In 1892, you might have needed insurance to protect livestock, the family farm and barns or a horse-drawn buggy. Over the past 125 years, Miers Insurance has provided peace of mind for personal, commercial and international insurance customers. The company has endured in an evolving world stage while maintaining its independent ownership, flexible product offerings and commitment to service.
As insurance, technology and commerce changes, so must companies that wish to thrive and remain independent, said Douglas Gibbons, Miers Insurance president and CEO. “The way we do business brought to the Lehigh Valley the ability to handle 99 percent of anyone’s insurance needs,” said Gibbons, whose company this year celebrates its 125th birthday.
Gibbons said a top challenge the insurance industry faces today is not having a business perpetuation plan to ensure stability and continuity. Another big challenge is failing to diversify, added Gibbons, who joined Miers Insurance in 2005. He said diversification – not just products but people – puts companies in a position to grow. If it does not diversify, its offerings can shrink. He said having expertise and knowing where to find it – such as cultivating business partnerships and relationships – have been keys to Miers Insurance’s growth and success.
While no longer helmed by the Miers family, the company remains successfully independent because employees are invested, Gibbons said. The firm is employee-owned through a stock ownership plan. And employees represent just about every demographic, from millennials (age 28) to older baby boomers (age 66). “They were good about ways to keep the business family and later employee-sponsored because of the investment in the stability of the firm,” Gibbons said.
Read more: Invest in employees, diversify to meet the shifting landscape | LVB