The oil and gas industry is a vital part of out nations energy source. We are able to heat our homes and businesses, run the majority of our transportation services, and provide jobs to millions of Americans because of petroleum and gas products. There are way too numerous exposures and risks to go over, but every business dedicated to the extraction, storing and containing of these gases and materials must be insured in the event that anything goes wrong, from personal safety concerns, to environmental and property damage issues.
Anyone owning a company runs the risk of lawsuits due to contamination, fire, and other dangers that could result in large settlements that could devastate a business, which is why Hobbs nm oil and gas insurance coverage can make all the difference.
Fracking is a controversial subject
Fracking, or hydraulic fracturing, is a type of drilling that has been used commercially for over 65 years. Today, the combination of advanced hydraulic fracturing and horizontal drilling, which employs cutting-edge technologies, is responsible in large part for surging U.S. oil and natural gas production.
Hydraulic fracturing, considered by most experts to be a safe process, is perhaps the biggest single reason America is having an energy revolution at the current time, something that has changed the U.S. energy market from scarcity to abundance. Fracking allows the US to tap vast oil and natural gas reserves that previously were locked away in shale and other tight-rock formations. In addition, hydraulic fracturing also is being used to stimulate new production from older wells.
Still, these processes do cause their share of concern, and as with any industry, any type of accident could undermine public acceptance, which is why insurance solutions for property damage, specialized equipment breakdown, general liability, commercial auto liability, commercial umbrella/excess liability, environmental liability and pollution liability, and workers compensation are readily available to companies involved in these type of practices.
The bottom line is that if your business requires you to help feed into the supply chain for gas and oil products, you need to mitigate any and all risks. Protecting your highly specialized needs and risk profile by purchasing adequate amounts of hobbs nm oil and gas insurance is your best bet.