Category: Oil & Gas

Common Workers’ Comp Incidents on Rigs, and How to Prevent Them

The oil and gas business has plenty of risks, primarily because workers deal with extremely sensitive commodities. Those who directly handle raw materials often have the highest risks of personal injuries. And if injuries occur, employees often have a legal right to requestimage of ocean oil rig workers’ compensation. Whether you run oil rigs or refineries, there’s a chance for injuries. What are some of these, what can you do to prevent them?

On one hand, you must provide a safe workspace for all your employees. However, because you cannot prevent every accident, that’s why you need workers’ comp. These two avenues can eventually converge to help you create a more secure environment for workers.

Common Injuries in the Oil and Gas Industry

Oil and gas are expensive, and dangerous in the right circumstances. Therefore, those who handle them can experience any number of injuries. These might include

  • Slips and falls from slick surfaces
  • Burns, both chemical and from combustion
  • Bodily injuries from heavy machinery
  • Head, neck or brain injuries

Any number of other injuries might result. Someone might get hurt in the break room, or while running a business errand. Situations like these might trigger the need to tap into workers’ compensation.

Workers’ Compensation Coverage

Workers’ comp provides supplementary income for workers who get hurt on the job. It’s financial protection for those who might not be able to work because of injuries.

An injury on the job might make an individual unable to work. Therefore, they can’t make an income. At the same time, they could accrue medical bills and even debt. With workers’ compensation, they can get the supplemental assistance to cover these costs, and increase their own security.

Furthermore, workers’ comp insurance can benefit the businesses that carry them, as well. When employees agree to take workers’ comp, they often surrender their right to sue the business for compensation. Therefore, this coverage eliminates the need for costly litigation for both parties, and makes them both more secure.

Preventing Employee Injuries

Every oil and gas business should engage in proper risk management. This means implementing safety practices that help keep risks of worker injury to a low ebb

To keep injury risks low, rigorously enforce all workplace safety laws. There are standards that all industries have to follow, so make sure you know the ones that apply to your workers. Furthermore, require safety gear in all situations. Also make sure that you hold employees to all appropriate standards of conduct at all times.

With these steps, you can better keep the risk of workers’ comp claims to a minimum. Whenever you need policy assistance, your agent can help you through the claims or adjustment process. Call InsuranceOne Agency today at 800.475.0001 with any questions or to begin your coverage.

Standard Insurance for Your Oil and Gas Business

The oil and gas industry is a vital economic market. Stills, the market has a tendency to fluctuate. Therefore, oil companies have to do what they can to weather the environment. Most of them cannot afford to clean up major disasters out of their own pockets. Nor, in fact, should they have to do so.

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Whether you’re a large conglomerate or small business, your company needs protection. Commercial insurance is a mandatory protective approach that every business should take. Don’t try to operate without it.

Coverage Options Available

Every oil and gas business is different. Yet, they all face risks that look a lot alike. Among the common threats are rig explosions, corporate property damage, machine breakdown, cyber losses and other problems. How can you react to issues like these?

No matter what you do, the risk will always exist that a hazard might affect operations. So, an appropriate reaction will likely help you recover faster. One of the ways you can respond effectively is to look to your commercial insurance. Your coverage can provide funding for a variety of problems that, without protection, could cause significant financial losses.

Still, commercial insurance comes in several different forms. Depending on some of the attributes of your firm, you might need various policies. These include

  • Property coverage: Can protect to rigs, offices, contractor utilities and more.
  • General liability protection: In case you cause property damage or injury to third parties through your business activities, this coverage can help compensate them.
  • Professional liability insurance: If your services or advice cause harm to a third party, this coverage can pay for defense or settlements.
  • Pollution liability coverage: Covers cleanup of contamination from spills and other accidents.
  • Well control protection: Helps clean up and fix damage from a blown well.
  • Commercial auto insurance: Protect company vehicles during transport.
  • Inland marine coverage: When shipping products or materials over highways, use this coverage to insure those items.
  • Workers’ compensation: You likely have to provide your employees with workers’ comp if they get hurt on the job. Use this coverage to pay them.
  • Surety Bonds: If you have a contract with another party, but cannot complete your duties as stipulated, this coverage can help repay that party.

Keep in mind, this is not an exhaustive list. You should talk to your insurance agent at 800.475.0001 about the specific practices of your company. Your agent can then likely help you tailor coverage more specifically to your needs. Never operate your business without the coverage that’s right for you.