If your revenue and/or your costs are strongly affected by weather, it might be a good idea to hedge the weather risk with a weather insurance. Large businesses have taken advantage of weather insurance for centuries, while small and medium businesses are now catching up.
These industries are strongly affected by weather:
- Outdoor events like concerts, sports, conventions, parties, festivals, fairs and parades;
- Restaurants, icecream and coffee shops with outdoor seating;
- Farmers of apples, potatoes, wheat, corn, and other cereals, vegetables and fruits;
- Construction companies, project developers, subcontractors and craftsmen, if their construction projects are dependent on weather;
- Energy, natural gas, power companies and distributors;
- Producers and retailers of drinks, meat, clothing, shoes, umbrellas and other products with seasonal and weather aspects;
- Many different niche industries like flowers, sunbeds, tanning booths and showmen.
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