Ensure your oil and gas company receives the financial support it needs in the aftermath of an unexpected well blowout with coverage from InSource.
Running an oil and gas business is a dangerous venture, and no matter how many risk management practices you implement, there’s no foolproof way to prevent every potential accident. From employee injuries to leased property damage, these accidents can cost your business substantial time and money. If you suffer an unexpected well blowout, costs can skyrocket into seven figures and beyond—threatening the future of your business.
At InSource Insurance Group, we specialize in covering the unique risks of the oil and gas industry, including well blowouts and sudden pressure release. Our control of well insurance policies cover critical costs in the aftermath of a blowout, so you can get back to business without draining your bank account.
Control of well insurance helps cover some or all of the costs that arise after a well blowout. These costs may include:
- Regaining well control: After pressure control systems fail and a well begins releasing crude oil and natural gas, it doesn’t take long for severe property and environmental damage to occur. However, getting the right people and equipment to a remote site can cost thousands after a blowout. Whether you hire a third party to help regain control or attempt to mitigate the situation internally, your control of well insurance can help cover related costs.
- Well restoration and redrilling: Blowouts can cause explosions and fires that damage the integrity of the well. Once you regain control, your policy will help pay to redrill the well to its previous depth and bring it back to working order.
- Pollution cleanup: Before you can completely regain control of a well blowout, large amounts of oil and gas may leak into the ground or water, causing environmental damage. Many control of well policies help pay for equipment and labor associated with pollution cleanup efforts.
- Legal liability: Depending on the policy you choose, you may receive coverage for legal liability. If a third party sues you for bodily injury or property damage after a well blowout, your legal liability coverage would help pay for lawsuit expenses.
- Care, custody, and control: Some policies include care, custody, and control coverage, which helps pay to repair or replace leased equipment damaged during a well blowout. InSource can help you determine the coverages to include in your policy to provide the best protection within your budget.
Many oil and gas companies don’t realize their insurance is inadequate until it’s too late. Turn to the experts at InSource to assess your risks, identify coverage gaps, and find affordable policies that protect your business from the most common dangers on your oil and gas site.
Any oil and gas company that could experience a well blowout, whether it’s caused by human error or equipment failure, needs well insurance to protect from financial loss. It doesn’t matter if you follow all the best practices for preventing blowouts—one mistake can undo your efforts and leave you with enough unexpected costs to shut down your business altogether.
If you’re unsure about how much a well blowout could cost or the amount of insurance coverage you need, InSource can help. We’ve spent decades helping oil and gas businesses manage risks and prepare for the unexpected. Additionally, we offer every type of insurance your company might need, from standard policies like general liability, commercial auto, and property insurance to niche coverages like oil and gas lease property, rig and hull insurance, and riggers liability insurance.
At InSource, we believe that covering your risks with control of well insurance is only the first step in protecting your business. As a risk management agency, we strive to help you mitigate risks before they become loss events, so you don’t have to deal with the financial or reputational repercussions of a well blowout.
We offer several risk control services to help your business prevent accidents, including:
The Occupational Safety and Health Administration (OSHA) requires oil and gas businesses to train their employees on occupational hazards, including sudden pressure release, fires, explosions, and other effects of well blowouts. Our team can help you develop a safety plan and implement a training program that protects your employees and business.
Well blowouts don’t just affect the environment—they can also expose your employees to health hazards. InSource can help you develop a plan to keep employees safe on the drilling site and teach them how to identify and handle potential health threats. Whether you need a site analysis or safety consulting, our experienced team is available for support.
Finding the right insurance for your oil and gas business can be a tricky and daunting task, but InSource is here to offer the guidance and support you need. With several offices across Texas and Oklahoma, including Odessa and Midland locations in the Permian Basin, we have the resources available to assess your oil and gas site and determine which control of well insurance coverage options will suit your business best.
Don’t settle for an insurance agency that doesn’t understand the risks and hazards unique to your industry. Get tailored, informed recommendations from some of the nation’s most knowledgeable oil and gas insurance experts. Contact us today to request a control of well insurance quote or learn how we help companies across Texas and beyond find affordable, comprehensive insurance for the oil and gas industry.
Protect your business with the right insurance through InSource Insurance Group.