Transporting hazardous materials such as oil and gas is by its very nature more dangerous than the logistics involved with other goods and materials. Fleet managers need to ensure they remain aware of the risks and that their drivers and vehicles are protected at all times. Setting up fleet insurance is an essential part of any strategy to protect drivers and manage risks on the road. Vestige can show you the benefits of the right insurance, how to find the right provider and policy, and the best ways to save money on insurance rates with cameras and tracking equipment.
About Truck Insurance
Truck insurance for businesses covers a range of circumstances, helping to cover costs incurred due to collisions, theft, fire, and more. Naturally, it can be pricey, due to the high value of commercial trucks and the cost to maintain them, in addition to their cargo. Specialized insurance is also required for trucks in the gas and oil industry, with at least $750,000 worth of liability coverage required. Insurance for the cargo being transported is also a necessity to cover anything that might be lost or damaged.
The Benefits of Truck Insurance
It can be tempting to avoid the cost of fleet insurance when you have so many other expenses. However, forgoing insurance could end in disaster, no matter the size of your business. Truck insurance covers your business against loss or damage to your fleet or cargo, which helps you to avoid even higher out-of-pocket costs. If that’s not enough, it’s also required for your business to be legally compliant. If you want to save money, Vestige could help you reduce your rates with fleet telematics and cameras.
The benefits of truck insurance for businesses in the oil and gas industry include:
Protecting equipment
Equipment in the oil and gas industry doesn’t come cheap, and covering the costs of repairing or replacing it can place a huge burden on any business’s finances. One of the major roles of truck insurance is to cover these costs in the event of theft or damage to your trucks.
Insurance against environmental hazards
Environmental hazards are a key concern for businesses in oil and gas. Insurance is a must to cover these potential hazards, ensuring that a gas leak or oil spill doesn’t incur huge costs. Insurance designed specifically for businesses in the oil and gas industry helps to provide the right coverage.
Keeping employees safe
Protecting your company’s vehicles is important, but it’s also vital to protect your drivers and other employees. Fleet insurance is designed to protect not just trucks but also the people who drive them, helping to keep them safe while they’re working. Professional liability insurance provides protection against injuries and economic loss in the event of an accident.
Types of Truck Insurance
There are several types of truck insurance that can provide coverage for oil and gas companies in different ways.
- General liability insurance provides coverage for property damage and injuries caused by third parties not related to commercial driving
- Cargo insurance protects the goods being transported if lost or damaged
- Primary liability insurance covers property damage or injuries when the company’s driver is at fault
- Physical damage insurance provides comprehensive coverage for vehicles in accidents
- Workers’ compensation insurance pays out for costs related to workplace injuries if the employee takes legal action against the employer
Choosing the Best Oil and Gas Truck Insurance
Choosing the right insurance for your fleet helps to manage the risks involved with operating in the oil and gas industry. Companies in this industry face unique challenges, making it even more important that they get the correct insurance for their needs. There are various factors to consider when looking for the best insurance policies, and they’re not just limited to the costs.
Look at the rating
The rating of an insurance company tells you about how reliable they are and whether they will be able to pay out if you need to make a claim. The A.M. Best database has a list of oil and gas insurance companies to help you compare ratings.
Check limits
Make sure you know the general liability limits, including the occurrence and aggregate limits. This gives you the information you need when deciding whether it’s worth filing a claim.
Understand the claims process
The claims process will vary with each company, so check how claims are processed and how long it takes. Submitting evidence from cameras and tracking from Vestige can help a claim move along faster.
There’s no insurance solution that works for all fleets in the oil and gas industry. Finding the right provider and policy is essential. Vestige can help you to save on premiums by protecting your fleet.
