The oil and gas industry faces complex operations, high-risk environments, and significant financial liabilities. From drilling to transportation, each stage comes with its own risks, making standard insurance policies often inadequate. Excess liability coverage provides an extra layer of protection, shielding companies from catastrophic claims that exceed primary policy limits.
What is Excess Liability Coverage?
Excess liability coverage, or umbrella insurance, kicks in when your primary policy limits are exhausted. This added protection is crucial in high-risk industries like oil and gas, where accidents, environmental damage, and legal disputes can result in multimillion-dollar claims.
Key Risks in Oil and Gas
- Accidents and Injuries: High-risk operations can lead to costly workers’ compensation claims or lawsuits.
- Environmental Damage: Spills and leaks can result in massive cleanup costs and penalties.
- Third-Party Damages: Equipment failures can cause harm to others, exposing your business to further liabilities.
How Excess Liability Coverage Protects Your Business
Excess liability coverage acts as a financial safety net, covering large claims that exceed your existing policies. It provides enhanced protection for:
- General Liability
- Employer’s Liability
- Pollution Liability
- Auto Liability
Benefits
- Enhanced Financial Protection: Safeguards your business from large-scale claims.
- Protection Against Unpredictable Events: Provides a buffer against unexpected, high-cost incidents.
- Compliance with Industry Contracts: Helps meet contractual insurance requirements, keeping you competitive.
Protect Your Business with Anderson Insurance Affiliates
Secure your oil and gas company with excess liability coverage from Anderson Insurance Affiliates. Contact us today at (936) 362-7841 to learn how we can help safeguard your business from costly liabilities.