How Insurance is Adapting to Cover Emerging Technologies
In recent years, drones and robots have revolutionised industries ranging from agriculture and construction to healthcare and home deliveries. With their increasing adoption for both commercial and personal use, these advanced technologies bring not only incredible opportunities but also unique risks and challenges. Insurance, as always, is evolving to meet the demands of this new landscape.
The Rise of Drones and Robots
Drones have emerged as essential assets for various enterprises, including surveying and breathtaking photography. They are often used for leisure activities, to capture memories from a bird's-eye view. At the same time, robots are revolutionising manufacturing operations, aiding surgical procedures, and even fulfilling domestic roles such as cleaning and security.
While these technologies offer numerous advantages, they also present significant risks, such as accidental damage, misuse, privacy violations, or even injury. In response, insurers are creating policies aimed at addressing these challenges to safeguard both individuals and businesses.
To keep up with advancements, insurance companies are providing customised coverage options for drones and robotics, which include:
Liability Insurance: Covers damage or injury caused by drones or robots. For example, a drone accidentally colliding with a vehicle or a person.
Cybersecurity Protection: Safeguarding against hacking or unauthorised access to robots and drones, particularly for commercial applications. Equipment Coverage: Protecting the technology itself against theft, damage, or loss.
Business Interruption Insurance: Covering losses caused by downtime due to malfunctioning robotics.
These new emerging technologies can often lead to some surprising insurance claims. Here are a few noteworthy examples whereby the liability insurance covered the damages caused, highlighting the importance of purchasing adequate insurance cover for drones and robots :
A drone, flown by an amateur enthusiast, veered off course and crashed through a restaurant window during a private party.
In a warehouse, a robot accidentally knocked over shelves containing fragile goods, leading to substantial losses.
A delivery drone carrying an expensive parcel was damaged during bad weather, resulting in claims for both the drone and the parcel’s contents.
Whether you’re a business owner leveraging drones for aerial inspections or a homeowner investing in robotic cleaners, it’s vital to ensure you’re adequately protected. These cutting-edge technologies require bespoke insurance solutions that traditional policies may not fully cover.
At TMD, we stay ahead of industry trends and offer tailored insurance for emerging technologies. Our team can help you navigate the complexities of drone and robot insurance, ensuring you’re covered for every eventuality.
If you’re using drones or robots in your business or at home, don’t leave your investment unprotected.
Contact us for a free insurance review today on
📞 01992 703 000
📧 insurance@mcdonaghs.co.uk