Karl D. Fetterman is principal of Kling Bros. Insurance LLC. He originally studied to be an actuary, and is an avid bicycler.
Q: How has the advent of the Patient Protection and Affordable Care Act affected your agency?
A: It really hasn’t to any great extent yet. That remains to be seen. Next year, I think 2015, is where it’s really going to make quite a difference depending on its final form. That keeps changing as we speak.
What are some considerations when you’re looking around for business insurance?
The client should be looking for someone who specializes in business insurance, first of all, because it’s not at all like, say, a homeowners policy. Business insurance can vary quite a bit in the way it’s written.
The first thing a business owner needs is someone who really understands business insurance, works with it extensively and has excellent contacts with insurance companies over many years. The better the agent’s relationship with the insurance company, the better results the business owner will get.
How have your clients’ business insurance needs changed over the years?
What’s changed is the world became a tougher place from a litigation standpoint, so we deal with insurance coverage we never used to years ago. A prime example would be employment practices liability that protects the current business owner against liability from hiring, firing, discrimination and harassment claims. There is quite a few of (those types of claims), and 10 to 15 years ago, we weren’t too concerned about it.
What will you be asking a business owner when they are shopping for insurance?
It’s a huge fact-finding mission. We have to understand every aspect of the business owner’s operation in order to evaluate what risks there are and decide the proper approach to handle those risks.
Do insurance needs vary at all between states you serve?
