CHARLESTON, W.Va. — Wednesday was insurance day at the state capitol and the Independent Insurance Agents of West Virginia used the occasion to spotlight the contributions the industry has made to West Virginia.
“For more than 150 years insurance professionals have been operating in every city and town in West Virginia,” said Jan Vineyard, Lobbyist for the organization. “The insurance industry has been protecting our citizens and our businesses’ property and assets since the state was founded in 1863.”
Today there are 2,600 insurance related entities and 9,000 licensed agents in West Virginia. Vineyard said the industry is local and works within the smallest and largest of West Virginia’s communities.
She also highlighted the surcharges paid on insurance policies in West Virginia. Known as the Premium Insurance Tax $156 Million annually. West Virginia has the highest such tax in the nation, but Vineyard added it benefits a lot of critical line items in the state.
“General Revenue gets $115 Million, multiple pensions get $17.3 Million, volunteer fire departments $19.7 Million, state Fire Marshal $1.9 Million and even teachers retirement gets $2.7 Million,” she said.
Vineyard said however, for the price West Virginians get a great value out of their hometown insurance agent. Nobody likes to pay the premium, but when you need them, they are there.
“That’s why we call ourselves the trusted choice,” she said. “You have your local agent who’s in your community and knows you, knows your business, and knows your family. You’re putting your safety and your trust in their hands.”