Everyone working in the oil and gas industry needs liability insurance. However, considering the unique and high risks this industry is facing day in, day out, general liability insurance is not enough in most cases. Part of almost every New Mexico oil field insurance should be commercial liability insurance that provides you with more, much-needed coverage.
Commercial umbrella insurance is purchased on top of your primary liability insurance policies and extends the limits of these other policies. Your commercial umbrella pays for legal fees as well as medical and damage expenses that result from a lawsuit against your business. You might be aware that today’s award judgments are rather high, and without insurance, you would be responsible for all associated awards, costs, fees and expenses. Knowing that costly accidents and disasters are not uncommon in the oil and gas industry, having to pay for all these expenses out of pocket could potentially ruin your business or career.
When looking for New Mexico oil field insurance, commercial umbrella insurance should almost always be included as part of a comprehensive insurance package for people that operate in the oil and gas industry. Keep in mind that no matter if you’re a contractor, supplier, business owner or trucker, commercial liability is highly recommended.