With the recovery of oil prices and prosperous Permian production, multiple companies are looking to rehire truck drivers. After the price of oil fell in 2014, drilling operations across Texas came to a halt, including truck drivers who were no longer needed.
Commercial Auto Insurance
However, at the pace at which the Permian basin is increasing its oil production, companies will need to hire more than 3,000 truck drivers. Last year alone, the Permian beat its previous record in 1973 by pumping an estimated 815 million barrels of crude oil.
Although the oil industry is in dire need of drivers, it has been difficult finding enough to want to come back into the industry. Many drivers are worried they won’t get paid as much and are nervous about technological advances in the industry changing their hourly logging system. However, there will soon be more than 3,000 new drivers on the streets, carrying hazardous substances. That is why commercial auto insurance is extremely important!
Because the oil and gas industry is extensive and diverse, hauling hazardous materials is highly regulated by state and federal laws in order to ensure public safety. Depending on the type of hazardous materials being hauled, hazmat trucks have to provide insurance liability from $1,000,000 to $5,000,000 per accident. Your business could be held liable for any damages caused while your commercial vehicles are in use. It is critical that your business protects itself from these risks by implementing a proper business auto insurance policy.
The Winning Plan
InSource understands that increasing commercial auto insurance costs can seem overwhelming, however, we use our many insurance carrier partnerships to provide the best possible coverage at the most competitive prices. Whether you have one commercial automobile or over 1,000 in your fleet, InSource can find the best possible coverage and pricing solutions for your business!
Contact us today if you’re ready to start planning your new commercial auto insurance.