What Types of Insurance Do Oil Field Contractors Need?

Commercial auto—Commercial auto insurance may cover property damage, medical bills and legal expenses if company-owned vehicles are involved in accidents. It may also help cover vehicle damage resulting from hazards like fires, theft and vandalism. 

General liability—Third parties may sue your business over property damage, bodily injuries or other losses. General liability insurance can help cover the costs of damages, legal fees, settlements and other expenses.  

Environmental impairment liability—Your business may be held responsible if oil spills, leaks or other issues cause environmental damage. This coverage can help protect your business in case of lawsuits. It covers liability and sometimes cleanup costs. 

Workers’ compensation—If employees sustain occupational injuries, workers’ compensation insurance may help cover their medical bills, provide supplementary income and offer other financial assistance. 

Crime—Dishonest acts by an employee may cause financial losses for your business. Crime insurance may help you recover from these incidents. 

Property—Your property may be susceptible to hazards like fires, theft or vandalism. Property insurance can help repair or replace items if covered perils cause damage. 

Equipment breakdown—Coverage may pay for equipment damage caused by hazards such as power surges, electrical shorts or motor burnouts. 

Business interruption—Coverage may replace lost income or operating expenses during restoration after a covered peril causes a halt in operations. 

Inland marine—Inland marine insurance may protect company equipment and other materials while they are in transit over land to different locations.