Oil Field Insurance in Midland, TX

If something damages physical property (like your building or possessions), this coverage can help you repair or replace them. So, in the event a storm damages your main office, meaning that structural repairs are necessary, then your property insurance can help you afford your repairs.

This benefit protects the business in case it is the object of a lawsuit by a third party, such as a client or vendor. For example, if someone sues you because they tripped over a cord in your office, fell, and sustained an injury, then this coverage can help you cover the costs.

This benefit helps you pay the bills if you must temporarily close after a damaging accident. It might help you pay for ongoing overhead expenses after a fire damages your business, for example.

Do you own a vehicle for use by your business? If so, you might need commercial auto insurance. It’ll insure your business against the risks involved in operating vehicles. Coverage can provide liability insurance, collision, comprehensive, uninsured/underinsured motorist, and other essential benefits for every driver’s needs.

Depending on the type of vehicles you operate and the services you provide, you might need other coverage, like inland marine, cargo or trailer protection. Ask your agent about more specific coverage elements that are necessary for the oil and gas industry.

With this coverage, an affected employee might get help with medical bills, rehab costs and other financial needs. Should an employee fall on their way to the bathroom, they might break a bone, get a concussion or have other injuries. Whether the business was negligent in the accident, they must often offer the employee workers’ compensation.

Most businesses in the U.S. have to offer this protection to their employees, and oil and gas contractors usually need to carry expansive benefits.

Errors and omissions (E&O) coverage extends to professional mistakes made by the business or its employees. If your clerical errors, professional advice or other factors harm a client financially, they can make a claim on this coverage, and you may be able to settle with the client for their losses.

If a general liability insurance claim exceeds the value of your standard policy, then you can use this benefit to receive additional coverage for the excess costs of your claims. Given that oil and gas liability claims are often significant, this benefit is essential in the industry.