Drilling contractors spend the majority of time boring, drilling, excavating, cementing, casing, and cleaning, which involves many different types of specialized tools and equipment.
As with any construction trade, drilling contractors face significant exposure to third-party injuries and property damage.
The insurance professionals at Fairbanks Insurance Brokers recommend a combination of contractors’ insurance coverages to provide the financial protection needed when something goes wrong on the job site.
Contractors’ general liability insurance forms the base of the policy package needed to provide comprehensive protection for drilling contractors.
The drilling contractors’ general liability policy offers coverage for bodily injury, property damage, personal/advertising injury, and products/completed operations.
Drilling contractors’ general liability coverage protects against unforeseen third-party bodily injury and property damage claims.
Work-related injuries are not uncommon at a drilling job site. Accidents can happen that typically result in significant medical expenses and lost wages.
A drilling contractors’ workers’ compensation policy provides the protection your employees rely on for job-related injury or illness.
Many U.S. states mandate construction companies with employees to carry contractors’ workers’ compensation, regardless of the number of workers or hours worked.
Most state licensing authorities and residential and commercial customers require a contractors’ surety bond that provides a financial guarantee if you fail to meet the terms of your project agreement.
A Contractor’s Surety Bond is for the benefit of consumers damaged from defective construction or other license law violations and employees who have not been paid wages due to them.
A Drilling Contractors’ Surety Bonds acts more as a business line of credit than a contractors’ insurance policy.
Drilling contractors use light and heavy vehicles and trailers for day-to-day business operations.
Drilling contractors’ commercial auto insurance provides liability and physical damage protection for business vehicles and insured drivers.
Drilling contractors typically deploy expensive tools and equipment to the job site.
Drilling contractors’ inland marine insurance repairs or replaces tools and equipment damaged or stolen at the job site, in transit, or in storage.
Drilling contractors’ tools and equipment insurance covers fire, theft, and other risks.