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Address: 7113 W. Jefferson Blvd., in The Hollows shopping center
At a glance: Northern Insurance/Goff Agency is an independent insurance agency working with 10 companies to offer clients home, auto, life and commercial insurance policies. The agency works primarily with Erie Insurance.
Employees: Three, including co-owners Tom and Beverly Goff and their son, Daniel; all are licensed insurance agents
Annual revenue: $41,000 during the past 12 months
When was the company founded: March 2007
Biggest accomplishment in the past 12 months: The agency started offering Erie Insurance policies in mid-July, in time to participate in a sales contest from the second week of August to the second week of September. After Goff Agency finished second of 19 agencies in its district, Erie’s president called to offer congratulations and ask for the Goffs’ secret.
“We said it goes back to (the fact that) people are hungry for great customer service,” Beverly Goff said. “We’re all about the people.”
They also won Erie’s New Agent Award for 2008 for Indiana for the highest volume of premiums over a three-year period, even though they just recently joined with the company.
What are the key challenges facing your business or industry: All insurance agencies in Indiana have to deal with the fact that the state has higher premium rates because it has a higher rate of uninsured drivers than the national rate, Beverly Goff said. Insurance companies set their premium prices to take into account that some of their policyholders will be the injured parties in accidents with uninsured drivers.
In some states, the state insurance agency is linked to the bureau of motor vehicles. Anyone who doesn’t have insurance in North Carolina, for example, isn’t allowed to have a driver’s license, she said. But Indiana officials don’t know someone doesn’t have insurance coverage unless that person is involved in an accident. That allows people to drop their coverage when money gets tight.
Goff Agency lost about half its non-standard auto insurance policies in the spring because customers struggling with high gas prices couldn’t pay their premiums. People with non-standard policies typically don’t qualify for cheaper, standard rates.
On an individual level, the business is dealing with shifting from being a Nationwide Insurance agency, which provided an advertising and marketing allowance, to being independent. The agents are looking for more strategic ways to promote their firm with less money.
What are your growth projections for the next five years: Two offices and annual revenue of $250,000 in the fifth year
What’s one thing about your business that people may not be aware of: Tom Goff holds five degrees, including a master’s in business administration. He has been a college professor and previously worked for a telecommunications company, where he was controller, among other positions. He also traveled internationally for four years, meeting with national officials. Beverly Goff has a background in human resources.
The Goffs pool their knowledge and experience to work with clients, researching their coverage options and then presenting them in a way that’s easy to understand. They also mentor young clients, encouraging them to commit to their education and plan future careers.
“We’ve been accused of having a little ministry,” Beverly Goff said. “We are committed to providing superior value.”
