Oil and gas insurance is a delicate process that requires extensive planning and preparation from your company and your insurance agent. How do you know if your agent helps you manage every issue and isn’t just going through the motions? There are a few signs to look for that help you determine whether your agent has your best interest in mind or is only there to provide the bare minimum of support.
Oil Insurance Agents to Watch For
While there are plenty of service contractors on the market, how many have truly helped make a difference in your insurance? What questions do they ask? Have they invested themselves in your business or do they provide minimal insurance coverage and support? There are a few telling signs that your agent is there to meet their quota and provide little else in the way of assistance.
First, if the relationship with your agent consists of an ID number, phone number, and email address without anything else, you should start looking elsewhere. Insurance is a personal matter for any business, which means you should have a more personal relationship with your agent. Look for someone who remembers your name every time they get on a call or responds as soon as they can to any emails or inquiries. If you don’t know their name, they didn’t leave a strong enough impression.
If you also feel like an ATM handing out money to your broker, you may need a new plan. Oil and gas companies have a lot to finance and half-hearted assets aren’t on the list. If the agent never has time to plan a renewal but plenty of time to fix mistakes, then you know the agent isn’t there to help you grow. The oil and gas industry is a highly specialized field that requires detailed knowledge. If they don’t care enough to treat you like a partner, you shouldn’t be working with them.
Avoid the Unknown
If an agent isn’t able to explain the policies you’re buying or if you don’t know the extent of your workers’ compensation policy, you may need a new agent. If they dodge questions or can’t differentiate general liability from commercial auto, they are undoubtedly not providing the vital coverage your company needs to navigate potential disasters. Understanding what you’re buying is the most basic element of proper insurance coverage, so find an expert that offers all the information you need.
A good agent provides comparable quotes when it comes to renewing your insurance policy. A bad agent increases the premiums without any comparisons. If you ever feel backed into a corner or feel like you are being sold a product instead of problem-solving insurance for your business, you have an issue. Your agent should proactively look for solutions to address and determine how issues can be avoided through a proper insurance program. Oil and gas industry insurance is a complex industry with complex solutions. Your agent may not have all the answers, but if they act like they do you may have trouble on your hands. Anyone that over promises rarely has the skills to back up those claims.
All Talk, No Action
Does your agent obsess over themselves and the products and services they offer? Do you feel underwhelmed by the services your agent provides? Is your claims process a solo act with you and nobody else? You may have questions about your workers’ compensation insurance or liability insurance, but your agent rarely has an answer. In these instances, it’s time to find someone who cares about a committed partnership. Take care that they provide everything they advertise and always be wary of potential scams. Your insurance is vital to your continued success, so treat it with the same care and consideration you would for any other aspect of your business.
Dedicated Partnership
InSource Insurance Group offers insurance that stands the test of time with agents trained to help businesses handle their industry’s specific needs. We help you find the right policy for the job and never short you on quotes, renewals, or help. Insurance is a partnership, so start your partnership off right with the dedicated services of InSource Insurance Group.
