A Quick Guide to Insurance for Oil and Gas Companies

A Quick Guide to Insurance for Oil and Gas Companies

Businesses in the energy industry, especially gas and oil companies, face unique risks. The indemnity coverage you select should account for those unique risks. You’ll want to keep a few important things in mind when choosing oil & gas insurance coverages for your operations. 

Common Policy Solutions

Every company has different insurance needs. That said, policies for oil and gas providers typically contain some essential components. As part of a specialized insurance package, each type of coverage handles specific claims:

  • Commercial general liability: bodily injury, property damage and environmental cleanup
  • Business property: supplies, equipment and physical plant
  • Professional liability: negligence caused by staff errors in judgment 
  • Worker’s compensation: medical bills, rehab, lost wages and disability payments for workplace illnesses and injuries
  • Equipment breakdown coverage: loss of income and related expenses caused by malfunctioning machinery

Commercial umbrella insurance increases liability coverage when underlying policies’ liability limits reach a predetermined cap. By selecting this extended coverage, you don’t have to raise liability limits for each individual policy taken out by your firm. 

Choosing Your Insurance

Energy companies enjoy many benefits from custom-tailored insurance polices. Work with an insurer specializing in oil & gas insurance coverages to find solutions that best meet your company’s needs. 

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