Why Commercial Insurance Consultants Are a Must Today for the Oil and Gas Industry
It doesn’t matter if you’re working downstream, midstream, or upstream in the oil and gas industry. You are subject to highly specific, highly stringent safety requirements. When you partner with commercial insurance consultants with expertise and experience in your industry, you’re bringing on a team that is uniquely equipped to protect your company. Here’s how.
6 Reasons Every Oil and Gas Company Needs a Commercial Insurance Consultant
The wrong insurance program can cost you in time, money, and liability. Enlist expert help to avoid that problem and to enjoy these benefits:
- Account for Safety Considerations
- In the oil and gas industry, safety is a pressing issue. For companies in this field, having adequate, proper insurance becomes all the more important.
- Prioritize commercial insurance consultants who can demonstrate a broad, deep knowledge of the oil and gas commercial insurance landscape. This helps ensure your insurance program will keep you financially and legally protected.
- Any business insurance consulting team you’re considering should have the industry know-how and established processes to perform frequent, effective claims reviews. This keeps you continually up to date and ensures you’re not stuck with any potentially devastating gaps in coverage.
- Safeguard New, Potential, or Ongoing Contract Work
- In the oil and gas industry, safety is a pressing issue. For companies in this field, having adequate, proper insurance becomes all the more important.
- Trigger cumbersome review processes
- Prevent you from landing new contracts within the industry
- Nullify or jeopardize existing contracts
- A sufficient, proper, personalized insurance program can help you maintain the health of your contracts and keep your finances in good standing.
- Look for insurance consultants with specific experience and expertise offering support throughout contract negotiations.
- Review Pollution Coverage and Risk Management Protocols
- Pollution coverage and risk management protocols are high priority for any company operating within oil and gas.
- An insurance consultant with the right experience can properly and thoroughly review these issues for your company. By leaning on their expertise, you keep your claim complexity and number of necessary claims as low as possible.
- This saves you time, money, and the potential fallout of filing too many claims.
- Provide Updated Information to Insurance Companies
- A thorough, conscientious insurance consultant can perform these pollution coverage and risk management protocol reviews, which accomplishes two things.
- One, you aren’t being unreasonably punished for previous problems or issues that have since been addressed.
- Two, your accurate, up-to-date work history, as it relates to insurance coverage, is conveyed to the various insurance companies.
- Anticipate Problems and Financial Expenditure
- Commercial insurance consultants help companies in the oil and gas industry anticipate, plan for, and sometimes even avoid insurance-related problems.
- What does this mean?
- Fewer last-minute, unpleasant financial surprises.
- Insurance consultants do this through numerous practices, including controlling and forecasting a company’s workers’ compensation experience modification factors.
- Coordinate Insurance Coverage
- Whatever your industry, commercial insurance has become increasingly costly and complicated over the years. Diminished capacity means it’s harder than ever to secure proper, adequate insurance coverage.
- It’s one of the main reasons why commercial insurance consultants are so invaluable today.
- Experienced, knowledgeable insurance consultants help companies (in oil and gas and beyond) put together coordinated insurance programs that offer:
- Adequate coverage
- Optimized risk
- An attractive price point
Want to Learn More about How a Commercial Insurance Consulting Team Can Help You?
If you have any insurance-related questions specific to your business or situation, don’t hesitate to set up a free initial consult.
MB Davis Group offers more than one hundred years of combined experience in the complex, confusing landscape of commercial insurance. We’re always happy to help identify your vulnerabilities and discuss your concerns.
Schedule a consultation with us today.
