5 Reasons You Need To Purchase Drone Insurance
June 9, 2019
Among the most frequently asked questions of the Federal Aviation Administration is whether drone insurance is required or recommended. The modern drone is no longer limited to the military or the super-rich. Drones are available on local store shelves at affordable prices, and that has increased the risk of operating a drone.
1. Drone insurance may be a legal requirement.
Laws dealing with drones for personal use are still in their infancy. As of this writing, drone insurance was not a federal requirement. However, some states and local jurisdictions had already updated their laws to require it. These requirements often focus on where you operate, such as demanding insurance if you fly in public areas where drones are permitted. Determine your local laws, and act accordingly based on where and how you intend to operate your drone.
2. You are liable.
Regardless of whether you are legally required to possess insurance, you are still liable for personal or property damages that you cause. There are few to no scenarios where a drone accident is not going to be your fault. If you smash into someone’s car, you will be legally responsible to pay for those damages, and that means out of your own pocket if you are not otherwise covered. Before you count on your homeowner insurance to protect you, check on that with your insurance agent.
3. If your drone is used for business purposes…
If your drone is used for business purposes, then you will generally need to purchase insurance. The standard is higher for you than an individual user. The laws may require it of you. Additionally, any clients or vendors will likely require it of you as well in order to protect them.
4. Crashes happen.
Crashes happen. Drone operators should proceed with that expectation. Liability coverage is the big expense. Covering your own damages is often relatively inexpensive. Depending on the value of your drone, it can make a lot of sense to get this additional coverage.
5. Protect your personal finances.
Be mindful that if you as an individual cause personal injuries or property damage, there’s no limit to how far you can be held liable. In other words, you could lose your home and other assets as the court requires you to facilitate the funds to compensate the victim. Therefore, protecting your personal finances is among the best reasons to maintain an ample amount of drone insurance.
You should proceed with the expectation that you will eventually crash your drone. It isn’t about being pessimistic. It’s about being practical. Even professional drone operators have accidents. Drone insurance is therefore just a financially sound approach to enjoying your hobby for years to come.