By Jill Nagy
Even when insurance coverage is required by law, as with workers’ compensation or unemployment coverage, brokers always check to be sure those coverages are included in a client’s insurance portfolio.
According to local brokers, matters involving cyber security are relatively new for the industry. It can be complex, but necessary for many types of businesses.
Still, the traditional business coverages are always being dealt with. “A lot of folks don’t know that they need workers’ compensation and disability,” Diane Mjaatvezt of Sutton and Tarantino said.
Once the required bases have been covered, the choices of insurance options are almost dizzying and limited only by what a business owner is willing to pay, say local brokers.
Brian Whitney, manager of Cote Insurance in Saratoga Springs, begins with the typical business owner’s policy that covers liability, property damage. Then there are add-on issues to be addressed, like vehicle coverage, potential employment infractions such as discrimination or mismanagement of insurance benefits, and errors and omissions (particularly for licensed professionals).
Bruce Clements of Clements Insurance Brokers in Saratoga Springs, said business coverage “is much more complex than personal lines” and should be customized to meet the needs of different businesses.