While nearly every business faces operational risks that can threaten their future, the oil and gas industry has its own exposures that require a serious plan. Risk management is a best practice for any industry that has specialized needs. Property damage, general liability, commercial auto, and worker’s compensation are some of the focus areas for most companies, but environmental liability, pollution, and breakdown of special equipment require unique approaches for oil and gas operations. Insurance products help mitigate and manage these risks.
Who Benefits From Special Oil and Gas Coverages?
When it comes to oil and oil field insurance, the following providers should strongly consider special oil and gas coverages:
- Drilling operations
- Roustabout and lease maintenance
- Oil and gas contractors
- Delivery services
- Pipelines and utility operations
There are many moving parts in the business with each role fulfilled by various types of firms. Losses and damages associated with your business requirements can lead to financial harm that puts your company at risk.
What Should I Do?
Superior risk management means working with an insurance agency or provider that understands your unique needs. You require a comprehensive approach that covers all aspects of the work you do. Look for a provider who put together a tailored plan that includes your typical exposures as well as those that are specific to the oil and gas industry.