Why Insurance Providers Prefer Propane Companies to Have a Policies & Procedures Manual
When you work in the propane business, having great insurance is critical to protect your company and your employees. Insurance companies and their underwriters understand the risk that comes with owning and operating a propane business, so they are extremely detailed when it comes to writing and reviewing your insurance policy.
The good news is that there are helpful tools that can make sure your company stays in your insurance provider’s good graces, showing them that your company is fully compliant with regulatory requirements and that you go above and beyond to reduce risk in the workplace. One of these tools is your Policies & Procedures Manual. Read on to learn more about why insurance providers prefer their clients in the propane industry to have a written Policies & Procedures Manual.
Policies & Procedures 101 for Propane Suppliers
First, it’s important to understand exactly what a Policies & Procedures Manual is. Policies can be considered the “big picture” of your propane company’s daily operations. Written policies include language to cover legal issues that may arise due to the nature of the propane business, customer and employee health and welfare, and/or ethical concerns that may put the organization or employee in a position of conflict.
Procedures are the actual steps that are undertaken to uphold written policies. Written procedures identify individual tasks, who is responsible for the completion of each task, what steps are involved in the process, the sequence of each step, and how the progression of steps is performed.
Why Insurance Underwriters Love Policies & Procedures for Propane Businesses
1. Because Policies & Procedures help companies meet regulatory requirements.
Having a written Policies & Procedures Manual shows your insurance underwriter all of the federal, state, and local regulatory requirements that your company adheres to, and exactly how your operations maintain compliance every day.
2. Because Policies & Procedures assist with employee training.
When businesses work with hazardous materials, a major concern for insurance providers is how employees are trained to work safely. Your Policies & Procedures Manual can be used as a guide for new employees, refresher for existing employees, and overall training tool for your management team. It will show your insurance provider that your employees have a clear understanding of their daily tasks and emergency response protocol in the event of any safety hazards.
3. Because Policies & Procedures reduce risk, period.
That’s the name of the game in the insurance industry: risk reduction. Your Policies & Procedures Manual is a critical part of your propane safety program and a leading factor in how your company avoids unnecessary risk.
Share Policies & Procedures with Your Insurance Agent
If you already have a Policies & Procedures Manual in place, make sure your insurance agent knows about it! And if you don’t have one yet, contact P3 Propane Safety to get a free consult on a personalized Policies & Procedures Manual. P3 Propane Safety can also assist your propane business with other types of safety manuals, including security plans, operations & maintenance manuals, fire safety analysis, and emergency action plans. Get in touch with us to learn more!