Oil and Gas Insurance
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Oil and Gas Insurance Information
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The oil and gas industry faces many unique exposures. Businesses in this field encounter several hazards and areas of potential liability. Having the proper insurance policies in place may help mitigate these risks and provide protections if accidents or injuries occur. The professionals at Bromell Agency, Inc. can help design a comprehensive insurance plan for your operations. Contract us today for additional information.
There are multiple types of businesses within the oil and gas industry, and each has a unique risk profile. Insurance plans generally can be customized to meet your individual needs. Available coverages may include:
General liability insurance—This may protect your business if it’s responsible for third parties’ injuries or property damage. It may cover resulting legal fees (e.g., attorney fees, court costs), and it may help compensate third parties for their financial losses (e.g., medical expenses).
Property/Equipment insurance—Property coverage may protect your buildings and structures if they are damaged by covered events such as fires or explosions. Coverage may also be available to help protect your machinery and equipment if they are damaged by covered perils.
Inland marine insurance—This insurance may cover losses to your business’s materials and equipment as they are transported over land or stored off-site.
Commercial auto insurance—This may provide coverage for your business’s vehicles utilized for your operations. It may help cover accident-related expenses or damages.
Professional liability insurance—This coverage is also known as errors and omissions insurance. It may cover claims that your business made a professional mistake that resulted in a financial loss to a third party.
Equipment breakdown insurance—This may cover the cost to repair or replace equipment that breaks down due to covered events like power surges or short circuits. Lost income due to these breakdowns may also be covered.
Pollution liability insurance—This may provide coverage if your business is found to be responsible for releasing pollutants into the environment that injured or caused property damage to third parties.
Worker’s compensation insurance—If an employee suffers a work-related injury or illness, this coverage may provide medical expenses or wage-loss benefits.
Umbrella insurance— If a claim exceeds the value of your standard liability policy, umbrella insurance may cover the remaining amount.
Additional coverages may be available, and plans can typically be tailored to meet your business’s needs. Your agent can provide information about specific terms, limits and exclusions.
How Much Does Oil and Gas Insurance Cost?
The cost of oil and gas insurance coverage varies. Several factors, including the size and location of your business and your selected coverages, limits and deductibles, could affect premiums.
The professionals at Bromell Agency can consult with you to help design a comprehensive insurance plan while working with your business’s budget. Contact us today for more information or a quote.