Oil and Gas Consultant Insurance

Oil and Gas Consultant Insurance

Prevent mistakes and errors from spilling into your business with Oil and Gas Consultant Insurance.

Trusted by over 300,000 Canadian small business owners!

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Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Instant price and coverage in just a few clicks!
Get a Free Quote
Zensurance - Oil and Gas Consultant Contractor

Partnerships with over 50 leading Canadian insurance providers

Oil Gas Consultant

Insurance for Oil and Gas Consultants

As an oil and gas consultant, large oil corporations, oilfield service companies and other energy-related businesses rely on your expertise to build resilience and reduce risk throughout their processes. You might help organizations find ways to maximize the value within oil reserves, deploy the latest automation solutions or even offer new strategies to support alternative energy sources.

Despite every precaution you take, there is always a risk that an accident could happen or your professional advice is erroneous. It’s important to protect yourself, your clients, and your business with proper insurance coverage.

Oil and Gas Consultant Insurance is a policy package designed to accommodate the full range of consulting services you may provide within the industry. This coverage can provide financial protection against specific risks associated with consulting, such as negligence, errors and omissions that result in third-party losses. This insurance package can extend coverage for more generalized risks, such as third-party property damage and bodily injury.

We believe a comprehensive policy for your business should cover the risks you are most likely to face. Those risks will vary by your specific services within the oil and gas industry; however, the following core coverages apply to most businesses:

  • Professional Liability Insurance: As an oil and gas consultant, Professional Liability Insurance is essential to protect yourself from liabilities associated with providing this type of service. While your role may be restricted to only making recommendations, your advice is part of your professional opinion, which can lead to professional risk exposure. Professional Liability Insurance (also known as Errors and Omissions Insurance) protects oil and gas consultants against client claims alleging financial loss due to a service you provided, as well as lawsuits alleging negligence, misconduct, and failure to deliver services as promised. For example, you’re a pipeline supervisor overseeing a clients’ site, and you’re audited. If your directions aren’t compliant with health and safety measures, your business could be sued for negligence. Professional Liability Insurance could cover the cost of legal fees from the lawsuit.
  • Commercial General Liability Insurance (CGL): Commercial General Liability Insurance can protect oil and gas consultants and contractors against common claims or lawsuits alleging third-party bodily injury, property damage, false advertising, and libel/slander. For example, you’re conducting a meeting at your office with an oilfield operator finalizing the deal to provide consulting services. Unfortunately, the client cuts themselves on the corner of your glass desk, injuring their arm, and sues you for bodily injury. In this case, CGL may cover legal defence costs and medical costs.
  • Pollution Liability Insurance: Any individual or business such as an oil and gas contractor exposed to pollution risks or harmful materials should have Pollution Liability Insurance. Pollution Liability Insurance covers third-party bodily injury, property damage, and environmental damage due to both gradual and sudden pollution events that occur on a job site. For example, if transportation equipment malfunctions and results in an oil spill, it can be devastating. Pollution Liability Insurance can provide coverage for emergency response costs and clean-up costs.

Every consulting or contracting project is unique, and insurance coverage will vary by size and industry. The cost of insurance for oil and gas professionals will depend on the following factors:

  • Years of Experience
  • Number of Employees
  • Claims History
  • Involvement in Design-Build Projects
  • Size of Operations
  • Annual and Projected Gross Revenue

We want to make sure you’re covered for everything you should be. That’s why we’ve partnered with over fifty insurance providers to offer you different options that suit your business needs at the best price.

Any oil and gas consultant or contactor providing services within the energy sector should protect their business with a liability insurance policy package. If a client determines your advice or service was less than satisfactory or resulted in a financial loss to them, they may take legal action. 

 We’ve insured oil and gas professionals from many different roles in the industry, including:

  • Drilling Supervisors
  • Energy Consultants
  • Environmental Consultants
  • Oilfield/Land Surveyor 
  • Petroleum Engineers
  • Pipeline Inspectors
  • Oil and Gas Contractors

Getting insured is quick and easy!

Complete our 5-minute online application for a free oil and gas consultant insurance quote.

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Common claims scenarios

contractors hard hat on the ground

Problem: You’re a production supervisor managing the maintenance of all surface equipment on-site at a client’s established well. When one IT system loses power, you fail to acknowledge the chain reaction and production is stalled, creating costly delays.

Outcome: Your client successfully sues you for professional negligence. Your Professional Liability Insurance may cover the legal fees, totalling $500,000.

Problem: As a safety supervisor, you ensure the transportation of oil from the site adheres to corporate safety standards and local regulations. You’re inspecting the tankers but fail to notice one has signs of slight erosion, and it passes your safety check. A few weeks later, that tank is involved in an oil spill due to the error.

Outcome: Your client alleges that your failure to notice the erosion caused a small oil spill during land transportation. Your Professional Liability Insurance may cover the legal fees, totalling $400,000.

Oil drilling control room

Problem: You’re being given a site tour by your client for the first time. When you’re within one of the electrical control rooms, you accidentally spill coffee over expensive equipment, causing the system to break down.

Outcome: You’re sued by your client for property damage. Your Commercial General Liability Insurance could cover the cost to replace or repair the IT equipment totalling $250,000.

Frequently asked questions

Are there any exclusions in my oil and gas insurance policy?

All insurance policies have exclusions, or risks that are not covered by your policy. For instance, an oil and gas insurance policy may exclude inland marine coverage or protection for equipment that’s in transit. Talk to a licensed broker about what exclusions, limits, and deductibles apply to your policy.

Do oil and gas subcontractors need to have their own insurance coverage?

Yes. Any time you hire a subcontractor for any project, ask to see their certificate of insurance or proof of insurance document. Hiring a subcontractor who is not insured will expose you to risks.

Do you offer excess liability coverage?

Yes. You can purchase what is known as commercial umbrella liability insurance to get an extra layer of coverage to pay for costs that exceed your existing coverage limits. Speak to a Zensurance licensed broker about this option.

Are subcontractors covered in my Oil and Gas Insurance policy?

No, subcontractors aren’t covered, but all employees are. However, your policy limit typically applies to all employees under your policy rather than individual employees. You have the option to increase your limit to accommodate your entire staff, or, alternatively, you can ask them to carry their own Liability Insurance.

Does my insurance policy cover multiple oil and gas job sites?

Yes, your insurance policy will cover the various oil and gas sites that you are contracted to work. If you’re providing services at multiple locations, let your broker know to ensure your coverage limits are adequate.

Does Oil and Gas Consultant Insurance provide coverage for oil transportation?

Unfortunately, we do not provide insurance for any upstream production or downstream transportation of oil.  We are only able to provide insurance for Oil and Gas consultants who provide consultancy services.

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As an oil and gas consultant, you’re a trusted advisor within the energy sector, providing solutions that can benefit us all; you deserve a broker dedicated to providing you with the same level of care.

If you’re ready to get your free quote, start your online application today.

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