Businesses in the oil and gas industry encounter several risks that are inherent to their operations. A comprehensive insurance portfolio can help address these exposures.
The knowledgeable professionals at Bromell Agency Inc. in Ruston, Louisiana, can help your business select the coverages that best suit your operation. Contact us today for additional information.
What Is Oil and Gas Insurance?
Oil and gas insurance doesn’t refer to one specific policy but rather to many types of insurance that businesses in the oil and gas industry secure to help cover potential causes of financial loss. Our agents can discuss your risk profile and help you build an insurance plan that aligns with your company’s needs.
Types of Oil and Gas Insurance
There are several types of businesses within the oil and gas industry, and each has a unique risk profile. Available insurance coverages may include the following:
- Liability insurance—If your business is responsible for the injuries or property damage to others through your operations or products, this may help compensate affected parties and assist in covering the associated legal costs (e.g., court fees and judgments). Several types of liability insurance may be available, including:
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Pollution liability insurance
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Professional liability insurance
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Employment practices liability insurance (EPLI)
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Directors and officers (D&O) liability insurance
- Commercial property insurance—This may cover your business’s property (e.g., buildings, structures and inventory) if damaged or destroyed by covered events such as fires, explosions or storms.
- Business interruption insurance—If your operations must shut down temporarily due to a covered event, this may help cover the resulting lost income.
- Inland marine insurance—This may cover your business’s moveable property as it is transported over land or stored off-site.
- Commercial auto insurance—This may provide coverage for your business-owned vehicles if they are in an accident or damaged.
- Equipment breakdown insurance—This may help cover the costs to repair or replace equipment (e.g., boilers, generators and electrical panels) that break down due to covered events like short circuits or power surges. Lost income due to these breakdowns may also be covered.
- Workers’ compensation insurance—This may provide financial assistance to an employee for medical expenses or income replacement if they suffer a work-related illness or injury.
- Commercial umbrella insurance—If a liability claim exceeds the value of your business’s other liability policies, this may provide an additional layer of coverage.
Additional coverages may be available as endorsements or separate policies, and plans can typically be tailored to meet your business’s needs. Our agents can provide information about options, terms, limits and exclusions.
How Much Is Oil and Gas Insurance?
The cost of oil and gas insurance coverage varies. Several factors could affect premiums, including the size and location of your business and your selected coverages, limits and deductibles.
Contact Us
The professionals at Bromell Agency can help your business design a comprehensive insurance plan. Contact us today for details or a quote.
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