New Mexico is one of the leaders in oil and gas production in the United States, and the industry is an essential component of the state’s revenue. However, there are risks inherent in the extraction, refinement and delivery of fossil fuels from technological, environmental and economic factors. It is essential for oil and gas companies to work with an insurance agency in New Mexico to obtain effective coverage in the event of trouble.
Before purchasing a policy, it is important to brainstorm about the industry-related perils that are most likely to affect your business. This will help you develop a clear picture of the losses you may face.
Next, communicate with your insurance company. Discuss the policies available to you and get a sense of the coverage options offered by each policy. Then, compare your expected risks with the risk coverage presented in each insurance package. This step may allow you to identify the policy most suitable for your business.
Last but not least, don’t underinsure. Though insurance may seem expensive in the short term, footing the bill for uninsured losses can be devastating. An insurance agency in New Mexico can help you find the right policy to protect your property, employees and clients in the growing, ever-changing oil and gas industry.