When we hear the words oil and gas, what we certainly think is the risk involved. Many things can go wrong, whether it is transportation or the production industry. This might further lead to financial losses.
This can be one of many reasons one should be aware of oil and gas insurance. Knowing the types can protect you from the worst that might happen. Whether oil and gas or small business insurance, you're in the loop! Texas Select Insurance Group is well-versed in the latest industry trends and can help you cover risks and exposures your business often faces.
In this post, we'll go through the many types of gas and oil insurance you can avail of at our company. This can help mitigate risks, keeping your finances safe.
Let us understand these policies.
What is Oil and Gas Insurance?
This type of insurance provides coverage for all types of oil and gas companies against damage or loss to their property, finances, and other assets. It can be helpful as it protects against liability claims that arise from injuries or environmental damage.
Types of Oil and Gas Insurance
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Property Insurance
It protects against damage to your property or equipment. Property insurance may also cover your lost revenue if your business is forced to shut down because of damage from an event. This type might be a bit expensive but can work wonders in the long run.
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Liability Insurance
Liability insurance fortifies you from lawsuits that may take place from your operations. If you are found liable, your policy will cover the entire cost of the damages. Thus, liability insurance is essential to protect your business.
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Worker's Compensation Insurance
The worker's compensation insurance covers lost wages and medical expenses for employees who were injured while working for your company. Most states require this type of insurance policy, and prove effective in protecting your employees.
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Business Interruption Insurance
It covers lost revenue if your business is shut down due to a covered event. Business interruption insurance can be helpful if your business is disrupted by a natural disaster or any other event out of your control.
Reasons Insurance is Vital For the Oil and Gas Industry
You will find many reasons why companies rely heavily on various types of oil and gas insurance policies. Some of them include:
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Protection Against Costly Lawsuits
Oil and gas companies face risks of expensive legal claims, including pollution, injuries, property damage, and much more. The insurance can help you rest easy knowing it covers the costs of settlements, legal defenses, or judgments. You may also cap the amount and expenses like the lawyer's fees are also covered.
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Insuring Property and Equipment
If you are a business owner, you might know the pain behind repairing or rebuilding complex machinery. Pipelines, rigs, refineries, and other assets that companies use in oil and gas operations are expensive. So, the property insurance policy can help cover the expenses to replace or fix equipment or facilities damaged from events like fires, accidents, storms, and more.
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Robust Employees Advantages
Employees can even get incredible perks from the insurance policies. It includes dental, health, disability, and even life insurance. This could be one of the reasons why oil and gas industries attract more employees.
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Peace of Mind
Oil and gas companies and even workers might be confident undertaking transportation, refining, drilling, refining, or other hazardous activities. This is because gas and oil insurance policies can protect against a range of risks, giving peace of mind.
Find Customized Insurance For Your Oil and Gas Company
Texas Select Insurance Group offers a wide range of oil and gas insurance policies. We help businesses protect against the unique risks you and your workers might face. Our team will understand your operations and foster solutions tailored to your business requirements. Find the coverage you deserve and safeguard your assets!
