What are the Risks Involved in a Commercial Drone Operation?
There is some potential risk to consider when implementing drones in the workplace. On a job site, there can be dozens — even hundreds — of obstacles ranging from structures to people, and heavy machinery. While following federal regulations and taking proper safety precautions can significantly reduce your chances of an accident, there are no absolutes.
Being aware and accepting that risk is part of of managing a drone program. You’ll need to take the necessary steps to ensure you are doing everything to support a safe environment for the program to thrive. And purchasing insurance is part of the process. Learn more about managing risk in your drone operation here.
What Types of Drone Insurance are Available?
There are two basic types of insurance that you will want to consider: hull and liability insurance.
Hull insurance covers damage to the drone itself. It’s generally separate from liability policies. Hull insurance is important to consider, especially if you’re operating a system with expensive cameras, sensors, or on-board real time kinematic (RTK) GPS units.
Liability insurance covers damage caused to a third party by your drone operations, including bodily injury and property damage. Liability insurance is usually required by companies setting up an in-house operation. Many companies also require service providers to show proof of liability insurance before contracting drone outside services.
How Much Does Drone Insurance Cost?
The cost of your drone insurance plan is going to vary. Just like car insurance, there are several factors that come into play from providers such as:
- The number of drones in your fleet
- The types of drones, cameras, and sensors you’re operating
- The amount of training and experience under your belt
- Maintenance records for your fleet
- Safety procedures taken by your team
Insurance policies can range anywhere from $1,000 a year on the lower end to $10,000 a year on the higher end (per drone). If you’re company has documented safety procedures, training, and a good track record, you may be able to get a better rate on your insurance policy.