Living in Texas, you and your company may indirectly or directly be a part of the oil and gas business. Whether your company is an oil or gas company in Houston or supports the business, you fall into a unique category of insurance. No matter how you choose to look at it, oil and gas insurance falls into its own separate category. Its needs and issues are a challenge for both the insurer and the insured.
What Is the Difference?
Being in the oil and gas business is entering into a field of high risks. The entire business, literally and figuratively, is quite volatile. The issues faced everyday make specialized gas and oil insurance a necessity not an option. After all, you and your employees have to work hard on so many different levels ensuring the company is moving ahead.
Risks come in many forms from tackling worker safety to evaluating wells to management tasks. Every day, oil and gas companies are faced with a vast array of challenges including:
* Scouting wells
* Ensuring all equipment is in perfect running order
* Managing the diverse crews
* Handling all the jobs that are required on a daily basis
* Making certain everything is in compliance with the latest regulations
This range of health, safety and environmental issues all need attending to. They need to be addressed by oil and gas insurance policy that understands what is required and what is not.
What Should Gas and Oil Insurance Include?
In Houston, oil and gas operations have to be certain their insurance covers a wide spectrum of specific and specialized areas. A good gas and oil insurance policy needs to provide a program of both coverages and services that is more than superficial. It needs to include:
* All Equipment and Rigs
* Vehicles e.g. oil tankers and trucks
* Well control: this refers to the expenses accrued while trying o regain control of a blow-out
* General Liability: this includes such things as accidental pollution as well as underground equipment, tools and resources
* Properties leased by your company for the purpose of drawing oil or gas
* All Property
* Workers Compensation
* Employee Benefits
* Pollution
* Umbrella Liability
* Master Contract Agreements
A company may also request protection against other issues that may affect the company, his or her employees, the property, equipment and service operators. These can be addendum to or separate types of oil and gas insurance policies.
Oil and Gas Insurance
It is imperative that, as a business that wants to reduce and/or manage risk, you approach the matter with logic and clarity. You need a plan that is cohesive and comprehensive. Consider everything that is at risk if you fail to obtain the proper coverage. Talk to a local Houston insurance agent. This is the best means to ensure you acquire the best oil and gas insurance coverage possible for your business.
