Helicopter insurance is designed to protect businesses that operate helicopters, protecting them from potential financial losses that might result from accidents and other incidents.
Whether you are a small business owner or a large corporation, having adequate insurance coverage can help protect your business from financial losses that may result from accidents, injuries, or lawsuits.
Who Needs Helicopter Insurance?
Helicopter insurance coverage is essential for businesses that operate in various industries, including tourism, emergency medical services, oil and gas, and law enforcement. Simply put, if your business involves the use of helicopters, you need helicopter insurance.
Types of Helicopter Insurance Coverage
There are several types of helicopter insurance coverage available, including liability insurance, hull insurance, and passenger liability insurance.
- Liability insurance covers the costs associated with damages or injuries that result from an accident involving your helicopter.
- Hull insurance covers the cost of repairing or replacing your helicopter if it is damaged or destroyed due to a covered event.
- Passenger liability insurance covers the cost of damages or injuries sustained by passengers on your helicopter.
How Much Does Helicopter Insurance Cost?
The cost of helicopter insurance varies based on several factors, including the type of coverage you require, the number of helicopters you operate, and the nature of your business.
Typically, businesses that operate helicopters should expect to pay several thousand dollars per year for helicopter insurance coverage. However, the cost of insurance coverage may be significantly higher for larger businesses that operate multiple helicopters or engage in riskier operations.
Benefits of Having Helicopter Insurance
First and foremost, helicopter insurance provides financial protection for your business in the event of an accident, injury, or lawsuit. Without adequate insurance coverage, your business may be liable for significant financial damages, which can be difficult to recover from.
Additionally, having helicopter insurance can help improve your business’s reputation and credibility. Prospective clients and partners are more likely to do business with a company that has adequate insurance coverage, as it demonstrates that the company takes its responsibilities seriously and is prepared for any eventuality.
Helicopter Insurance Requirements
The requirements for helicopter insurance coverage vary based on the type of coverage you require and the nature of your business. However, most businesses that operate helicopters are required by law to carry liability insurance coverage.
Additionally, many businesses that operate helicopters are required to carry hull insurance coverage, particularly if they own their helicopters. Passenger liability insurance coverage may also be required for businesses that transport passengers on their helicopters.
Commercial Insurance And Business Industry Classification
- SIC CODE: 4512 Air Transportation, Scheduled, 4513 Air Courier Services, 4522 Air Transportation, Nonscheduled
- NAICS CODE: 481111 Scheduled Passenger Air Transportation, 481112 Scheduled Freight Air Transportation, 481211 Nonscheduled Chartered Passenger Air Transportation, 481212 Nonscheduled Chartered Freight Air Transportation, 481219 Other nonscheduled Air Transportation, 487990 Scenic and Sightseeing Transportation, Other
- Suggested Workers Compensation Code(s): 7405 Aviation – Air Carrier – Scheduled, Commuter, or Supplemental – Flying Crew, 7421 Aviation – Transportation of Personnel in Conduct of Employer’s Business – Flying Crew, 7425 Aviation – Helicopters – Flying Crew, 7403 Aviation – All Other Employees & Drivers, 7431 Aviation – Air Charter or Air Taxi – Flying Crew
Helicopter Insurance – The Bottom Line
Helicopter insurance is a must-have for any business that operates in the skies. This insurance coverage provides financial protection for your business in the event of an accident, injury, or lawsuit and can help improve your business’s reputation and credibility.
Without adequate insurance coverage, your business could be liable for significant financial damages, which can be difficult to recover from. Therefore, if you operate a business that involves the use of helicopters, it is essential to have helicopter insurance coverage.