Serving Boone, Blowing Rock, Banner Elk, and other towns of the North Carolina High Country
Founded 05-05-05

Watauga Insurance Agency, Inc.—90 Years of Service to the High Country

Story by Sam Calhoun

Ben Smith was four years old in 1976 when he took his father’s hand and walked next door from Watauga Insurance Agency, Inc., located at 743 West King Street, into Stacy Eggers’ law office. Smith’s father Paul was about to close on the purchase of the insurance agency and Eggers was his attorney. Smith can remember, “as clear as day,” propping his chin up on the long counter and watching his father sign the paperwork. He admits, though, that all he wanted to do at the time was go outside and play. Little did he know that his father’s signature that day would form a large part of his future.

Ben Smith is now 35 years old and the proud co-owner of Watauga Insurance Agency, Inc.—a business that has served the High Country and North Carolina since 1917. After buying shares from his father and from his mother Marie, Smith now shares ownership of the business with his sister, Jennifer Krause. The siblings took control of the business in 1997—80 years after it originally opened.

Watauga Insurance primarily offers general insurance policies on commercial and personal lines, and since 2000 when Smith acquired his securities license, the agency has also offered retirement planning, life insurance and annuities. When banks were deregulated in the mid-1990s, they gained the ability to sell insurance and Smith decided to get his securities license to be able to compete with the banks. Smith is a member of Next Financial, a securities company.

“Now with my license, I can offer the same services as banks can offer,” said Smith.

This kind of progressive thinking is a continuation of his father’s legacy. When Paul bought Watauga Insurance, he immediately went to work attracting new clients. In the following years, Paul gained ASU, Lees-McRae and Watauga Medical Center as new accounts.

“I wish I was more like my dad,” said Smith.

Paul sat at the helm of Watauga Insurance for 21 years, boosting the business through new clients and medical malpractice policies.

“Everybody knows dad,” said Smith.

In 1995, Paul was at a crossroads and urged his son to take over the business. Smith—who grew up in Boone on Stadium Drive and graduated from Elon University in 1994 with a degree in history—was living near Jackson, Wyo., at the time, but recognized the opportunity and returned home to spend more time with the family and learn the business. Paul tutored his son for two years, and in 1997—just as Smith’s sister came to work at the agency—Smith began to buy shares of the business from his father.

When Smith joined the team at Watauga Insurance, he received no special treatment. Two of Watauga Insurance’s employees had been there much longer than he, such as Sue Hartley, who retired recently after 45 years with the agency, and Mary South who still works at the agency and has 25 years under her belt.

“Both of them have known me since I was a baby,” said Smith. “It’s always been a great family atmosphere around here.”

Four people currently run Watauga Insurance—Smith, Krause, South and Sandra Bingley. The agency serves 2,500 clients in North Carolina, 90 percent of them from the High Country.

In addition to taking over Watauga Insurance in 1997, Smith also got married to his wife Cherie.

When Paul first took over Watauga Insurance in 1976, three independent insurance agencies existed in the region—today, there are more than 30.

“Our service is what makes it worth it to go with us,” said Smith. “We go the extra mile for people. We feel like people are well taken care of here.”

As an independent agency, Watauga Insurance has access to the products and rates offered by 11 insurance companies.

“That’s one of the strong points of independent agencies,” said Smith. “That’s very positive for our clients because we can shop around for the best deal.”

Watauga Insurance mainly handles policies for “middle-aged to more mature clientele,” said Smith, “people with one, two, even three houses and two to three cars. And now we can help them with financial planning.

“We can pretty much do everything,” said Smith, who added that Watauga Insurance cannot sell individual stocks for clients but can set up and sell mutual funds.

In addition to obtaining his securities licensure, Smith also recently purchased the agency’s building on King Street and is looking forward to many more years serving the citizens of the High Country.

“We’re in a growth period right now,” said Smith. “We want to be the biggest agency in town. We’re nowhere close to that right now, but you have to set your sights somewhere.”

Watauga Insurance Agency, Inc. is located at 743 West King Street in Boone. The office is open from 8:00 a.m. to 5:00 p.m. Monday through Friday. For more information, call 828-264-8291 or 828-264-8566.