There are a wide variety of insurance policies available to the Oil and Gas Industry. Many industries have similar options when it comes to taking out an insurance policy. However, that doesn’t mean that every single policy is relevant to your specific company or role. With that in mind, Texas Insurance Agency is here to help you find the right insurance policies for you.
Oil & Gas Insurance is available to anyone who participates in the distribution of oil and gas products. What’s more, these policies also cover people involved in the extraction, refining, and exploration of these products.
Some of the many policies available for contractors and companies in the Oil & Gas Industry include the following:
- General Liability
- Commercial Auto
- Umbrella Coverage
- Directors & Officers Liability
- Workers Compensation
- Employment Practices Liability
- Operators & Legal Liability
- Oil & Gas Lease Property
- Equipment Coverage
As you can see, there are a variety of policies available in this Industry. Additionally, there are many roles involved in the Oil & Gas Industry. As a result, it can be difficult to determine whether you qualify for such an insurance policy. However, Texas Insurance Agency is here to help. Get in touch with our team today to see what policies are available to you and how we can find you the best rates.
Oil & Gas Companies: Insurance options
If you own, operate, or work for an Oil & Gas Company, it’s important to know what policies you’re eligible for. Being an employee means you may have certain coverage due to your employment. However, it’s always a good idea to be sure, so you never encounter a situation and come to find you’re not covered.
With that in mind, Texas Insurance Agency is here to help. We never want our clients to risk themselves, their reputation, or their finances due to workplace accidents or injuries. Speak with our team today to find the right policy for you.
There are certain policies needed in certain businesses, and Oil & Gas companies are no exception. In fact, General Liability Insurance is a must.
General Liability
If you visit with clients or they visit you and your business location, General Liability Insurance (GLI) is a must. Additionally, this insurance policy is needed by people who have access to their client’s property, use advertising for their company, or need coverage when entering a new contract.
If this sounds familiar, speak with the experts at Texas Insurance Agency. We’ll help you find the right policies to keep you and your business protected. A General Liability policy keeps you from being held liable if an accident were to happen in the workplace.
Accidents can happen anytime and anywhere. All it takes is for an employee to trip and hurt themselves, and you could be on the receiving end of a lawsuit. However, with the right coverage policy, you’ll avoid situations such as these while also keeping your employees’ best interest in mind– a general liability policy doesn’t just protect the employer; it also protects the employee.
Moreover, General Liability can cover the cost of repairs and replacements. If property is damaged, you won’t need to worry about covering these costs. Your GLI policy will cover repair costs, replacement costs, and reimbursements.
General Liability, unfortunately, does not cover your own property. However, here at Texas Insurance Agency, we can find you a bundle deal that ensures your property and your company’s property are also protected. Speak with us today to ask about BPP (Business Personal Property) Coverage.
Umbrella Insurance
If you are the owner of an Oil & Gas Company, you may want to consider an Umbrella Insurance Policy to keep you covered in a variety of circumstances. If you’re unfamiliar with Umbrella Policies, they are there to help cover losses above the underlying limits of other policies. These policies include General Liability, Commercial Auto, and Workers Compensation.
Umbrella Policies need to be treated carefully due to the nature of the Oil & Gas Industry and all the risks involved. Umbrella Insurance is a form of Personal Liability Insurance. Having this policy keeps you protected if you ever find yourself liable for a claim that your usual insurance policy would not or could not cover. That is not to say that if you have an Umbrella Insurance policy, you can’t also have other liability policies. Instead, it is tended to give you an extra level of protection.
To learn more about Umbrella policies, speak with our agents today. Additionally, we can provide you with more information regarding policies such as D&O insurance, Equipment coverage, and more. Call now and find the right policy to keep you covered.
Oil and Gas Contractors: Insurance Options
Contractor insurance is there to cover a variety of workers in the Oil & Gas industry that are working on a contract basis. These policies are available to both drilling contractors and service contractors alike. Regardless of if you work onshore or offshore, Texas Insurance Agency can help you find the right insurance policies to keep you covered during your workdays.
Much like Oil & Gas Companies, Contractors should keep themselves covered with a General Liability Insurance (GLI) policy. However, it’s important to note that the type of policy you need will differ depending on if you work onshore or off. Although these policies differ in several ways, they also offer similar coverages.
Coverage for Onshore & Offshore Contractors
It’s clear to see that onshore policies cover work carried out on land, whereas an offshore policy covers workers who carry out their role away from the mainland, such as aboard water-based oil rigs.
The coverage options for onshore policies include maintaining oil wells and rigs found on dry land. Additionally, this coverage is good for drilling and surveying these rigs and wells. An offshore policy, however, provides this coverage for water-based oil endeavors.
Being an Oil & Gas Contractor, you may also want to look into Environmental Coverage. Accidents happen in a variety of workplaces, and the Oil & Gas Industry is no stranger to these accidents. With that in mind, an Environmental Coverage Policy will keep you from being liable if an incident happens, leading to damage to the environment. An example of this would be an oil spill.
However, it’s important to note that you may not be eligible for this policy depending on what sector you work in. To learn more about your coverage options, speak with Texas Insurance Agency today. Our team is here to help you find the right solutions for you!
The Benefits of Coverage
Having an insurance policy can protect you from being held responsible in a number of situations. First and foremost, Commercial General Liability Insurance will protect you against damage done to another person or to property. Of course, this coverage will only apply if the incident took place during work.
General Liability coverage can include other policies such as Workers’ Compensation and Personal Injury. This insurance policy covers both personal injury and injury of another contractor. Additionally, it will cover damage to third parties. Another aspect of this coverage policy is that it will keep you from covering the cost of medical expenses pertaining to an on-the-job injury.
As these policies are geared towards contractors in the Oil & Gas Industry, they differ from other liability coverage policies. This is because accidents or injuries that occur in the Oil & Gas Industry tend to be more serious than in other industries.
If you would like more information regarding these policies and the many ways they can keep you covered, call Texas Insurance Agency today. You won’t find an insurance agency more dedicated to finding you the best policies.
