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J. K. Meadors & Co Blog

All You Ever Wanted to Know About Insurance

Oil & Gas Insurance

Oklahoma is an important center in the energy sector. If you run an oil or gas company, it’s important to protect your business — now more than ever — with infrastructure attacks, price fluctuations, and liability concerns on the rise. You can cover yourself with oil and gas insurance. Here’s what you need to know about this type of protection.

Who Needs Oil and Gas Insurance?

There are many kinds of businesses in the fuel industry that can benefit from oil and gas insurance to protect you in the event of lawsuits, accidents, and other threats to your revenue. If you work in any of these related professions, you may need oil and gas insurance:

  • Oilfield or well ownership
  • Drilling
  • Hydraulic fracturing
  • Pipeline construction and maintenance
  • Fuel storage
  • Transportation
  • Oil lease operation
  • Oil and gas compression station management
  • Well plugging
  • Machine fabrication and repair
  • Chemical production, sales, or distribution
  • Oilfield cleaning
  • Tank maintenance
  • Pump service and repair
  • Waste handling and hauling

There are many hazards inherent in these jobs, including fires, explosions, machine breakdowns, theft, on-the-job injuries, and property ownership disputes. The right insurance coverage can mean the difference between weathering an unpredictable disaster and going under, leaving employees without their livelihoods too.

What Does Oil and Gas Insurance Cover?

Oil and gas insurance covers you for many contingencies specific to your industry, as well as threats common to most commercial enterprises. Some typical areas of protection include:

  • Protection of property and equipment you own
  • General liability for non-employee injuries
  • Additional liability through commercial umbrella coverage
  • Professional practices liability (errors and omissions, discrimination, etc.)
  • Well control in the event of a blowout
  • Custody and care for damage to someone else’s property
  • Commercial auto for any vehicle driven for business purposes
  • Inland marine to protect other entities’ expensive equipment or machinery in transport
  • Cyber liability in case of data breaches, hacking, ID theft, etc.
  • Loss of income if you can’t operate due to circumstances beyond your control
  • Surety bonds when you are held to a contract
  • Offshore platform protections (pollution cleanup, equipment repair, charterers’ liability, etc.)
  • Workers' compensation for employees injured on the job

Each oil and gas business is unique, which is why we tailor insurance to your company, so you aren’t left with gaps in coverage that could leave you legally or financially vulnerable.

Why Do You Get Better Service from Independent Insurance Agents?

When you’re shopping for oil and gas insurance, you have a choice. An independent agency will serve you better than a big, impersonal company. At J. K. Meadors & Co, we have many more insurance products at our fingertips, and our independent agents are not bound to just a few in-house options. This lets us customize a policy just for your business.

Because we’re local to Oklahoma, you’ll be treated like a fellow member of the community and enjoy personalized service that’s tough to find these days. In the event you need to file a claim, you’ll get the attention you deserve to resolve your issues quickly and efficiently.

To learn more about oil and gas insurance, call us at 405-377-0000 today. For your convenience, you can also start a policy any time online, and we’ll follow up soon to get you squared away.