Consider the Factors
When most people think of the oil and gas industry, they think of drilling and pipelines, but you know it goes far beyond that. If your business does work in the oilfield servicing or maintenance sector, you need to consider the risks involved. Not sure of the type of coverage you need? Your agent at Lane’s Insurance can help.
Property
When disaster strikes, property damage loss is the first thing that comes to mind. When we think of property coverage, we think of buildings and their contents—everything from computers to valuable papers—but it doesn’t end there. Have you ever considered the professional fees that might be involved in having a disaster assessed? How about the need for pollutant cleanup?
Business Interruption
If your facility is unusable while it is being rebuilt from an accident or other damage, you will lose income. By adding business interruption coverage to your oil and gas insurance policy, you will be reimbursed for the profits that you would have earned, helping to recover some of that lost income.
Contractor’s Equipment
In an industry that employs contractors of so many kinds, you need coverage tailored to your needs. This coverage can provide for a contractor’s loss of income, reimbursement for rental equipment, and the replacement cost for a contractor’s personal equipment.
Crime
In any business crime is an unfortunate fact of life that we all must deal with, but that doesn’t mean you leave your business unprotected. The coverage we provide can protect you from the dangers of employee dishonesty, counterfeit, and forgery.
General Liability
General liability coverage protects your business, assets, and capital from third-party claims due to losses from damage to property, contractual liability, or accidents. This can include building material replacement costs, coverage for a difference in deductibles, and coverage for work that fails to meet written specifications.
Optional coverage
Because the industry is so large, the right oil and gas insurance policy can include many other options. Perhaps you need an umbrella liability policy, or protection against disasters like earthquakes or floods. Depending on your sector of the industry, commercial vehicle coverage and equipment breakdown insurance are other options you might also want to consider.
At Lane’s Insurance, we know the needs of the oil and gas industry. We’re here to protect you with the right policy for your property and your employees, so you can get the job done safely and efficiently.