The History of Berkshire Hathaway Guard Insurance
Berkshire Hathaway Guard Insurance, also known as BHGUARD, is a commercial property and casualty insurance company. It was founded in 1983 in Wilkes-Barre, Pennsylvania, as a subsidiary of The Redwoods Group, a nonprofit insurance program for youth-serving organizations. The original name of the company was GUARD Insurance Group, and it offered business insurance coverage to small and mid-sized businesses in Pennsylvania.
In 1998, GUARD Insurance Group was acquired by National Indemnity Company, a Berkshire Hathaway subsidiary. After the acquisition, the company’s name was changed to Berkshire Hathaway GUARD Insurance Companies, and its coverage expanded to other states. Today, it is a national insurance company with its headquarters located in Wilkes-Barre, Pennsylvania, and its products are sold through independent agents across the United States.
Berkshire Hathaway GUARD Insurance Companies provide commercial insurance products for businesses of all sizes. They offer a broad range of insurance products, including commercial property insurance, commercial general liability, commercial auto insurance, workers’ compensation insurance, and umbrella insurance. The company also offers niche products, such as cybersecurity insurance, coverage for nonprofit organizations, and coverage for workers in the trucking industry.
Over the years, the company has received numerous accolades for its products and services. In 2019, it was named one of the top insurance workplaces by Insurance Business America, and it won the Commercial Lines Carrier Award from Target Markets Program Administrators Association in 2017.
Berkshire Hathaway GUARD Insurance Companies’ success can be attributed to its strong financial stability and its commitment to providing excellent customer service. The company has consistently received high ratings from A.M. Best, one of the leading insurance rating organizations. In 2020, it received an A+ rating for financial strength and a stable outlook.
The company’s success can also be attributed to its strong leadership team. The president and CEO of Berkshire Hathaway GUARD Insurance Companies is Sy Foguel, a veteran of the insurance industry with over 30 years of experience. Under his leadership, the company has continued to grow and expand its products and services.
In conclusion, Berkshire Hathaway GUARD Insurance Companies has a rich history dating back to 1983. It has grown and evolved over the years, expanding its coverage and products to become a national insurance company. Its success can be attributed to its strong financial stability, commitment to customer service, and strong leadership team. Today, it continues to provide innovative insurance solutions for businesses of all sizes.
Berkshire Hathaway Guard Insurance’s Future Goals and Plans
Berkshire Hathaway Guard Insurance, subsidiary of Berkshire Hathaway, is a successful insurance business with a strong focus on growth and innovation. The company’s future goals and plans are centered around providing excellent customer service, expanding their reach, and improving their offerings. Here are nine ways that Berkshire Hathaway Guard Insurance is planning to grow and prosper in the coming years:
1. Improving Customer Service
The top priority of Berkshire Hathaway Guard Insurance is to provide high-quality customer service. They aim to create a culture that prioritizes meeting the needs and expectations of their clients, every time.
2. Innovation in Technology
Berkshire Hathaway Guard Insurance believes in utilizing cutting-edge technology to improve the customer experience. They are continuously researching and implementing solutions that streamline processes and offer better value to their customers.
3. Growing in the Small Business Market
Berkshire Hathaway Guard Insurance is concentrating on expanding their presence in the small business market. They are dedicated to becoming the go-to insurance provider for small businesses in the United States, offering customized solutions and superior service.
4. Investing in Digital Marketing
Berkshire Hathaway Guard Insurance plans to increase its digital marketing efforts to raise brand awareness further. Their goal is to develop targeted campaigns that reach their audience and promote their customer-centered approach.
5. Expanding into New States
The company is looking to expand its geographical reach by offering insurance in new states. By doing so, they can reach a new customer base, grow their market share, and provide their clients with more coverage options.
6. Developing New Products and Services
Berkshire Hathaway Guard Insurance aims to offer additional products and services that meet their client’s evolving needs. These could include cybersecurity insurance, weather damage coverage, and group health benefits. By developing new offerings, they can stay competitive and continue to meet the needs of their customers.
7. Investing in Employee Development
Berkshire Hathaway Guard Insurance believes in investing in their employees. They aim to develop a culture of growth and training, enabling their team to create innovative solutions, and provide exceptional customer service.
8. Partnership with Agents and Brokers
Berkshire Hathaway Guard Insurance plans to strengthen its relationships with agents and brokers to create a more robust ecosystem. By partnering with distribution channels that share their customer-centric values, they can expand their reach and grow their business.
9. Consolidating Business Processes
Berkshire Hathaway Guard Insurance aims to consolidate their various business processes to optimize efficiency and reduce redundancy. By doing so, they will be able to create a streamlined workflow that enables them to provide their clients with better solutions at a lower cost.
Berkshire Hathaway Guard Insurance’s future goals and plans demonstrate their commitment to providing excellent service to their clients while continually growing and adapting to meet the changing insurance industry’s demands.