No matter what industry you work in there are various risks that can impact productivity, finances, and the ability to meet your contractual obligations. Oil and gas companies in particular understand that there can be no reward without risks. Equipment breakdowns, injured employees, and pollution accidents are just some of the exposures your company faces when doing business. Best practices involve robust programs involving quality and safety to help eliminate those risks, but accidents do happen. Insurance coverages help companies protect themselves from these operational risks.
Coverages To Consider
According to experts on drilling insurance and other protections, these are a sample of the coverages you should consider:
- General liability – Addresses injuries to third parties while on the premises
- Workers’ compensation – Covers illnesses and injuries to workers while on the job
- Commercial auto – Covers company-owned and personal vehicle operation for business purposes
- Environmental and pollution liability – Protects from claims related to pollution and other environmental impacts
- Commercial umbrella/excess – Provides coverage above the limits on other insurance products
Managing your risk with insurance protection prioritizes the health of your company.
A Tailored Plan
No two companies will have the same needs. Drilling contractors will have different needs from pipeline owners. It’s critical to have a comprehensive approach that addresses your risks, both typical and specific. While many insurance companies offer products, it’s recommended that you partner with one that understands the exposures present in the oil and gas industry.