Oil and Gas Insurance

A comprehensive oil and gas insurance policy may include the following coverages:

• Commercial General Liability (CGL) Insurance: CGL covers your daily operations from the risk of third-party bodily injury and property damage claims. It provides financial support for third-party damages caused by your business’s operations due to an accident (such as a slip and fall).

• Professional Liability Insurance: Professional liability, also known as errors and omissions (E&O) insurance, protects you from client claims alleging negligence, misconduct, errors, and failing to deliver a service as promised. It provides you with funds for legal support and damages related to your professional services, products, and media and advertising.

• Commercial Property Insurance: Commercial property insurance protects your business’s office and other attached physical structures as well as your contents and inventory. Also known as business property insurance, it pays to repair or replace your furniture, computers, and equipment if damaged by fire, flood, a natural disaster, vandalism, or theft. Commercial property insurance may also include business interruption coverage, or it can be added to your commercial property coverage as a rider.

• Equipment Breakdown Insurance: Also referred to as ‘boiler and machinery’ coverage, equipment breakdown insurance pays to repair or replace your equipment and machinery if damaged by an electrical or mechanical malfunction. It covers a wide range of equipment and machinery, including HVAC systems, refrigerators and other appliances, alternative energy equipment, and computers and production systems.

• Tools and Equipment Insurance: This type of coverage pays to repair or replace the transportable tools and equipment you use to complete operations if they are lost, damaged by fire or flood, vandalized, or stolen. It covers a broad range of items from hand tools to heavy equipment vehicles.

• Pollution Liability Insurance: Whether due to leaks, spills, or explosions, pollution liability insurance covers the cost of sudden or gradual damages causing environmental harm and third-party bodily injury or property damage because of your operations.

• Cyber Liability Insurance: Protecting your customers’ confidential data is every business’s responsibility. Cyber liability insurance safeguards you from loss or damage resulting from cyber-attacks and data breaches. It provides funds for your legal defence and damages including repairing and restoring your software systems and computing hardware affected by a cybersecurity incident, crisis management and credit monitoring, and coverage for losses sustained during a systems outage.

• Commercial Auto Insurance: The vehicles your business uses require commercial auto coverage. Private-passenger car insurance is not designed to cover vehicles used for business purposes. It protects cars, trucks, vans, and trailers. A basic or standard policy includes third-party liability, accident benefits, uninsured auto, and direct compensation-property damage. Optional coverages, such as collision and comprehensive insurance, can be added to your policy.

• Legal Expense Insurance: Hiring a lawyer or seeking legal counsel can cost thousands of dollars. Legal expense insurance is considerably less. It provides you with funds to hire or consult a lawyer for several issues, including employment or contract disputes, debt recovery, tax protection, statutory licence protection, and coverage to pursue legal action against an individual or organization.