When you begin your search for the right oil and gas insurance for your business, what elements do you usually consider? The well-being of your employees? The different services in your industry and how they interact? The various departments in your business and their needs? These are all questions to consider that will impact your insurance choice. But let’s talk about the most important considerations you should have in mind during the process.
Appropriate Oil and Gas Insurance Risk Management
One of our other blogs talks about the most important insurance types to consider when planning out what your insurance covers. It’s essential to have a plan of action in mind to enhance your risk management resources and set up a roadmap of future goals. A few insurance types to heavily consider are:
- Workers’ Compensation
- General Liability
- Auto Insurance
- Property
- Inland Marine
- Control of Well Insurance
Each of these insurance plans plays a vital role in your daily operations. Your workers engage in potentially dangerous work every day, so providing them coverage in case of an accident or emergency helps get them back on their feet after a disaster. General liability covers any harm done on your property and ensures you aren’t held responsible in the event of injury or equipment failure. Auto insurance helps you avoid financial problems if a vehicle in your fleet breaks down or needs repairs. Property insurance covers any buildings you own and enables you to avoid financial trouble when the buildings are damaged or broken into. Inland marine and control of well are unique to the oil and gas industry and help with pollution cleaning, well blowout and damages, and long-term operation investment coverages for drilling. Oil well insurance is a vital aspect of the industry that should be seriously considered when choosing your coverage options.
Find An Experienced Agent
The agent you work with dictates how much of your oil and gas operations are covered. While you’re unlikely to find an agent with no experience in the industry, you may encounter some that have helped oil and gas companies in the past but have limited exposure to the industry as a whole. They may not understand that control of well is necessary to your business or brush off the need for liability insurance in favor of specialty insurance that their company offers. If a plan seems too good to be true, then you haven’t asked enough questions yet. Go over your options carefully and if they don’t seem like they are listening to your concerns, find a new agent to work with who understands your needs.
Oil and Gas Vendors and Carriers
You need to have the right insurance company in mind when you start your search and InSource Insurance Group is the partner with a plan. We have agents who specialize in oil and gas insurance and have years of experience to help you make the right choice. We go over the different insurance needs of your company and potential situations where insurance would be useful. We help you set up a risk management strategy that ensures full control of well coverage, legal liability, property insurance, and more depending on your operations. Reliable insurance assistance starts with InSource Insurance Group.
