Choosing the Right Propane Insurance Agent and Policy
Navigating the insurance landscape is akin to relying on signposts for directions during a journey. In the propane industry, insurance agents play a crucial role in guiding propane marketers towards safeguarding their businesses, employees, and customers. Just as signposts indicate distance and direction, insurance agents should provide propane marketers with a clear understanding of their progress and proximity to achieving their overall protection objectives.
Evolution of Insurance Policies
Insurance policies have evolved significantly over the years. While insurance companies once offered broad coverage encompassing various risks, the complexities of modern life necessitate a more comprehensive and tailored approach.
Consequently, insurance policies have undergone multiple revisions in the past half-century to ensure precise language, clarify coverage exclusions, and address specific forms of risk, such as employment practices, liability or unforeseeable events like pandemics. This shift signifies that there is no one-size-fits-all approach to insurance coverage, and expert advice is required to determine the most suitable path for each company.
Selecting an Insurance Agent
When choosing an insurance agent for your propane company, it is essential to prioritize their knowledge of the propane industry. The agent should already possess a deep understanding of your business, eliminating the need for you to educate them from scratch.
An experienced agent ensures that your company stays on course. For instance, an incident involving a propane marketer and an inexperienced insurance agent is a cautionary tale. The marketer received an unexpected visit from a local agent who expressed interest in quoting their business.
However, upon learning that the agent had no prior experience with propane accounts, the marketer promptly asked them to leave. Entrusting your propane company to an agent lacking industry expertise is a detour you can’t afford to take.
Additionally, the agent should be well-versed in the insurance company’s stance on propane and the available coverage options. Some insurance companies may decline accounts involving transport trucks, anhydrous ammonia, railroad sidings, or the sale of gasoline and diesel alongside propane. Be wary of agents who make sweeping promises to save you money.
Instead, ask how they intend to achieve those savings. Established insurance companies with experience in insuring propane accounts understand the risks involved and price their policies accordingly. Moreover, agents focused solely on price fail to consider the broader insurance landscape, characterized by increasing catastrophic events including tornadoes, floods, fires, civil unrest, and soaring jury awards. These factors place additional strain on insurers’ financial reserves.
Prioritizing Fit Over Price
Throughout the history of propane insurance, numerous companies have faltered by focusing on offering the lowest price rather than ensuring long-term sustainability. Propane marketers who follow the right path collaborate with agents who visit their locations, possess propane industry expertise, comprehend the insurance marketplace, and exclusively work with top-rated insurance companies. By joining regional, state, or national propane gas associations, these marketers actively support the industry and acknowledge that shortcuts are not an option.
Propane marketers on the right path take the time to familiarize themselves with their insurance coverages. They seek clarity on what is included in their policies and thoroughly understand any exclusions. These marketers are unafraid to ask tough questions and diligently review their insurance policies to ensure the quoted coverage accurately aligns with their needs. By adhering to these signposts, all parties involved – the insurance company, the agent, and the insured – develop a shared understanding of the coverage scope, eliminating any surprises along the way.
