There are many risks that go with the business of oil extraction and transport. General liability insurance helps protect your assets and keeps you operational even if a legal liability case is filed. General liability insurance is applicable to businesses in the oil industry such as drilling, pipeline, and wireline contractors, oil equipment and supply dealers, and much more. Here are some ways that Hobbs NM oil and gas insurance safeguards your bottom line.
Errors and Omissions
The errors and omissions portion of your general liability insurance cover mistakes that negatively impact others. This includes property damage and medical liability if a visitor gets injured on the covered worksite. False advertising is also covered under general liability insurance.
If an injured party files a lawsuit, your general liability coverage will pay for the cost of legal defense. Any settlement agreement or court award that comes out of the case will also be paid for by your general liability coverage.
There are many options to customize your Hobbs NM oil and gas insurance to include additional coverages. These coverages include workers’ compensation, commercial auto, and employment practices liability. There are also options to increase liability coverage levels and to include special liability coverage for your company’s board directors and officers.