Oil and Gas Insurance
Businesses in the oil and gas industry face unique situations that call for special insurance coverage. Like other businesses, they need workers compensation, general liability, auto and property insurance. Along with this, they also need policies made for the type of equipment they use, environmental exposure and safety risks specific to their work.
Oil and gas equipment
The machines, tools and rigs used in oil and gas operations are not covered under standard auto or property insurance. Rigs and equipment coverage is required instead. These assets are costly to fix or replace. When they are not working, business operations can suffer. Insurance can help by covering replacement costs or agreed value so the business can return to work faster.
Environmental concerns
Damage caused by spills due to errors or equipment failure can affect both the business and the surrounding area. Cleanup costs and possible legal claims can be very high. Relying only on self-insurance may not be practical. Equipment coverage may help with some cleanup costs, but added protection through an umbrella policy may also be needed.
Safety risks
Oil and gas workers often face higher risks than many other industries. Offering coverage such as accidental death and dismemberment along with workers compensation can give employees peace of mind. This also helps protect the business from claims if an employee is injured or loses their life while working.
Thank you for your interest in Davis Insurance Group. With locations in Edmond and Ada, OK, we help businesses find oil and gas insurance coverage across Oklahoma. Contact us today to learn more.
Common Types of Oil & Gas Insurance Coverage
Because of the risks involved, most oil and gas companies need multiple policies working together. Coverage may include:
General Liability Insurance
Helps protect your business from third-party claims involving bodily injury, property damage, or advertising-related claims. It may also help cover legal defense costs.
Commercial Property Insurance
Covers buildings, offices, tools, and business property if damaged by fire, storms, theft, or vandalism.
Workers’ Compensation Insurance
Provides coverage for employee injuries, including medical expenses and lost wages, which is especially important in high-risk oilfield work.
Commercial Auto Insurance
Protects business-owned vehicles such as trucks and service units used for transporting equipment, materials, and workers.
