Oil & Gas Insurance
What Is Oil & Gas Insurance?
Energy industry insurance includes solutions for companies that produce oil and gas. Insurance for oil and gas industry owners and operators includes oil insurance, gas insurance, and energy liability insurance. Guardify partners with carriers to support on-shore oil and gas extraction and producers across the United States. Learn more about oil and gas insurance options below.
Who is Oil and Gas Insurance For?
Oil and gas insurance through Guardify is for on-shore commercial producers of petroleum and natural gas. Insurance coverage can include oil and gas lease operators, oil and gas lease contractors (for surface activities), well servicing contractors (downhole) and conventional drillers.
Oil & Gas Insurance Companies
Energy insurance companies, and specifically oil gas insurance companies, should include business insurance or oil and gas liability insurance in their policies. Working with energy insurance specialists can help you make sure that the coverage you acquire is sufficient to cover risks associated with oil and gas production.
Insurance for oil companies should include coverage for risks including workers compensation, automobile, umbrella, equipment, and property. A qualified energy industry insurance professional should be able to help assess your risks and provide a quote to fit your needs.
Oil & Gas Insurance Cost
Oil and gas insurance cost may vary due to a number of factors including but not limited to:
- Number of locations
- Scale of operations in each location or site
- Wells, including well-related operations and servicing
- Mode(s) and frequency of transportation related to each site
- Equipment value (at each site)
- Number of employees and types of employee activities at each site
- Locations of site (coastal, inland etc.)
- Are locations owned, or leased?
Oilfield insurance, when oil and gas underwriting results in proper coverage, can help protect oil and gas companies from expensive claims.
Types of Oil & Gas Insurance
Oilfield business insurance typically combines coverage options to help meet the unique risks that oil and gas companies face.
Oil and Gas General Liability Insurance
Oil and gas general liability insurance provides standard commercial general liability coverage, but does so with some adjustments to meet the concerns of energy-producing companies. For example, an oil or gas commercial general liability policy typically includes broader pollution liability coverage than a regular general liability policy. Add-on and package options can include non-operating working interests, underground resources, and equipment.
Oil Tank Insurance
Oil tank insurance coverage can include both underground oil tank insurance and above ground oil tank insurance. While most insurance for oil and gas companies includes some form of pollution liability insurance, if you are specifically looking for tank liability insurance, see Pollution Liability AST/UST for above ground and underground storage tanks for more information.
Looking for Pollution Liability for Storage Tanks? See our Pollution Liability AST/UST for more information.
Oil Rig Insurance
Oil rig insurance coverage offers protection against claims and losses pertaining to oil rig equipment. Oil rigs are extremely costly to acquire, set up, and maintain. Oil rig insurance helps to protect a company's investment in oil rig equipment.
Oil & Gas Employee Benefits & Workers Compensation
Oil rig workers and well servicing contractors face physical risks that other employees do not face. An oil company must make sure that it has a comprehensive workers compensation policy in place to protect itself in the event of worker-related claims.
Employees at an oil company may be especially interested in the benefits package that your company offers. Life insurance for oil rig workers and other benefits are important to consider alongside a workers compensation policy.
A Guardify employee benefits specialist can help your company offer the right benefits package for employees in every area of your business.
Learn more about Employee Benefits and Benefits Package options on our Benefits page.
Texas Energy Industry Insurance
Energy industry insurance, including oil insurance and gas insurance, is critical in Texas due to the role of energy in the Texas economy. As a Texas-based insurance company, Guardify is excited to serve both Texas businesses and businesses that operate in Texas with superior energy insurance solutions for the complex risks that oil and gas companies face today, from pollution liability to property, storage, and transportation. We look forward to working with you to address your oil and gas coverage needs, and can help you develop a custom package based on your requirements.
Guardify offers superior energy insurance solutions for the complex industry-related risks that oil and gas companies face today.