Pitfall: Assuming general liability covers wrongful termination, harassment, or discrimination claims. It doesn’t.
Fix: Employment Practices Liability Insurance (EPLI) protects against employee lawsuits—one of the fastest-growing risks in the industry.
Cost Angle: These policies are affordable and often bundled with management liability packages.
Pitfall: Assuming rental companies’ insurance covers you. Their policies usually protect them, not you. Fix: Add coverage for leased/rented equipment on your inland marine policy. Takeaway: Always assume you’re responsible for rented equipment until proven otherwise.
Pitfall: Treating OSHA compliance as separate from insurance. Carriers review OSHA violations when pricing policies. Fix: Maintain strong OSHA logs, training, and compliance. Demonstrating safety lowersrisk scores. Cost Angle: Fewer violations = lower premiums.
Pitfall: Focusing only on physical damage coverage. When operations stop, lost income is often greater than property damage. Fix: Add business interruption coverage to replace income during downtime. Takeaway: The pitfall is overlooking business continuity. The fix is protecting your… Continue reading Business Interruption Coverage in the Oilfield