How Insurance Protects Your Regina Oil and Gas Operation

September 19, 2024 / 5 mins read

Oil and gas businesses have unique insurance needs. If you have an oil and gas-related business in Regina, you need an oil and gas insurance package that is tailored to your operations and protects you from liability claims.

You need to protect your oil and gas business from any financial losses that could result from third-party injuries and claims related to your professional advice.

Western Financial Group is a national insurance broker that has partnered with Canada’s leading insurers to meet your oil and gas business insurance needs.

Western’s business insurance experts do the insurance shopping for you to get you a competitive insurance quote that is tailored to your needs as a Regina oil and gas business.

We’ve got the expertise to get you the right oil and gas insurance package that fits your business, whether you operate:

Extraction operations
Energy and utilities companies
Pipeline operations and construction
Natural gas storage operations
Gas processing plant
LPG and LNG facilities
Refining and processing centres
Field services
Fuel oil dealers, gasoline stations
Refineries
Well services
Oil and gas engineering services/consulting services
Etc.

At Western, we’ve also got you covered if you are an oilfield consultant, oilfield technician, pipefitter, welder, oil driller, wellsite geologist, service contractor in Regina or elsewhere in Saskatchewan.

What is oil and gas insurance?

Oil and gas insurance helps protect you from potential risks related to the job you do in Saskatchewan’s oil and gas industry.

Common claims in the oil and gas industry are usually employee injuries, property damage and oil/gas spills and leaks.

You need specialized insurance coverages to protect your oil and gas business or operations.

What’s included in an oil and gas insurance package?

Commercial General Liability (CGL) Insurance: This type of coverage helps protect your Regina oil and gas business against claims made by a third-party about property damage, injury, and related expenses. In the oil and gas industry, this needs to be more comprehensive than for other industries because of the high risk. CGL insurance can also be called wellhead insurance. Talk to your Western business insurance expert about how much CGL insurance you need to protect your Regina oil and gas business.
Commercial Property Insurance: Regina oil and gas companies often use both owned and leased property that can be worth many thousands of dollars. It’s important that all of it is fully insured. Commercial property insurance covers your company's tools, equipment, furniture, computers, and other supplies that are used in your day-to-day operations. It is first-party coverage that helps pay for repairs or replacement of your property if it is destroyed or damaged by fire, weather, vandalism, or theft, among other things.
Errors and Omissions Insurance: This type of insurance is also called professional liability insurance. It covers liability claims resulting from professional services or advice. It is considered essential for any oil and gas company or consultant that offers services and advice to other companies.
Equipment Breakdown insurance: It covers repair or replacement of equipment that has malfunctioned. It also includes business interruption insurance, which covers expenses and lost income while broken equipment is repaired or replaced. Talk to your Western business insurance expert to make sure all your equipment and machinery is covered.
Pollution insurance: Your Regina oil and gas business faces environmental and pollution from its operations. General liability likely won’t be enough if your oil and gas business is facing a pollution claim. Pollution liability insurance covers the cost of sudden or gradual damage causing environmental harm and third-party bodily injury or property damage because of your operations.
Business Interruption Insurance: Business interruption insurance is an additional property insurance coverage that covers loss of income if your oil and gas business suffers a disaster, and your premises or facility need to be temporarily closed. This type of coverage can mean the difference between reopening your operation and going out of business.
Commercial Auto Insurance: If you have a business car, truck, or van that you use for your oil and gas business, it needs commercial coverage as part of your oil and gas insurance package. Your personal car or truck insurance usually won’t cover your startup business. If you have five or more vehicles in your name for your oil and gas business, you need fleet insurance.
Commercial Crime Insurance: Commercial Crime Insurance helps protect your oil and gas business from losses due to crime-related issues such as petty theft, fraud, and burglary committed by both your employees and outside entities.

Speak to your Western Financial Group business insurance expert about any specialized coverages that you need for your oil and gas business.

How much will my oil and gas insurance package cost?

Not all oil and gas businesses are the same in terms of size and operations. That means insurance premiums and coverages will likely vary, depending on the work your oil and gas business does.

Factors when calculating your premium can include:

The products and services you provide
Size of business and its location
Number of employees
Training and experience
Annual and projected revenue
Claims history
The coverage limits you need

What do I do if I have a claim against my oil and gas business?

Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
Know your policy so that when you contact your broker you are familiar with what will be covered or not.
Document the damage. Take photos right away and write down what happened.
Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.

Here’s an insurance checklist:

Do you have the best Regina business insurance rate that suits your work?
Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
Are you or your employees using personal vehicles for work?

Your Western insurance expert will go over in detail what coverages your Regina oil and gas business needs.

Western Insurance has licensed BUSINESS INSURANCE EXPERTS to get your Regina oil and gas business the right insurance package. Our experts are available now to help you navigate the business insurance journey to protect your oil and gas business in Saskatchewan.

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