What type of coverage do you need?

Oil and gas businesses occupy a lot of unique properties, from rigs to refineries. However, most also occupy standard office space in some capacity. This space, like all the rest, will pose liability risks to your customers. Though you might focus on insuring the liabilities of high-image of oil refineryrisk areas, you must also do so for spaces like your office. You can often start obtaining coverage through a general liability insurance policy. What’s this coverage? Why is it so important to carry this coverage?

Your goal is to protect your business from the inside out, and the outside in. Give your office the same liability treatment as you would any other type of property in your care.

Liability Risks Within Oil and Gas Offices

You might not think that your corporate offices are high risk areas. Compared to a drill site, or a storage facility, they might not be. However, these properties pose risks in and of themselves. There’s always a chance someone could sustain harm just by visiting your offices.

For example, a buyer might simply visit the office to sign papers and go over finances. However, they might fall in the lobby because of a wrinkled carpet. Their injuries could prove serious. They could lead to costly medical bills, time off work and lost income. Given the costs to the victim, the company might have an obligation to compensate them. That’s where a liability policy might come in handy.

General liability insurance can help customers harmed through their interactions with your business. In the above situation, your policy might help the harmed party pay for their injury costs. Since the fall happened within your offices, the blame might fall on you.

Getting the Right General Liability Coverage

Liability coverage will vary based on the property you plan to insure. If you only want to insure an office building, you’ll likely need to start with:

  • Property damage liability coverage to insure harm you cause to other parties’ belongings.
  • Bodily injury coverage for physical harm clients sustain in and around the property.

Often, you can get office coverage within a Business Owners Policy. This is a policy package that contains many standard elements of commercial insurance. However, given that your oil and gas business is often multi-faceted (and has multiple locations), you’ll often need more than just a standard BOP. Your insurance agent can guide you in selecting more appropriate liability coverage.

You’ll often have policies to protect liabilities both inside your offices and at other sites. Keep in mind, you might need multiple liability policies, however. Make sure your agent understands the nature of your property ownership and occupancy.

Also Read: Why Your Oil and Gas Business Needs Pollution Insurance

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