Drilling Insurance: Not Like the Others
Drilling businesses activate in an area that is highly specialised, expensive and riskier than most other industries. Being exposed to unusual environments, impressive, yet dangerous pieces of equipment, demanding activities and geographic influences, it surely stands out.
Finding a good insurance policy is key, even more when it comes to a field that presents increased risks. But, with so many factors to take into consideration, all varying with each business, it is important to understand that there is no single solution for everyone.
This is why it’s important to evaluate the risks that are to be found in your specific situation – whether you do it yourself or hire an industry expert to do it for you, it is essential that you do not miss anything. The insurance policy will be tailored according to what you need.
Here are a few of the standard coverages to be found in the industry. Keep in mind that there are many other types available, depending on whether the business operates below or above ground, the equipment used, the environmental risks that a certain practice or location brings – the list could go on. We will cover what can be found almost everywhere.
1. Public Liability Insurance
This type of insurance allows a business to execute its regular activities without being held liable for any accidents that may arise as a result. As the name says, the damage covered is aimed at third parties – whether they are individuals or properties that have no connection to the company, the costs are covered by the insurance. It applies to legal actions following accidents, medical treatments for injuries or repairs when it comes to property.
2. Professional Liability Insurance
The professional liability insurance covers the mistakes that refer strictly to the quality of work. Negligence, wrong decisions, sub par services, improper techniques are something that any business strives to avoid, yet these errors will occasionally happen even to the best.
The drilling industry is particularly difficult to activate in, making this insurance a must-have. It allows companies to focus on their work due to their own interests rather than experience excessive legal worries at every step.
3. Income Protection or Life Insurance
The high risks that the industry poses makes these an essential choice. Income protection aims to provide up to 70% of the monthly income of a worker as a result of a work-related injury. It is applied until recovery, for up to 5 years. Medical treatments are covered as well. Life insurance provides a lump sum to the family of an employee who passes away due to activities on the job.
4. Management Liability Insurance
A way of holding directors or other high-ranked employees personally liable for breaches made by a company. This is key in order to protect your business and assets from critical mistakes of your staff.
5. Environmental and Pollution Insurance
This is generally not covered by general liability insurances. The costs covered are those following as a result of environmental damage caused instantly or gradually during your activities.
These are just a few options, with equipment, contract performance, and many others being available.
At Bluewell Insurance Brokers, we offer policies that can be customised to your exact desires – no matter how technical they get. Just contact us for a quote.