Valuable Insurance Coverage for Oil and Gas Companies: Important Policies That Energy Companies Should Have
Oil and gas companies are faced with challenges and risks that other companies just don’t have.
Because of the wide range of different sectors, facilities, and functions that energy companies have, it’s important that they have comprehensive insurance policies that will provide coverage should something go wrong.
Here are some valuable insurance policies that oil and gas companies should have.
- Property Insurance: Property insurance is valuable protection that is designed to protect against risk of fire, explosions, natural disasters, and more. This coverage can be purchased on a “named risks,” or “all perils” basis.
- Machinery and Equipment Insurance: Protecting your equipment and machinery is important. This coverage includes errors in equipment design, faulty installation, overheating, power supply disruptions, and more.
- Business Interruption Insurance: Insurance against business interruption is valuable coverage that protects your operation against financial loss that is caused by an interruption due to factors that are covered in the previous two sections.
Liability Insurance Policies
- General Liability: General liability is vital coverage that protects your company against lawsuit alleging bodily injury or harm that is caused direct or indirectly by your company. It also includes a level of professional liability as well.
- Pollution Liability: Pollution liability is important insurance coverage for energy companies. This coverage provides protection in case of environmental damage caused by actions taken by your company.
- Workers Compensation: Workers compensation is valuable protection in case an employee were to sustain a work-related injury or illness. This protection also offers employers valuable protection against employment injury related lawsuits.
- EPLI Insurance: Employment Practices Liability Insurance (EPLI) provides valuable protection for employers, offering coverage for employment-practices related lawsuits containing allegations such as discrimination and harassment. EPLI Insurance is quickly becoming an increasingly necessary insurance policy for companies with employees.
At Texas Energy Insurance, we understand the challenges that oil and gas companies face, and will work hard to ensure that you find coverage polices that are designed around your company's needs.
Contact Texas Energy Insurance for more information on commercial oil and gas insurance today. Call: (877) 952-1010.