California Oil And Gas Lease Insurance. You've put a tremendous amount of time, money, and effort into ensuring the success of your oil and gas business. You go above and beyond to make sure that you are offering the highest quality products, the best possible services, and the most affordable prices.
All of the equipment and machinery that you is state-of-the-art and regularly passes rigorous inspections, and your employees receive extensive training.
Despite all of your best efforts to ensure that your oil and gas business is running smoothly and safely, sometimes, the unexpected can happen. When it does, you'll be thankful that you have the right type of California oil and gas lease insurance insurance.
California oil and gas lease insurance protects your leased property from theft, damage and more with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
In order to operate n CA oil and gas lease property, you are legally required to have insurance coverage; but even if you weren't, you would still want to make sure that you were covered. Why? - Because you have invested a great deal of money in all of the tools and equipment that are needed to run your business. You also want to make sure that your employees, your clients - and you, yourself - are protected.
Being that oil and gas are highly combustible, in your line of work, there is always a risk of a fire or an explosion. Other issues can arise, such as spills, slips and falls, and property damage; just to name a few problems that you could encounter. The costs of repairs, lost property, medical bills, and any legal issues that could arise if a disaster did occur could be financially devastating. If you didn't have insurance, you would have to pay these astronomical expenses out of your own pocket. Would you have the money to pay for such exorbitant costs? More than likely, the answer is no.
Without California oil and gas lease insurance insurance, if something goes awry, you could potentially go bankrupt. Insurance protects your business, your employees, your customers - and you and your family - from any travesties that could arise and the financial burdens that are associated with them.
There are a number of insurance policies CA oil and gas lesses should carry. Some examples of the types of coverage you should invest in include:
These are just some of the types of California oil and gas lease coverage that should be considered.
Premises liability exposures at the job site, excavation and construction pose numerous hazards. The area of operation should be restricted by barriers and proper signage to protect against trips, slips and falls from debris, equipment, or uneven ground. Construction sites create an attractive nuisance hazard, especially if work is close to residential areas.
Digging can result in cutting utility cables, damaging property of the utility company and disrupting service to neighboring residences or businesses. Absence of detailed procedures to determine utility locations and to research prior uses of the land before digging may indicate a morale hazard.
Workers compensation exposures can be high. Back injuries, hernias, sprains and strains can occur from lifting, material handling and work with hand tools. Overturn of equipment can result in severe injury or death from crushing or suffocation. Cumulative exposure to the high-decibel operations may result in permanent hearing impairment.
Underground hazards may arise from striking objects or utilities, collapse of retaining or holding walls, mudslides, landslides, underground water, and sinkholes. Any contact with utilities, specifically electrical cables or gas lines, can cause injury from explosion, electrocution, or inhalation of caustic substances.
The absence of good maintenance, proper use of basic safety equipment, such as steel-toed shoes, hearing and eye protection, and strict enforcement of safety practices may indicate a morale hazard.
Property exposures are usually limited to:
Welding equipment, if any, presents a heavy fire exposure and should be conducted away from flammables. Any flammable chemicals or oxygen tanks must be properly labeled, separated, and stored in approved containers, cabinets, and rooms.
Crime exposures are from employee dishonesty. Background checks, including criminal history, should be obtained on each employee prior to hiring.
Ground at the construction site may be uneven. Equipment may strike underground objects, strike utility cables, fall into holes or pits, slip or fall into mud, water, or sinkholes, be damaged in rock, land or mud slides, or burst into fire from overload. Equipment left at job sites may be targets for theft and vandalism.
Commercial auto exposures can be high due to the transport of materials, machinery, and equipment. All drivers must be well trained and have valid licenses for the type of vehicle being driven. MVRs must be run on a regular basis. Random drug and alcohol testing should be conducted.
Vehicles must be well maintained with records kept in a central location. Some of the driving may be done on temporary access roads, increasing the risk of collision and overturn.
To learn more and ensure that your business is properly protected with the right California oil and gas lease insurance insurance, speak to a reputable insurance broker that specializes in insuring your industry. Together, you can discuss the different coverage options that are available and ensure that your gas or oil lease business is well-protected.
If you are an entrepreneur and you considering having your operations located in California, it's essential that you have a full understanding about the economy of the state, as well as the regulations and limits that are in place for commercial insurance.
If you are considering opening up a business in the Golden State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
In terms of job creation, the state of California exceeds rate of job growth in the United States; however, as the state's metropolitan areas are reaching employment capacity, job growth is starting to slow. In 2017, the rate of growth was 2.1 percent, which is the slowest rate of growth since 2011; but it is still expected to increase by 1.8 percent by the end of 2018, and 1.2 percent by the end of 2019.
In the month of April, the unemployment rate in California dropped to 4.2 percent, which is a record low. This unemployment rate is expected to remain consistent for the rest of the calendar year; however, it's forecasted that the rate will start to increase in 2019.
The strongest labor market in the state is in the Bay Area, where the unemployment rate was 3.4 percent in 2017. Southern California follows, with an unemployment rate of 4.5 percent in 2017. In the Central Coast region, the rate was 5.4 percent and in the Central Valley, it was 6.6 percent. While the unemployment rate is considered high in these areas, they have decreased dramatically over the last 12 month period.
The industries that are expected to see the most growth in CA include:
The California Department of Insurance regulates insurance in the Golden State. In the state of CA, commercial liability insurance is not required; however, since the state does not cap rewards for liability law suits, business owners are wise to invest in this type of coverage. The amount of coverage recommended varies depending on the size of the business and in the industry.
Workers' compensation insurance is the only type of coverage that business owners are required to have. This applies to any organization that employs a salaried or hourly staff, even if that staff only consists of one employee. Furthermore, if an employee is injured or becomes ill as a result of work, business owners must pay for CA workers' comp benefits.
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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