Good Works Insurance expands to New Milford
Chad Yonker is happily keeping his hand in the New Milford business scene.
His firm, Good Works Insurance, works on a business model that donates 50 percent of the profits to community charities.
Mr. Yonker plans to open its office in coming days on the second floor of his building at 31 Bank Street.
"Good Works, now this is my field," said Mr. Yonker, whose background is as an institutional investor and analyst on Wall Street.
He recalled opening the Bank Street Tavern at the same location in September 2010 and closing it a year later.
"I opened the restaurant because New Milford's downtown needed a shot in the arm, needed to see a restaurant could succeed in that location," Mr. Yonker said. "But restaurants are not my area of business expertise. Now, Salsa (restaurant) is going into the tavern's space, which is great."
He said the Good Works Insurance business model meets his commitment to supporting his community.
"When Good Works was founded in 2006," Mr. Yonker said, "there was no concern about corporate greed but its founder, Joe Grochmal, realized that corporate citizens' responsibility to the community should be taken seriously."
"It's something I really believe in. I am transitioning the predominance of my business investment into Good Works," he said.
Mr. Yonker became the principal investor and a board member in Good Works Insurance in January 2008. In June 2011, he took over active management of the firm and acquired the business as sole owner in November 2011.
The insurance company now has production offices in Glastonbury and New Milford, as well as in Worcester and Great Barrington, Mass.
It offers personal insurance and commercial insurance coverage through a variety of markets, with the expertise of risk management specialists in all four offices available to clients.
"I've been doing business with them for a long time and am very satisfied. I was referred by another business associate," said Mr. Camejo, who opened his operation in 1989. "They come up with cost savings and shop the policies around to get better prices. I've had other agencies that just say `here's the bill' every quarter."
Mr. Camejo said he was initially unaware of the Good Works business model of donating 50 percent of an office's annual profits to local charities.
He likes the concept.
That business model is more than a goal at Good Works Insurance. The firm has a legally binding "charitable contract" that requires fulfilling that obligation in specific terms, Mr. Yonker explained.
"Good Works is something that we're going to grow to be even more successful," he said. "The New Milford office is meant to target a new geographical area. We plan further acquisitions and partnerships with more agencies and brokerages.
"We're a growth company in an expansion mode," Mr. Yonker added.
For more information on Good Works Insurance and its charitable contract, visit the website www.goodworksinsurance.com.