How Oilfield Contractors Can Lower Insurance Premiums Without Less Coverage

Nate Jones, CPCU, ARM, CLCS, AU
6 days ago
2 min read

Insurance is essential for protecting your oilfield contracting business, but premiums can be high due to the risks associated with the oil and gas industry. The good news is that you don’t have to sacrifice coverage to save money. By implementing smart strategies, you can lower your insurance costs while maintaining full protection.

At Wexford Insurance, we help oilfield contractors nationwide find cost-effective insurance solutions tailored to their unique operations.

1. Bundle Your Insurance Policies

Many insurance providers offer multi-policy discounts when you combine General Liability, Workers’ Compensation, Commercial Auto, and Pollution Liability coverage. Bundling policies through a single carrier like Wexford Insurance can significantly reduce premiums.

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2. Implement a Robust Safety Program

Insurance companies reward contractors who actively manage risk. A strong safety program can lower workplace incidents, which can directly reduce premiums for:

3. Maintain a Clean Claims History

Insurance carriers closely monitor claims history. Avoiding frequent claims or resolving smaller incidents internally can help keep your premiums lower over time.

4. Adjust Deductibles Strategically

Raising deductibles on certain policies can lower premiums without reducing coverage. However, it’s important to balance affordability with your business’s ability to handle out-of-pocket expenses in case of a claim.

5. Invest in Driver Training Programs

For oilfield contractors with company vehicles, driver safety programs can reduce commercial auto insurance costs. Insurers look favorably on businesses that proactively reduce accident risk.