If you own commercial property, parametric insurance is something you should consider, especially if you’re located in an area with a high chance of severe weather. Hail damage, wind, rain, snow, and other events may not be covered by property insurance because the damages incurred to businesses are usually hard to define. However, parametric insurance products are developing rapidly around the world, and for good reason.
Parametric insurance is a program that’s paid based on a preset index, making it easier for business owners to know what to expect, whereas some insurance coverages may leave room open for interpretation based on the wording in the contract. It’s often a more popular option for businesses that may incur losses due to natural disaster or weather-related events, which make it hard to measure losses. Compared to normal property insurance, which often delays the claims process, placing you at further financial risk, parametric insurance streamlines the claims process.
The biggest cost to commercial property owners after a hail storm is often roof damage, which may not be immediately apparent. Sometimes it may take several years after the damage occurs for a leak to form. As a result, an insurance claim may be denied because the damage was not detected early. However, we recognize the need for fast, reliable data when it comes to insurance coverage. Our new Eyewitness sensors collect property level data in real-time during weather events, streamlining the claims process by providing insurance providers with instant access to the information they need.
At Hailios, we’ve revolutionized the collection of environmental data. Our free-standing systems empower insurance providers to make more accurate and timely decisions. If you’re a business owner preparing for hail season, contact us by emailing info@hailios.com or by calling 1-719-375-1622, and we’ll help find a solution that’s right for you.