Covering Unique Risk in the Energy Industry

Covering Unique Risk in the Energy Industry

Daniels Insurance

Operations within the gas and oil industry are fraught with risks, regardless of whether your company is a provider of supporting services, a transportation provider, or in the midst of the drilling fields. The expert advice coming from Daniels Insurance cautions that there are both highly-noticeable and subtle liabilities lurking in each company. To help protect against the financial costs of the exposures, an insurance policy tailored to address oil and gas industry liability is strongly advised.

Common Coverages for Loss

There are dangers unique to the industry, with the most common claims filed after incidents that included fire, explosion, machinery breakdown or failure, CBI loss, and blowouts. Because these incidents cover significant areas of operation within the industry, any of the following areas of coverage are applicable.

  • General Liability
  • Property
  • Professional Liability
  • Pollution
  • Well Control
  • Inland Marine
  • Commercial Auto
  • Cyber Liability
  • Directors and Officers Liability
  • Surety Bonding
  • Group Health Benefits
  • Workers Compensation

The Potential Risks

Any business in the oil and gas industry faces risks with employee injury, property damage due to fire, or commercial automobile accidents. These aren`t that different from the risks that other businesses operating in other industries experience, but there are additional risks with hazardous waste, environmental spills, theft, regulatory compliance, and cybersecurity. Meeting with the right insurance agent can make sure a plan is tailored to each area of risk.