Saratoga Business Journal

Business Report: Cyber Insurance Is Important

September 17, 2021

Melissa Davidson, licensed sales executive at Northern Insuring Agency.

By Melissa Davidson

Cyber insurance, which not too long ago was thought of as a want and not a need, is now considered a primary component in many business insurance policies. Cyberattacks are on the rise with breaches becoming more frequent and losses becoming more severe.

According to AM Best, “The loss ratio for cyber insurance rose dramatically in 2020, [up] to 67.8 percent from 44.8 percent in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.”

Cyber liability insurance generally covers a business’s liability for a data breach involving sensitive customer information: such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records.

Those costs can include lost income due to a cyber event, costs associated with notifying customers affected by a breach, costs for recovering compromised data, costs for repairing damaged computer systems and more. Moreover, cyber coverage is not automatically included in general liability coverage and is generally excluded. This coverage needs to be purchased separately.

Fingerpaint Helps Pay Workers’ College Debt

September 17, 2021

By Lisa Balschunat

Ninety staffers nationwide at Fingerpaint Marketing are getting help paying off their college student loans.

Edward Mitzen, founder of the Saratoga Springs-based company, saw an opportunity to assist employees in reducing or paying off their student loans. He gave each of them $30,000 for that purpose, with no strings attached.

“We recruit the best and the brightest,” Mitzen said. “We always look for ways to do right by staff. We cover 100 percent of their health care premiums. We offer paid sabbaticals … We had student loan program that paid out about $100 per month to a staffer. It was a nice program, but it wasn’t helping enough. It barely covered the interest on a monthly loan payment.”

Fingerpaint is a health and wellness marketing firm with a global team of more than 580 people. Known for its innovate and data-drive approach, the firm provides marketing solutions to healthcare clients specifically in the pharmaceutical, rare disease and gene therapy sectors.

“We conducted a staff survey about how much debt people were carrying due to college student loans,” he said. “What we found was that some people’s monthly payments were bigger than a monthly mortgage payment. Someone with a $40,000 loan who is paying into it for five years will still owe $40,000 in five years due to the interest.”

State Lowers Employer Retirement Payments

September 17, 2021

State Comptroller Thomas P. DiNapoli has announced reductions in employer contribution rates to the New York state and Local Retirement System (NYSLRS) for both of its systems—the Employees’ Retirement System (ERS) and Police and Fire Retirement System (PFRS).

He said the adjusted rates will impact payments in the State Fiscal Year 2022-23.

In addition, DiNapoli lowered the long-term assumed rate of return on the Fund’s investments from 6.8 percent to 5.9 percent.

“The fund’s strength gives us the ability to weather volatile markets. Our prudent strategy for long-term, steady returns helps ensure our state’s pension fund will continue to be one of the nation’s strongest and best-funded,” DiNapoli said. “While the reduction in employer contribution rates is welcome news for taxpayers, our investment decisions are always made based on what is best for our 1.1 million working and retired members and their beneficiaries.”

Stewart’s Shops Offers Its Employees Free Access To CDTA Route Network In The Area

September 17, 2021

Stewart’s Shops has partnered with CDTA to offer the Universal Access program to its employees.

The partnership provides Stewart’s Shops employees in the Capital Region with unlimited access to the CDTA route network. The pilot program, which began in August, allows them to ride CDTA buses free of charge with just a swipe of their CDTA Navigator card.

The program already has 150 people using the benefit. The company anticipates that number to climb to nearly 1,000 in the coming months.

“We are proud to welcome Stewart’s Shops to our growing CDTA family,” said CDTA CEO Carm Basile. “Universal Access lets tens of thousands of Capital Region employees, students, faculty and staff navigate to and from their designated destinations using everything that CDTA has to offer.

CEG Launches Region’s Largest Offshore Wind Industry Attraction Initiative

September 17, 2021

The Center for Economic Growth (CEG) is involved in an initiative to bring more offshore wind (OSW) development to the Capital Region and beyond in New York state.

The agency, dedicated to driving economic growth in an eight-county region that includes Saratoga, Washington and Warren counties, said there are two companies that are working with the technology. Through them, CEG will help bring the energy source to the region.

“With Equinor and Ørsted/Eversource planning major offshore wind component manufacturing operations in the Capital Region, we have the wind at our back. We want to further build out here the supply chain for this emerging industry on the East Coast that will drive the creation of thousands of jobs,” said CEG Chief Economic Development Officer Katie Newcombe.

CEG promoted local OSW opportunities at the Business Network for Offshore Wind’s International Partnering Forum (IPF) in Richmond, Va., in August. IPF is the largest offshore wind conference in the Western hemisphere, bringing together the global offshore wind supply chain for business growth and networking opportunities.

Showcase Of Homes Marks 25th Anniversary, Returns To In-Person Event This October

September 17, 2021

This home built by Witt Construction at 39 Hyde St. in Saratoga Springs is one of the 13 that will be on display as part of the 2021 Showcase of Homes, which is marking its 25th year.

By Jennifer Farnsworth

The Saratoga Showcase of Homes is back this fall, celebrating its 25th year, and executive director Barry Potoker said it will not disappoint.

With a lineup of some of the area’s high-end homes, Potoker said it’s the perfect event to get people out to enjoy all that Saratoga has to offer.

The 2021 Saratoga Showcase of Homes is being presented over two fall weekends: Oct. 9, 10 and 11; and Oct. 16 and 17.

Tickets will also be available at any showcase home during tour hours of 10 a.m. to 5 p.m., or can be purchased online at www.saratogashowcaseofhomes.com. The site includes an interactive map of home locations.

“Last year with the pandemic, we had to pivot and have the showcase as a TV show special. It was so important to us to be able to honor this tradition in its 25th year, and so we are so happy to be able to bring it back as an in person event, which is the best way to really show off what these spectacular homes have to offer,” said Potoker.

Those Working At Home Advised To Have Space That Is Both Productive And Pleasing

September 17, 2021

Shelly Walker, interior designer and owner of Finishing Touches Home Décor in Malta.
Courtesy Finishing Touches Home Decor

By Christine Graf

Because of the COVID-19 pandemic, more Americans are working from home than ever before. The remote workforce grew from 22 percent in 2019 to forty-two percent in 2020. In some white-collar professions, 80 percent of workers continue to work remotely, and because employers are realizing that employees can be just as productive from home, remote work options are expected to become common even after the pandemic ends.

For those who are spending more time in their home offices, interior designers suggest having a space that is both productive and aesthetically pleasing.

According to Shelly Walker, interior designer and owner of Finishing Touches Home Décor in Malta, home offices have become a staple in people’s houses.

“People really want to make their home offices comfortable because they are going to be there a lot. Some of my clients say they aren’t even going back to the office and will be working from home from now on,” she said. “People are definitely dressing up their space behind the computer for having Zoom calls. They also want the lighting to be right for being in the meeting and for just being in the room. You want a lot of light including natural light.”

Business Report: Estate Planning For Back To School

September 17, 2021

Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

By Debra Verni

It is that time of year when parents pack up their college bound child and drop them off at college. When making a “to do” list of what our children need to be prepared for college the last thing on a parent’s mind is estate planning or advance directives.

Have you thought about the fact that now that your child is 18, you can no longer make decisions for them, as they are an “adult” in the eyes of the law?

Although we all know, “adulting” is overrated, just the same, your child is an adult and you can no longer make financial or health care decisions for them.

Why is this important to know? When my son went away to college, I made sure he executed a health care proxy that appointed me as his agent. I gave a copy of his health care proxy to student health services and after a few trips to the ER at the local hospital; they had it on file as well. Without a health care proxy on file, health care providers did not have anyone to contact if my son could not make medical decisions for himself. The health care proxy gave me the ability to make health care decisions for him if he could not make decisions for himself.

Planted Platter Of Saratoga Springs Provides Cooking Classes And Wellness Programs

September 17, 2021

Deb Czech is the owner of Planted Platter of Saratoga Springs.
Courtesy Deb Czech

For plant-based cooking and nutrition instructor Deb Czech, the ongoing COVID pandemic and its health impacts have expanded the reasons why people are starting to put more plants on their plate.

Czech is the owner of Planted Platter of Saratoga Springs, a business providing plant-based cooking classes, coaching services, and customized workplace wellness programs. Planted Platter also collaborates with Capital Region nonprofits on plant-based cooking events for their members and clients.

To address rising consumer interest in plant-based diets, Planted Platter is offering a dozen online classes this fall that people can mix and match to their own health needs.

“The fundamental principles of a whole-food, plant-based diet remain the same across all classes,” said Czech. “What changes is the presentation of medical information and research specific to a given condition, whether that’s Type 2 diabetes or heart disease or anxiety or menopause or something else.”

Capital District Sport & Fitness In Round Lake Re-Opens With Expanded Facilities

September 17, 2021

From left, Paul Morse, Mike Sirani and Dan Jones at Capital District Sports & Fitness.
©2021 SaratogaPhotographer.com

By Christine Graf

After being closed for four months during the height of the COVID-19 pandemic, Capital District Sport & Fitness (CDSF) has expanded their facility at 21 Wood Road in Round Lake.

Owners Mike Sirani and Dan Jones are Capital Region natives who met while on the baseball team at Springfield College. Both men have degrees in exercise science as well as extensive experience working with professional, collegiate, and high school athletes.

Opened in June 2018, CDSF specializes in small group, semi-private training and offers customized workout programs that are developed based upon a client’s movement assessment, goals, health history, and injury history. With their 1,500-square-foot expansion, they are able to offer additional gym space as well as a baseball pitching cage that runs the length of the gym.

A CDSF membership is not required to book the pitching cage coaching sessions that are available to athletes in middle school through college.