If you own and operate an Oil & Gas Company, or you are a subcontractor for an Oil & Gas Company, you need to understand how Insurance works for this industry. Insurance is designed to protect your company, that’s why it’s vital you know the types of Insurance that are available and at what times Insurance should be used.
The oil service sector is extremely broad, encompassing a wide range of firms including, up-stream, down-stream drillers, well servicing, pipeline construction and repairs, as well as trucking and manufacturing to name a few. Although all of these activities are part of the same sector, each firm has its own set of hazards and potential losses that must be recognized and addressed. Working with energy-related businesses has given us a deep understanding of insuring the industry’s specific risks. You may trust our staff to provide dependable products and competent service to your oil field business.
In the oil sector, there are several major threats for both businesses and employees. Our objective is to protect your firm from the injuries, fines, and expenses that are all too common in this business. After we’ve completed our initial consultation, we’ll start assessing your firm’s existing policies and procedures. This helps us to recognize any areas where you may improve. We’ll work with your staff to create a suitable risk management strategy before starting to customize insurance plans to protect you from these hazards.
We realize that each energy firm has specific demands, and we’ll devise unique strategies to safeguard your oil field company’s critical assets. We have relationships with 50+ industry-specific insurance providers who can provide customized protection. Our staff will work with you to select from the range of available coverage and deductible choices so that you may choose the policy that best fits your firm’s needs and budget. Once it is implemented, we will continue to ensure that your team is satisfied with the management of this plan and address any questions or concerns you may have.
Commercial Auto InsuranceCommercial Auto Insurance provides coverage to vehicles used for business purposes. Insurance is important because commercial vehicles pose a high risk of causing property damage and injuries due to the volume and size of these vehicles. A large commercial truck can cause much more damage than an average sized car, which is why Insurance companies place strict requirements on drivers who want to be covered by their Insurance policies. Insurance for Oil & Gas company trucks require special attention as well as Insurance companies take into account that business use is often combined with personal use such as commuting or visiting family members.
The most important insurance coverage you’ll require as an oil and gas firm is General Liability Insurance. It covers your business from third-party claims, such as a person being injured on your premises. This policy covers medical expenses, attorney’s fees, and any other associated costs incurred in the course of a third-party claim. It’s critical to have insurance if you are a subcontractor for an oil and gas business. Your Insurance should cover Bodily Injury and Property Damage, which will protect you if someone is harmed or their property is damaged while working on your project. Whether you’re working or not, it’s essential to have insurance. Oil & Gas industries’ Insurance is intended to safeguard both yours and the client’s assets at all times.
Cyber Liability Insurance protects your company or organization from cyber attacks. A cyber assault is an attempt to expose, change, destroy, steal, or obtain unlawful access to computers and networks. There are several methods that a Cyberattack might occur, therefore it is an essential component of today’s daily business operations. With more and more companies establishing their digital presence every day, security and data protection are growing increasingly important. For Oil & Gas companies, a Cyber Insurance policy is a vital way to protect your company against potential losses from cybercrime and protect sensitive data.
Umbrella Insurance Policies are important for Oil & Gas companies. These policies work to supplement the underlying Insurance of other policies, such as General Liability Insurance, Commercial Auto Insurance, and Commercial Property. Umbrella Policies can help cover losses that are above the limits of other Insurance policies.
Oil & Gas companies have unique Insurance needs, due to the inherent hazards in this industry. Umbrella Insurance Policies can be vital in protecting your company from losses that exceed the limits of other Insurance policies. It’s important to have a good understanding of the types of Insurance available to you and when they should be used. Make sure you discuss your Insurance needs with an experienced Insurance agent who understands the Oil & Gas industry.
Cost of insurance varies heavily in the Oil & Gas industry due to risk of loss. Insurance companies price your policies based on your unique needs and risks, please inquire for a quote from an Insurance agent today. Insurance for Oil & Gas Companies is important because it can protect against many risks such as property damage or injuries caused by faulty equipment. For more information about Insurance for Oil & Gas Companies, contact our experienced Insurance agents today. With a variety of Insurance policies available at different prices, talk to an Insurance agent who understands the specific needs of Oil & Gas businesses today to find the right coverage at the best price.