Numerous factors contribute to the complexity of the oil and gas sector. Due to the potentially hazardous nature of the activity and the remote locations involved — both onshore and offshore — oil and gas insurance is a specialized area of coverage.
Read on to find the right oil and gas insurance plans to provide you with excellent service at Stampede Insurance.
Oil And Gas Insurance Coverage
Oil and gas industries employ a huge number of single-person contractors and some of the world's largest organizations. This underscores the importance of ensuring that your business is safe and protected against risks.
Specialized insurance solutions are required by businesses in the oil and gas industry. Like other businesses, they need workers' compensation, general liability, automobile, and property insurance. On top of that, oil and gas businesses must have policies that are specifically tailored to their equipment and any specific environmental hazards or safety risks.
With this insurance, business owners can have their oil and gas equipment and environmental concerns addressed and protected. After all, equipment, tools, and rigs used in the field cannot be included in a basic auto or property policy.
An oil and gas policy will also cover any environmental damage caused by a malfunction or error that causes a spill. However, this only includes cleanup costs, but the liability insurance necessary may need to be purchased through an umbrella policy or be addressed through your main insurance policy.
Frequently Asked Questions
People interested might want to think about these questions before purchasing a policy from Stampede Insurance.
What is oil and gas insurance?
It covers the specialty equipment often used in the industry, along with any environmental damage caused by a covered event.
What are the different types of oil and gas assets?
Oil and gas assets refer to the assets in the financial statements that make up the company's property and equipment.
What are the functions of oil service companies?
Engineering, fluid transportation, maintenance, geological surveying, non-destructive testing, and other services are all functions of oil service companies. Oil service companies make the most money while upstream production rises, even though they function in all phases.
Purchase Oil And Gas Insurance At Stampede Insurance
Businesses are looking for smart solutions; whether you are in the upstream, midstream, downstream, transportation, or providing support services, Stampede Insurance will take the time to learn everything there is to know about your Company's structure, activities, risks, and goals.
At Stampede Insurance, we are looking to insure all types of businesses. We offer aggressive claims handling and proactive loss control services tailored to the oil and gas industry in addition to our insurance products.
Contact our professionals at Stampede Insurance to get a free quote and discover your options for smart business solutions.
