It’s common for small and medium-sized businesses along the Gulf and Atlantic Coasts to be priced out of hurricane insurance coverage. This coverage is included in the form of wind/hail coverage. This particular coverage many times now includes significant deductibles, and or is being dropped as a covered peril due to the increased risk and claim activity. but adding the coverage is often inaccessible to many due to price hikes.
Vortex saw a need, and we created supplemental hurricane business insurance to fill in those gaps. Our supplemental hurricane insurance policies are designed to help businesses protect their revenue throughout the entirety of hurricane season.
Hurricane damage is costly, and for small businesses, it can be devastating and threatening to the company’s future. The aftermath of a major hurricane can last for years.
Our supplemental hurricane insurance allows businesses to ensure against major hurricanes entering a 20- or 40-mile radius around their business. The storm must be a Category 3 or higher when the defined hurricane storm track enters the coverage area to trigger a payout.
Hurricane policies last for a full 12 months and don’t require proof of loss if your policy triggers. Claim payments increase with storm intensity and, depending on your selected policy type, the proximity to the business as well.
If a storm comes through, so do we. Get started building your policy with our online portal today.
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Benefits of Hurricane Insurance for Businesses
Hurricanes can cause major business disruptions through damages, interruptions in business, and loss of clientele. Non-damage interruptions are very common with hurricanes, but they can still impact your bottom line.
Protect Your Revenue
Whether it’s due to damage or another source of business interruption, you can protect your revenue with supplemental hurricane insurance. You can use your payout however you need to help you sustain your business in the immediate aftermath of a storm.
Coverage for a Year
Our policies provide coverage for a year after the initial 30-day waiting period. Hurricane season is June through November, but you can purchase coverage at any time.
Affordable Policies
Traditional property insurance typically includes sizable deductibles and costly exclusions and our supplemental hurricane insurance can help fill these uninsured gaps. With Vortex, you can build a policy that fits your needs and budget.
Fast Payment
On average, claims are mailed in less than two weeks, getting your payout in your hands faster. Some traditional property insurance claims can take weeks, months or even years to get your payouts, on top of navigating adjustments and exclusions.
Simple Setup
Our online portal makes it easy to set up and purchase your hurricane business insurance policy at your convenience. It’s important to note that there is a $250,000 maximum for policies purchased via the portal. If you need a larger policy, you’ll need to contact one of our team members. We can get you set up with a policy that best suits the needs of your business.
Transparent Claims Process
Claims are determined using third-party data from the National Hurricane Center, and there’s no extra paperwork required. If the storm path of a Category 3 hurricane enters your selected coverage area, your policy will automatically trigger.
No Proof of Damage Required
Your policy triggers whether or not your business sustains any physical damage. There’s no need to prove losses either. We don’t send adjusters who can extend the claims process.
How does Vortex’s hurricane business insurance work?
Our hurricane insurance is designed to supplement your existing property insurance to help cover your business in the event of financial loss due to a hurricane.
Parametric Insurance
Vortex insurance is parametric, meaning the losses are predetermined. Our payouts are based on whether the storm track of a Category 3 or higher hurricane enters your coverage area, and then your policy triggers. There’s no need to prove loss or damages after the fact.
Select Your Area
Our available policies cover a 20-mile single circle or 20/40-mile double circle around your physical business address. We use this radius to determine the area the hurricane storm track must enter to trigger your policy.
This means that a hurricane doesn’t have to directly hit your business to result in a payout. The effects of a hurricane in your area can still negatively impact your business without doing direct, physical damage to your property.
Purchase Your Policy
Once you purchase your policy, there is a 30-day waiting period for your coverage to activate. Hurricane season is June 1st through November 30th, so we recommend you purchase your annual coverage by May 1st, but you can purchase coverage at any time of the year.
Policy Triggers
Your policy triggers if the storm track of a Category 3 or higher hurricane enters your coverage area. Payments increase with storm intensity and proximity to your business. The final calculation for your payment is based on data from the National Hurricane Center and the National Oceanic and Atmospheric Administration.
Use Your Payout
At Vortex, we process claims and mail your payment in about two weeks. Once you receive your payout, you’re free to use it however you need. You can cover payroll, lost revenue, and more. Our payouts can even be used to pay the deductible of your traditional property and casualty insurance policy.
How can I use the payout from my hurricane coverage?
At Vortex, we’re not in the business of telling you how to use your payout. These are just some examples of what you can do with supplemental hurricane coverage.
Property Damage and Cleanup Costs
Of course, the costs of sustaining damage to your property are at the top of your mind when considering hurricane business insurance. These costs are usually immediate and need to be dealt with before returning to your normal business activities.
Covering Bills From Business Interruption
Business interruption can take many forms in the aftermath of a hurricane beyond just property damage. Government-mandated road closures, power outages, stay-at-home orders, and more can all lead to loss of clientele and revenue.
However You Need To
Truly, you can use your insurance payout however you need to sustain your business after a hurricane. The aftermath of a storm can last for days, weeks, or even months. Hurricane insurance with Vortex can help you maintain your business through unforeseen challenges.
We don’t need proof of damage. We don’t send adjusters. We don’t need to know how you’ll spend the money. It’s not indemnity insurance, so there is no time-consuming adjustment process, no line items to put on a spreadsheet, and no costs to haggle about.
Why do I need to supplement my existing property coverage?
The claims adjustment process for some insurance companies can be complicated and take time to pay out. Insurance policies based on damages have to send adjusters out to determine the extent of damage and make sure your losses qualify for payment.
With parametric hurricane insurance from Vortex, there’s no claims adjustment process. If your policy triggers, we’ll mail your payout in about two weeks. You can use your payout to cover costs immediately even when waiting on your other property insurance process.
Your policy will have a maximum limit—if a less intense storm impacts your location and you recover less than the maximum amount, your policy will remain in effect (with a reduced limit). This residual coverage remains like a safety net should another hurricane come your way.
What types of businesses can use hurricane insurance with Vortex?
Large corporations typically have funds to cover locations impacted by hurricane activity. Small and mid-sized businesses, however, often lack the deep pockets necessary to weather the storm. Vortex hurricane business insurance covers a variety of business types.
- Restaurants
- Dry cleaners
- Landscaping/lawn care
- Theaters
- Golf Courses
- Car Repair
- Franchise owners
- And more!
You might already have weather insurance as part of your business strategy. If your business location derives income from events—such as a convention hall, tennis facility, or golf course—you may want to include Vortex hurricane insurance alongside your rain insurance to help defray the impact of inclement weather!
Weather insurance from Vortex is unique because our product is admitted in all 50 states. We are proud to offer an effective risk management tool for businesses in numerous industries across the country.
Get started with your hurricane business insurance policy today
The National Hurricane Center defines the hurricane season as June 1st through November 30th, but it’s never a bad time to secure commercial hurricane insurance.
Our ability to combine insurance with technology—insurtech—allows us to make parametric insurance more accurate, efficient, and effective. When we use the term “parametric,” we mean that specific parameters are used to analyze data and determine outcomes, eliminating the risk of human bias for our products.
You can get started in minutes by using our online insurance portal. There you’ll be able to build a policy that fits your needs and budget. There’s a 30-day waiting period after you purchase, so the sooner you select your policy, the sooner your business will be protected.
Portal
Note: Vortex supplemental hurricane insurance purchased through the portal has a maximum possible payout benefit of $250,000. If you need more, contact us and let’s talk about your hurricane insurance needs.
Our team of professionals is standing by, ready to help you protect your bottom line. The Vortex difference is experience, simplicity, and flexibility. Our priority is the success of your business.
When it comes to your business, don’t just protect it. Vortex it.
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