How Much Is Liability Insurance For Oil and Gas Contractors?
In today’s volatile industry landscape, insurance for oil and gas contractors has never been more critical. As a contractor, you might often wonder, ‘how much will my liability insurance cost?’ Well, the answer isn’t a fixed figure; it is derived from a complex blend of variables.
Determining Factors of Insurance Cost
There is no one-size-fits-all answer to this question, as numerous factors determine your liability insurance cost. Some of these include the projected revenue for the upcoming year, the nature of your work (professional advice vs labour), and the geographic location of your operations. Your workforce’s experience and expertise, the extent of insurance required, deductible levels, and claims history for similar products also play significant roles.
Furthermore, insurance companies consider the scope of your services, your business size, number of employees, years of experience, annual and projected revenues, and previous insurance claims.
At CMB Insurance Brokers, we acknowledge these elements and are committed to crafting policies that resonate with your specific needs.
Tailored Insurance Programs for Your Business
At CMB, we strive to keep abreast of the latest technological advancements, maintenance techniques, safety protocols, and best practices within the oil and gas industry. This knowledge allows us to formulate well-planned policies and provide risk management services that help you mitigate losses, control risks, and operate a safe and profitable business.
We understand the attributes insurers seek in a business – a clean claims record, sound business practices, robust safety protocols, and more. An attractive business profile can translate into more competitive premiums, comprehensive coverage, and, ultimately, greater peace of mind.
Choosing the Right Insurance Partner
The choice of an insurance provider shouldn’t be solely about ticking boxes. It should be about understanding your field and your specific needs. It should be about ensuring timely, local, and specific service. It should be about a proven track record of paying claims promptly and clear, effective communication.
At CMB, we focus on comprehending the fine print of your policy, ensuring that it is uniquely tailored to fit your business needs, whether domestic or international. We understand the specific risks of your industry and your company and guide you away from unnecessary coverage while ensuring you’re adequately protected.
Making Your Business Attractive to Insurers
Remember, it’s not always about the price tag; focusing solely on cost can be detrimental in the long run. What matters most is risk management – identifying, evaluating, and covering your risks to make your business more appealing to insurance companies.
Our CMB advisors are here to help. We understand the underwriting process and know how to put together a compelling submission that highlights your business as a profitable risk. We demonstrate your company’s strengths – your employee retention rate, leadership involvement, talent attraction and retention strategies, and workplace environment. With this, we aim to achieve better rates for your business.
Best-in-class pricing
Best-in-class pricing doesn’t just mean securing the lowest rates. It’s about obtaining the highest quality coverage, knowing that your calls will be answered promptly, your claims settled quickly, and your advisors understand your business, your region, and your priorities. At CMB, we take the confusion out of insurance, delivering a hassle-free experience while ensuring the best pricing for your specific needs. After all, your hard-earned business deserves nothing less.
If you have questions about your insurance costs we’re happy to discuss further. Give us a call at 780-424-2727 or click here to get a quote.