represent 60% of the industry’s revenue in 2017. Drones like the Inspire 2 (sold by China-based company DJI) can sell for as little as $3,300, while others may be significantly more expensive.

Industry Company Is In

Some industries are characterized by more risks than others. The greater the liabilities your company faces, the more you can expect to pay for drone insurance. For example, if you work for an emergency response unit, the cost of drone insurance will likely be high because a drone-related injury to a member of your team can be especially harmful to your operations. The same applies to a company whose property may become easily damaged by a drone (e.g. agriculture, real estate, media, and filmmaking).

Experience & Skill Of Pilot

Many insurers will often demand documents that serve as evidence that a pilot knows how to safely fly a UAV. These may include training certificates, maintenance logs of past flights, records of parts, and operating manuals. The stronger your pilots’ records are, the lower your insurance premiums will probably be. The purpose of this is to verify that you and your insurance company understand the risk to your drone and to the other people and objects near you and how any injuries or property damage will impact the insurer.

Flight Location

If one of your pilots flies a drone into a restricted zone, this can create serious issues for your company. Commercial drone insurance can help protect you from potential lawsuits over these types of incidents. Fortunately, many companies today are seeking new ways to prevent these types of scenarios from occurring.

Regardless of the industry your company is in, it’s important to be familiar with the Federal Aviation Administration’s (FAA) rules for pilots of Unmanned Aircraft Systems (UAS). Certain types of operations are subject to waivers, registrations, or other requirements such as knowledge tests.

If you wish to insure your UAV itself and a camera attached to it, you may do this by purchasing Drone Hull insurance coverage. This type of policy can pay for the cost of repairing your drone if it becomes damaged during routine business operations. Drone Hull insurance typically does not cover damage due to a fire or theft, however.

Contact The Knowledgeable Drone Insurance Agents

Our drone insurance policies include aviation liability coverage (i.e. property damage and bodily injury), hull coverage for the vehicle itself, medical payments coverage, (which includes funeral expenses) and personal and advertising insurance, which can help cover claims of libel, defamation, or violation of privacy. Call JMG Insurance Corp today at 1-(844) 304-7332 or contact us online to request a quote or to learn more about our policies. We look forward to discussing the cost of commercial drone insurance with you, and helping you acquire a policy.

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JMG Insurance Corp has been serving the insurance needs of our clients in Connecticut, New York, New Jersey, Massachusetts, Rhode Island and Hawaii since 1916.

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JMG Insurance Corp 29 Haviland Street Norwalk, Connecticut 06854 1-844-304-7332 1-203-857-7848
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4.8
John M. Glover Insurance Agency
John M. Glover Insurance Agency
4.8
Tammy Weiner
Tammy Weiner
14:53 09 Aug 23
Amazing personalize service. They were able to consolidate all of my insurance needs and save me a lot of money, while also upgrading my coverage and making sure all of my needs were met even in potential unforeseen circumstances. Would highly recommend, and I have not been so pleased with an insurance agency in many many years.
Dani
Dani
14:24 06 Aug 23
I have held multiple insurance policies through the John Glover agency, for as long as I can remember. The company is wonderful! All of the staff members are kind, personable, compassionate, and speedily efficient! I highly recommend them!
Chris R.
Chris R.
11:34 25 May 23
I have been a client (auto, home, and umbrella) for several years. The entire team at the agency is excellent. Francesca is always prompt in getting back to me, and the claims group is great. I also purchased a life insurance policy through them as well.
William Schrade
William Schrade
18:25 26 May 23
I'm so pleased with the service at JMG Agency. They shopped and saved me money on my policy even when I didn't request it. I needed insurance in another state where they are not licensed to sell but they went the extra mile and found an agency to rewrite my policy saving me almost 50%. I have complete trust in my agent Francesca and her assistant Crystal. I highly recommend this agency.Bill Schrade
Melanie Craig
Melanie Craig
11:13 08 Aug 23
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