Business & Commercial Insurance For Oil & Gas Field Contractors
The oil and gas business is high-risk and high-liability, which is why it’s imperative to insure your company appropriately. This means you should enroll in the coverage specific to your industry—but you should also carry the essential commercial benefits that are necessary for any business.
For help building a comprehensive commercial insurance package, just come to InsureAll of West Texas
. We insure oil and gas contractors of all varieties, and we can help you get solid commercial benefits that will always come to your aid in the event of challenging loss scenarios.
Call us at 432-848-3055
to your benefits portfolio started.
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What commercial insurance do oil and gas contractors need?
Numerous assets and liabilities are present within any business which need to be protected by strong commercial insurance. Your oil and gas business is no different. Most operations, therefore, need multiple commercial insurance policies.
We will help you determine the who, what, when, where, why and how of commercial insurance. Whatever coverage you choose, you’ll always get targeted protection at budget-friendly prices.
Commercial Property Insurance
If something damages physical property (like your building or possessions), this coverage can help you repair or replace them. So, in the event a storm damages your main office, meaning that structural repairs are necessary, then your property insurance can help you afford your repairs.
General Liability Insurance
This benefit protects the business in case it is the object of a lawsuit by a third party, such as a client or vendor. For example, if someone sues you because they tripped over a cord in your office, fell, and sustained an injury, then this coverage can help you cover the costs.
Business Interruption Coverage
This benefit helps you pay the bills if you must temporarily close after a damaging accident. It might help you pay for ongoing overhead expenses after a fire damages your business, for example.
Commercial Auto Insurance
Do you own a vehicle for use by your business? If so, you might need commercial auto insurance. It’ll insure your business against the risks involved in operating vehicles. Coverage can provide liability insurance, collision, comprehensive, uninsured/underinsured motorist, and other essential benefits for every driver’s needs.
Depending on the type of vehicles you operate and the services you provide, you might need other coverage, like inland marine, cargo or trailer protection. Ask your agent about more specific coverage elements that are necessary for the oil and gas industry.
With this coverage, an affected employee might get help with medical bills, rehab costs and other financial needs. Should an employee fall on their way to the bathroom, they might break a bone, get a concussion or have other injuries. Whether the business was negligent in the accident, they must often offer the employee workers’ compensation.
Most businesses in the U.S. have to offer this protection to their employees, and oil and gas contractors usually need to carry expansive benefits.
Errors and omissions (E&O) coverage extends to professional mistakes made by the business or its employees. If your clerical errors, professional advice or other factors harm a client financially, they can make a claim on this coverage, and you may be able to settle with the client for their losses.
Umbrella Liability Insurance
If a general liability insurance claim exceeds the value of your standard policy, then you can use this benefit to receive additional coverage for the excess costs of your claims. Given that oil and gas liability claims are often significant, this benefit is essential in the industry.
What Is Oilfield Insurance?
Oilfield insurance is a group of business insurance policies. Oil and gas businesses may experience coverage gaps with a one-size-fits-all business policy. Working closely with an experienced agent is crucial to get the coverage your company needs most.
How Does Oilfield Insurance Work?
Oilfield insurance works like every other type of business insurance. These highly customizable policies must be custom designed to help protect your high-risk business from common perils faced by the company and its workers daily.
Do Oilfield Contractors Need Contracts or Bonds?
Whether your project requires you to provide financial assurance in the form of a bond depends on local laws and the requirements of other businesses you work with. An oil and gas bond is designed to provide a financial safety net if the contractor defaults.
Depending on where you are working, you may be required to purchase an oil and gas bond before you are allowed to work on a specific project. Texas law requires oil and gas operators to complete the project as promised or compensate the state. Oilfield contractors must purchase a surety bond before beginning a project in the state.
Here When You Need Us
At InsureAll of West Texas, we understand that building the right commercial insurance package might feel tricky. We’re here to help you get the most effective coverage as well as a valuable and affordable insurance portfolio that fits into your budget.
Don’t hesitate to contact us today for a quote!