Energy companies are faced with extensive liabilities.
As a Texas energy company, you have probably already taken steps to help eliminate unnecessary risks. When it comes to risk management though, it’s important to make sure you have enough insurance, and the right policies, as well as the right amount of coverage.
The amount of coverage you will need depends in large part on the type of company that you have, the size of your company, the number of affiliates and employees that you have, and the size of your investment into your company.
Here are some commercial insurance policies that are important for Texas energy companies.
General Liability Insurance
The most common and basic type of commercial liability insurance, general liability protects your interests in case of a lawsuit by a third party alleging bodily injury or harm caused directly or indirectly by your company. It also contains professional liability, which offers a level of protection in case of allegations brought on by clients alleging failure on your part to perform or a financial loss caused by your company’s negligence.
While workers compensation isn't required in the state of Texas, the value of this important insurance should not be overlooked. Workers compensation provides a vast amount of liability reduction for your company in case an employee sustains a work-related injury. Workers compensation doesn't just pay out in the event of an employment-related injury, it offers lawsuit protection to your company as well. If an injured worker receives workers compensation, they cannot then sue their employer for damages except for extenuating circumstances. This protection alone makes worker’s compensation invaluable for Texas energy companies.
Employment Practices Liability Insurance (EPLI) is important coverage that protects your interests against employment-related claims stemming from employment practices. This insurance provides protection from lawsuits related to discrimination, sexual harassment, wrongful termination, or failure to employ.
Directors and Officers Insurance
Protect your directors and officers from liability with directors and officers insurance. This protection is especially important for energy companies that deal with mergers and acquisitions, and provides protection from lawsuits and allegations related to misconduct or wrongful acts.
Pollution Liability Insurance
An especially important insurance policy for energy companies, pollution liability insurance helps to protect your interests in case of environmental damage caused by your company.
For more information on risk management, talk to a Texas Energy Insurance agent today. At Texas Energy Insurance, our insurance agents would be happy to help you to find a policy that has enough coverage for your needs. Call us today: (877) 952-1010.