Some of the products on this page come from partners who may compensate us when you click on their links or take specific actions. This helps us keep our content free. That said, our opinions are our own and based on independent analysis.
As more and more people think of starting their own fuel stations, The oil and gas sector is evolving constantly–and so is the exposure to risks.
Oilfield contractors, and manufacturers of the parts and products used in the industry are exposed to unique risks at every level of the oil and energy process.
That’s why it’s critical to have oil and gas contractor insurance coverage. With such an insurance policy, oil and gas businesses can protect their employees and assets and ensure they remain viable in the long term.
Companies operating in the oil and gas sector typically require oilfield liability insurance as the basic coverage. This insurance policy is designed to protect against the financial implications resulting from lawsuits and claims.
General liability, pollution liability, and professional liability are the common types of oil and gas liability insurance.
Below are some industry niches and professionals that typically require oil contractor insurance
| CoverWallet | NEXT (Best) | Hiscox | |
| Per occurrence limit | $1,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Can be included |
| Hired/non-owned auto liability coverage included? | Yes | No | Can be included |
| Equipment breakdown floater included? | No | Yes | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 |
The operations of an oil and gas contractor involves the construction of structures and the installation of materials. If this is done near residential sites, then it’s possible to face frivolous claims for bodily injuries, property damage, or even nuisance.
The general liability policy of an oil and gas contractor insurance program allows your business to cover costs.
The general liability policy of oilfield contractor insurance programs have a $1 million-$2 million per occurrence and aggregate limit.
Pollution liability insurance, which you can also find in other energy business insurance bundles such as renewable energy insurance, will protect you when third parties as well as government authorities file a claim. This will cover the expenses for:
Commercial property insurance, also included in gas engineer and gas fitter insurance programs, protects your office, warehouse, or any other owned, leased, or rented physical location against fire, theft, vandalism, weather, and other covered perils.
This grants help by reimbursing the actual cash value or replacement cost of the covered property.
| CoverWallet | NEXT (Best) | Hiscox | |
| Building coverage limit (minimum) | $50,000 | $300,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $25,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Included |
| Accounts receivable | Excluded | Excluded | Included |
| Money and securities | Excluded | $2,500 | Included |
| Lock and keys | Excluded | $2,500 | Included |
| Business interruption floater | Excluded | Included | Included |
| Equipment breakdown floater | Excluded | Included | Included |
| Inland marine insurance floater | Excluded | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | Excluded |
A business owner’s policy bundles general liability and commercial property insurance into one product. That said, you can use this to cover liability claims and commercial property damage losses.
| CoverWallet | NEXT (Best) | Hiscox | |
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $300,000 | $25,000 |
| Optional policies can be added? | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes |
Get all the best quotes from leading providers in a click of a button!
as the oil and gas contractor, must provide adequate compensation to part-time and full-time employees who sustained a work-related injury or disease. Workers compensation insurance allows you to cover medical treatments, medication, hospitalization, and rehabilitation on an employee’s behalf.
The policy also covers lost wages. And if the employee dies, workers compensation insurance will provide the legally mandated death benefits.
Tools and equipment insurance will cover repair or replacement expenses if your drilling rig and other equipment gets damaged or lost due to fire, theft, vandalism, electrical breakdown, and other covered perils. Coverage applies regardless of where the damage or loss happened.
Tools and equipment insurance for oil and gas contractor insurance is a stand-alone policy although It can be modified
Oilfield trucking insurance is a specialized type of insurance policy designed to protect oilfield hauling companies and their drivers from the unique risks associated with the transportation of oil and gas products. These are the most common inclusions:
The average oil and gas contractor insurance cost is $91 per month or $1,092 per year for a $1 million general liability coverage. The cost of oil and gas contractor insurance depends on several factors, such as:
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $91 | $1,092 | $0-$500 |
| Professional liability insurance | $100 | $1,200 | $0-$500 |
| Commercial property insurance | $95 | $1,140 | $1,000-$2,500 |
| Business owner’s policy | $180 | $2,160 | $500-$1,000 |
| Workers compensation insurance | $250 | $3,000 | $2,000-$5,000 |
| Pollution liability insurance | $260 | $3,120 | $500-$1,000 |
| Control of well insurance | $160 | $1,920 | $1,000-$2,000 |
| Commercial auto insurance | $115 | $1,380 | $500-$1,000 |
| Non-trucking liability insurance | $105 | $1,260 | $1,000 |
| Bobtail insurance | $107 | $1,284 | $1,000 |
| Cargo insurance | Depends on the value of cargo | Depends on the value of cargo | $1,000-$3,000 |
NEXT doesn’t underwrite an oil and gas insurance bundle for drilling and fracking contractors. NEXT it issues an online certificate insurance that you can send to clients as an email or social media post. It also offers a 10% policy bundle discount.
Average cost: $67 per month
Chubb is one of the globally renowned oil & gas insurance companies, providing specialized insurance package policies, pollution liability, and umbrella liability to businesses operating in the energy sector.
Chubb provides general liability coverage, commercial auto, workers’ compensation, occupational accident insurance, equipment breakdown, errors & omissions (E&O) liability,property coverage.
Average cost: $80 per month
Our rating: 8/10
Similar to NEXT, CoverWallet doesn’t have an oil and gas insurance bundle. After all, it’s not an insurance company but is one of those oil and gas insurance brokers that can help you look for the best carriers to work with. To get a quote, you need to use CoverWallet’s online quotes comparison platform to curate the quotations.
Average cost: $70 per month
Get all the best quotes from leading providers in a click of a button!
Travelers has been in the insurance business since 1853. Over the years, the company has developed specialized expertise and products that help petroleum companies and oilfield contractors protect their businesses, employees, and assets.
Travelers is one of the oilfield insurance companies that offer a wide range of oil and gas products, including general liability, rigs and equipment coverage and more.
Average cost: $84 per month
Liberty Mutual was founded in 1912, which means it understands the complexities and details of the energy industry, particularly the oil and gas sector. They provide oil and gas contractor insurance tailored options to protect your business, whether you operate a compressor station, gas storage, LPG and LNG facilities, or a gas processing plant.
Average cost: $87 per month
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Do you have U.S. insurance expertise/experience? Would you like to become a voice at Insuranks, help businesses and individuals, and showcase your authority online? Write us!
Not all those who wander are lost.
Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
