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How Changing Northway Exits Impacts Local Albany Business Insurance

the albany northway

New York State is updating the Northway

If you haven’t noticed, road crews have already been very active on I-87, commonly known as The Northway.  For the past few weeks, traffic has been reduced to one lane both ways on the Twin Bridges, causing major delays and backups that are worse on the weekends.

Additionally, there has been much discussion on changing the on and off ramps to exit 4 of The Northway. The New York State Department of Transportation currently has two alternatives on the table that would require changing the ramps in an effort to resolve traffic issues associated with the Albany International Airport.

When adjustments are made to on and off ramps attached to Thruway systems, there can be major implications to the businesses located nearby. Local Albany business owners must be aware of the business insurance ramifications associated with such a project.  Be aware that as a business owner you must be proactive in reviewing your business insurance policies to ensure you have the proper coverages and coverage amounts in place.

Review Your Business Insurance

The following list of business insurance coverages may be impacted in the event changes are made to the on and off ramp systems of the Northway. Whether your business is located near exit 4 or not, it’s extremely important to review these business insurance coverages. Just look at the changes that businesses located near exit 6 of The Northway had to make based on the new on-off ramp system put in place there two years ago.

Business income coverage:

Business income coverage provides financial reimbursement for lost revenues associated with a covered loss on your business insurance policy. Changes in traffic flow and the accompanying foot traffic to your business are often associated with on and off ramp re-configurations  Review your business income coverage to make sure that any increase or decrease an annual revenues is properly account for.

Loss due to external utility loss:

Most standard business insurance policies have coverage for lost revenues or damaged goods or stock due to the loss of utility services, including electricity, gas, water, if the loss occurred at the business location.

However, during major construction projects, it is common for utility services to be suspended for a given time based on the construction work needs. Most business insurance companies will allow you to endorse your policy to include a loss due to external utility suspension not at the business location.

Law or ordinance coverage:

New on-off ramp systems can change the local landscape traffic patterns and the way commerce is done. Local legislators often use these opportunities as a way to create or enforce new laws and ordinances. Laws and ordinances can include the size and location of signage, the necessity for a sidewalk, parking lot size, even the zoning of your business location. Review your business insurance policy to ensure that these types of costs are covered under your policy.

The Insurance Take-Away

As traffic increases on The Northway, Albany business owners located near The Northway must be aware of the implications to their businesses and how a properly set up business insurance policy can help sustain their businesses.

Thorough annual reviews of your business insurance policy with a  local independent insurance agent is the most effective way to ensure your business is properly protected.

If you have questions regarding your business insurance or if you would like to receive a proposal from The Murray Group for your business insurance program, please give us a call at 518-777-7777 or you can click here to begin the process by email.

Thank you and Good luck,

Ryan Hanley, CIC

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