As a business owner, it’s essential to safeguard your company’s assets, including your employees and property, and protect yourself against liability claims. If you’re doing business in Hershey, PA, we welcome you to consult with our team of agents at Options Insurance Agency, where we live up to our name by providing you with a range of insurance options.
Parametric Insurance
The insurance industry is continually evolving, with new payment methods emerging regularly. One of the latest trends is parametric insurance. These nontraditional insurance policies offer a predetermined payout upon a specific event or "trigger," such as a certain wind speed, accumulated rainfall, or business parameters like foot traffic. As per Insurance Business Mag, the exact measurement that triggers a payout is outlined in the insurance policy.
Traditional insurance compensation usually follows a disaster or auto accident, with an insurance agency determining the payout amount after assessing the loss. One of the agency’s employees would inspect the damage to verify eligibility for payment. Alternatively, as Wikipedia explains, a parametric policy stipulates a list of circumstances that would initiate a payment, instead of reimbursing a loss. These policies enable quicker payouts given the clear trigger; once it’s hit, a payout is made.
Schedule Your Appointment
While parametric insurance might not be the right fit for every business, securing the appropriate insurance policies for your company’s specific needs is crucial. Business owners in Hershey, PA, can comfortably discuss all their insurance options with an agent at Options Insurance Agency. We’ve been offering insurance solutions to clients in this area since 2015. Call us today to schedule an appointment and explore your insurance options.