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Your guide to oil and gas industry insurance
Commercial property and commercial general liability (CGL) insurance is available online at Kanetix.ca for businesses and individuals in the Alberta energy industry. Only at Kanetix.ca can professionals in the Alberta oil industry get an oil and gas insurance quote online - it's quick, easy and designed specifically for the Alberta oil industry.
Whatever your oil and gas industry insurance needs are, Kanetix.ca can connect you to commercial insurance brokers who can customize a policy that will ensure you're covered. Positions where you may need oil and gas insurance protection include the following:
- oil well battery operator
- oil well pumper
- gas compressor station operator
- oilfield consultant
- involved in oil/gas site maintenance
- oilfield trucking
Since 1914, when Alberta's first major oil field was discovered at Turner Valley, Alberta's energy industry has seen tremendous growth. The vast majority of Alberta's oil is found in the oil sands located in northern Alberta in the areas of Athabasca (Fort McMurray), Cold Lake and Peace River.
Alberta alone accounts for more than 96 per cent of Canada's oil reserves and in 2010, about 140,000 people were directly employed in the mining, quarrying, oil and gas extraction sector, including the oil sands. In 2009, the energy sector accounted for over 23 per cent of Alberta's GDP.
According to the Government of Alberta Energy Ministry, about 99 per cent of Alberta's total oil reserves come from the oil sands and the remaining 1 per cent comes from conventional crude oil.
Commercial property insurance
In general, commercial property insurance provides coverage for your contents, stock and equipment against physical loss or damage.
For those working in the oil industry, this typically means your equipment, tools, computers, and location devices not to mention property which may not be yours but for which you are liable.
For oil field trucking operations, this means coverage that protects the cargo you're hauling as an oil field trucking operation, as well as any tools or other property used over the course of the day in the operation.
Commercial general liability
CGL insurance is designed to cover claims against your business for bodily injury or property damage to other people and is often purchased by those working in the oil industry, including oil well operators to those in oil field trucking.
The commercial insurance quotes you get through Kanetix.ca will include $2 million of commercial general liability coverage in the event you're found legally responsible for injuries or damages suffered by another. Although this amount is the default, when you connect with the commercial insurance broker to discuss the quote further, this amount can be increased to meet your unique needs.
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