The oil and gas industry is a diverse setting encompassing multiple industries, both onshore and offshore, upstream, downstream, pipeline, and more. These operations are all part of the same industry, but each specific business has its own set of risks and potential dangers to avoid. InSource Insurance Group helps you identify any problem areas to look out for, along with any insurance policies that could keep you protected against harm for years to come.
What Is Oil and Gas Insurance
Oil and gas insurance covers the needs of oil and gas companies, ensuring the most significant risks are handled or have a safety net to avoid any financial damage in the future. Oil and gas insurance covers onshore and offshore, upstream and downstream, operators, drilling contractors, well servicing, pipeline, trucking, and manufacturing. Insurance solutions vary but are based on the individual needs of the company. InSource helps pinpoint areas that could be improved or set up risk management insurance services to prevent problems and protect your business. This includes liability coverage, oil and gas operating insurance, and more.
Oil and Gas Liabilities
There are plenty of risks to businesses and employees in the oil and gas industry. Property could be destroyed, natural disasters could occur, serious mechanical failure could cause environmental damage, and elements of the job put your employees in harm’s way daily. Each scenario has its unique risks that need to be safely managed by a team of dedicated professionals.
Property insurance ensures that any personal property you own is insured against damage. If your building is damaged from the work you perform, you have the financial compensation in place to keep your products and services moving without interruption. Your building’s repair fees are handled by your insurance company and you could see due compensation depending on the severity of the case.
Liability insurance protects you from the dangers of employee accidents and property damage, as you aren’t liable for any harm caused in either area. While this protects you financially, on the other hand, workers’ compensation ensures that any employee harmed on the job has the financial compensation they deserve to overcome physical injury and get back into working shape sooner. General liability and workers’ compensation are two sides of the same financial coin that should always be considered in a dangerous field like oil and gas.
Finally, riggers insurance and similar insurance policies that cover the specialized equipment you use daily help provide replacements or repairs if any equipment ever breaks down on the job.
Insurance Options For Oil and Gas
InSource Insurance Group helps you find the right insurance solution for your business no matter your industry. We provide multiple insurance options and have partners throughout the industry that help you find the best rates and the most savings possible. Safety management starts with a committed insurance partner. When you need an insurance partner that understands the struggles you encounter daily, rely on the experts at InSource Insurance Group.
