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Don’t Try To Start a UAV Business Without Insurance

Don’t Try To Start a UAV Business Without Insurance

Those wanting to start a business that makes use of UAVs may face a dilemma when it comes to deciding if a UAV insurance policy is needed or not. Making this decision can be simplified if you have a bigger picture of what benefits such a policy can bring to your business. Insurance Helps Keep

Those wanting to start a business that makes use of UAVs may face a dilemma when it comes to deciding if a UAV insurance policy is needed or not. Making this decision can be simplified if you have a bigger picture of what benefits such a policy can bring to your business.

Insurance Helps Keep Your Drone Business Afloat In Adversities

In most cases, the importance of insurance is not realized until disaster strikes and it is required. The same is, of course, true for UAV businesses. What will you do if your drone crashes and is a write-off? Buying a new replacement may not be affordable if you are a startup. This is especially important for those who are using expensive, dedicated UAVs such as the $12,000 SenseFly eBee for precision agriculture.

Another risk is the possible harm or injury to another person your drone may cause if you operate it near residential areas (e.g. real estate photography) or near any private property such as a farm. This can lead to lawsuits that may cripple your career.

To avoid this, it may be wise to consider one of several insurance policies that provide coverage for 3rd party damage. Such a service is available from Unmanned Risk Management which starts at $1,350/year for a DJI Phantom and includes liability of $1500 for hull damage and $1 million for 3rd party damage. Other companies such as AIG and CoverDrone also offer UAV insurance at personalized rates.

What do you think? Is insurance a good investment for your UAV business or a waste of money? Please let us know by dropping a comment below!

Image via Flickr: Jeff Warren

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