Oil companies face a lot of risks of which some are predictable while others may be unpredictable. It is essential to analyze all the risks that may face a business because some unforeseen risks may result in huge losses and even the closure of the business. It is advisable to seek the services of experts who can help identify some of these risks and advise you on the insurance coverage that may cover you to avoid exposing the business.
At Houston Professional Liability Insurance, this is where we come in. We provide all insurance needs for the oil industry. Our experts understand all the insurance needs in this industry, and they are always willing to go the extra mile to ensure the smooth running of Oil Companies.
Insurance is very important in that it gives business owners a peace of mind knowing that there will be continuity even if there is a major accident or fire in the premises.
Oil companies take out insurance for their businesses mainly for the following reasons:
1. Property covers against the risk of fire
2. Worker compensation: In case an employee is injured in the line of duty.
3. Pollution liability: This covers the risks that come with oil spillage.
4. Surety bonds: If you enter into a contract with another company and you fail to fulfill all the terms and conditions, this will be used to compensate the other party.
5. Commercial auto insurance: This is the package that covers for company motor vehicles.
6. General liability protection: This one applies if your business activities cause harm or injury to a third party.
We also advise our clients on professional liability insurance. Professional Liability Insurance is an insurance cover undertaken to help protect a business against eventualities that may bring losses but are not covered in the general insurance package.
Such liabilities may include:
1. Cyber liability: With the increase in cybercrime, it is important to cover your business against it.
2. Errors and Omissions: These may cause irreversible damage to the company.
It is important to know that professional liability insurance does not cover for intentional mistakes which may also lead to big losses and heavy court penalties such as:
1. Advertisements that are misleading and hence giving customers false information about the goods or service you offer.
2. A dispute among your employees which can be a big risk to an organization.
3. Giving the wrong or incomplete advice which may expose the users of your goods and services.
4. Abuse of employees.
We process claims fast and efficiently. We understand very well what every minute means for a business, and hence we settle claims as quickly as possible.
Make Houston Professional Liability Insurance your medium of settling these type of cases because we are experts in the insurance industry. We will help you to identify all your insurance needs and advise you on the best policies to take. We take care of all your insurance needs because we understand the risks that may arise in case of negligence. We know that a little oversight regarding risk identity can lead to huge losses.