Oil and Gas Insurance Quote Forms
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Oil and Gas Insurance Information
Given the many hazards and perils present in the oil and gas industry, such as heavy machinery, flammable substances and motor vehicles, the potential for catastrophic losses may be constant. With this in mind, it’s imperative for employers in this sector to implement robust loss control measures, including a thorough insurance portfolio.
Who Needs Oil and Gas Insurance?
All employers in the oil and gas industry should make it a priority to maintain an adequate collection of insurance coverage. Although exact exposures will depend on a business’s specific operations, most organizations can account for certain inherent risks. Without sufficient coverage, the damages and costs from even a single incident could lead to irreparable ramifications for a company’s finances and future.
What Types of Insurance Do Oil and Gas Employers Need?
The specific tasks conducted by employers in the oil and gas industry may vary significantly. Still, certain types of insurance coverage may prove to be invaluable investments for most organizations within this sector. To begin building a solid insurance portfolio, employers should consider these forms of coverage:
· General liability insurance can help pay for losses and damages arising from incidents that affect third parties, including the following:
o Bodily injury
o Property damage
o Personal and advertising injury (e.g., slander, libel, false advertising, copyright infringement and false imprisonment)
· Commercial property insurance may cover losses involving physical business property, such as:
· Workers’ compensation insurance can provide financial assistance if employees are injured on the job or develop a work-related illness. Specifically, such coverage may help pay for the following expenses:
o Medical treatment
o Lost or reduced wages
o Disability benefits
o Death benefits
o Legal costs arising from lawsuits (e.g., representation, judgments and settlements)
· Commercial auto insurance can help pay for property repairs or third-party losses stemming from the use of motor vehicles for business operations.
· Equipment breakdown insurance can provide financial assistance if normal business operations are disrupted due to damaged or malfunctioning equipment. In particular, this coverage may help pay for the following:
o Equipment repair or replacement costs
o Lost income and spoiled inventory
o Other expenses incurred during equipment-related interruptions
· Professional liability insurance can help pay for legal costs if a client alleges they received inadequate services, including inaccurate advice, negligence or omissions.
· Employment practices liability insurance can offer financial protection against the resulting legal costs and damages if a prospective, former or current employee files a lawsuit alleging improper workplace practices, such as the following:
o Wrongful termination
o Sexual harassment
o Improper hiring practices
o Failure to promote
· Environmental liability insurance may provide crucial financial assistance in the aftermath of a pollution-related incident by helping pay for cleanup costs and other related damages.
· Commercial umbrella insurance can serve as a form of backup coverage if the liability limits of other insurance policies, such as general liability and commercial auto, are exceeded.
Employers in the oil and gas industry may need to account for an extensive variety of risks and exposures. As such, the aforementioned types of coverage could still leave potential gaps. As a result, it’s essential for companies to assess their own unique circumstances to identify additional insurance needs.
Get the Right Coverage
With more than 30 years of experience serving the Midland and Odessa region of West Texas, the agents at Area Insurance Services, Inc., have the knowledge and expertise necessary to help businesses in the oil and gas industry properly determine their specific coverage needs. Contact us today to get started.