When it comes to insurance coverage, staffing agencies face different risks and varied costs based on their individual business operations.
Staffing agencies operate as the middleman between clients and workers and have obligations to both parties—which may, in turn, open them up to liability risks. This is why it’s crucial for staffing agencies to secure the right insurance coverage.
So, why would an Oil & Gas contractor want or need insurance coverage? Let’s take a closer look at the options contractors have when selecting insurance for the Oil & Gas industry.
Business Insurance for the Oil and Gas Industry
Business insurance, in particular, can help protect contractors from liability and other risks. If a company or client hires a 1099 worker to do a job and then sues that worker, liability insurance can help protect the worker. This would also apply in the case that a third party sued the company and named the worker in the lawsuit.
In short, liability insurance protects 1099 workers against potential risks that come with being self-employed. Furthermore, there are several types of business insurance, with policies that both protect contractors from liability risks and help replace damaged property.
Businesses in the Oil & Gas industry often face situations that require specialized insurance solutions. For example, they need policies that are specifically tailored to Oil & Gas equipment, potential environmental concerns, and other risks exclusive to the industry.
As a leading staffing agency for the skilled trades, Workrise emphasizes the worker first by offering industry-leading insurance for our Oil & Gas contractors.
The Workrise Difference
At Workrise, we are committed to creating a better experience for 1099 workers and want them to know that ‘we’ve got their back.’ We do this by providing:
Best-In-Class Insurance Coverage
We will negotiate the best coverage at the lowest price.
Zero Attorney Fees
If a defendant is in a lawsuit for something that happened on the job, the worker will have full access to an attorney at zero cost. Please note that our insurance will not cover you if the accident is caused by gross negligence or intentional conduct.
We believe that non-competes are unfair to independent contractors. We empower our workers with the freedom to choose who, when, and how they want to work, without being tied to a non-compete.
Workrise is by far the best situation I’ve ever had as a contractor.Ross — Production Consultant
Liability Insurance for the Oil and Gas Industry
We also offer a comprehensive liability insurance policy to ensure that workers are always covered and in good hands. This includes the following four types of accident insurance on location:
1. General Liability
General liability insurance covers any damages that happen in the general scope of work. The industry standard is $1-2 million which is the exact amount that Workrise provides. This coverage includes any liabilities from services that were provided pursuant to receiving a valid Master Service Agreement (MSA).
2. Umbrella Insurance
An umbrella policy goes into effect once other policies have reached their maximum limit. The industry standard for this type of insurance is $5-$10 million, but Workrise outpaces the competitors and provides $25 million in coverage.
3. Auto Insurance
Our auto insurance covers damage to any vehicles provided by Workrise. This policy covers $1 million, which is synonymous with the industry standard.
4. Professional Errors and Omissions Insurance
This insurance policy covers any errors or omissions related to professional services such as consulting, engineering, and design. The industry standard is $1-2 million, and Workrise provides $5 million.
Partner With Us
At Workrise, we put workers first by providing best-in-class pay, comprehensive benefits, and 401K. And by supplying the training needed, we help prepare our workers for future career advancement in their trade.Learn More