The Berkshire Hathaway Insurance
Today, this article will tackle one of the biggest insurance agencies in the world. It’s Warren Buffett’s Berkshire Hathaway Insurance. This company was established in 1983. Berkshire Hathaway isn’t one company. It’s a whole branch of smaller companies that are owned by Berkshire Hathaway Incorporated.
Berkshire is one of the most dedicated insurance providers we have. They have been in the business for over three decades. The company is equipped with highly skilled independent agents. And also brokers from all over the country.
Berkshire Hathaway offers a wide range of products. These are commercial, personal property and casualty insurance. To find out more on what they are offering. And to determine if you should buy a policy from them. Then keep reading until the end to find out.
History of Berkshire Hathaway Insurance
In July 1982, the company’s original subsidiaries were formed by Susan and Judd Shoval in Pennsylvania. A year later. The first workers’ compensation insurance policy was issued. About half a million dollars in premiums were written later that year.
Its success continued to grow. By adding states, opening insurance and non-insurance subsidiaries. They even acquired Mutual Fire Insurance Company of Saco, Maine in 1995. In 2007, Guard had expanded under Shovals’ leadership. It includes four instance carriers these are NorGUARD, AmGUARD, EastGUARD and WestGuard. They are writing $200 million of workers’ compensation in 23 states.
In order to facilitate its future plans. The company was acquired by Clal Insurance Enterprises Holdings LTD., in 2007. Sy Foguel also joined the organization as CEO and introduced additional lines of coverage.
In 2012, the organization changed hands again. Now it becomes a wholly owned subsidiary of National Indemnity Company. Which is part of Berkshire Hathaway.
Before 2016 ends, the company writes over $1 billion in premiums. Operating nationwide and actively writing seven other lines of insurance. Berkshire Hathaway GUARD currently has eight locations throughout the United States. Their headquarters is still in Wilkes-Barre, Pennsylvania.
Now, Let’s dive in. Take note that Berkshire Hathaway is available in all states in the United States. But some of their products vary depending on the state that you’re in.
Berkshire Hathaway Guard Insurance
First thing first, if you’re looking for commercial purposes. They offer business owners policies, commercial auto insurance. They also have commercial package policies. Commercial privacy insurance and commercial umbrella insurance.
You can also try checking out their disability insurance. Their professional liability insurance and workers compensation insurance.
Workers compensation – This is the Berkshire company’s flagship product. It is written by Berkshire Hathaway Guard Nationwide.
Businessowner’s Policies – This policy is available throughout the country. Take note that all major business property and liability coverages are included with the availability of specialized and customizable coverages and increased limits.
Commercial Auto – Berkshire Hathaway commercial auto policy is currently available in selected states. Expansion plans are now underway. This policy includes liability, physical damage, and statutory coverages with optional increased limits. Also a bundled broad-form endorsement is available.
Commercial Liability Umbrella / Excess – This policy is currently available in most states. Plans for further expansions are underway. Take note that this product can be attached on top of liability coverages.
Professional Liability – Available in many states in the country. There are plans for further expansion underway. The product includes policies customized to the needs of Lawyers, Engineers and Accountants. Also dozens of other specific classes of business.
Disability – A statutory disability policy that can include certain optional enhancements. It also provides a natural complement to workers’ compensation insurance.
Berkshire Hathaway Personal Policy
In the last quarter of 2017. Berkshire Hathaway Insurance introduced the company’s first personal lines products.
Now they offer homeowners insurance and personal umbrella insurance. If you’re wondering about the costs. Well just like their other policies. It depends upon your state. But the good thing here. There are tons of discounts that can be available across the country. For example their multi-policy discounts for homeowners policyholder.
Homeowners / Personal Umbrella – This product is designed to provide coverages needed by homeowners. To protect their residence, assets and overall way of life. With a variety of add-ons. Coverage can exist and limits increased. All at an affordable price.
You can learn more about their products here at www.guard.com
Berkshire Hathaway guard insurance companies are rated an A+ superior by A.M Best. While they received B- from BBB. They are also known for good standard insurance. As they provide consistent service from regular mail, email, phone and online platforms.
This company also has a user-friendly site. Wherein it offers a variety of resources. This includes lost control training videos and even flyers as well as only policyholder service centers. In terms of policyholder service center. It provides access to a wide range of customer resources. Like bill payments, view or download policy. It also includes reporting a claim and more.
Whether they’re good for you depends upon your specific needs. Take note that they are one of the most financially stable companies around. They offer a comprehensive range of policies for business and individuals. Although not the best. They are considered a good choice for most people.