Subcontracting is becoming a lucrative business due to oil prices being at a low. However, those in the oil and gas industry will be checking to make sure you have the coverage you need to cover any mishaps that might cost you (or them) money that you don’t have. You need to have the following NM oil and gas insurance to even be considered for most industry jobs.
Errors and Omissions Insurance
Some employers may consider this secondary, but you’re sure to get more jobs if you have errors and omissions insurance. This type of insurance covers any mistakes you might make that would end up heavily costing their clients. It will protect your employer from being sued if there’s a big mishap.
Almost every employer will require that you have a Certificate of Liability Insurance that has appropriate limits and expiration dates to handle the current project. They want to be sure that any damaged property or injuries caused by your working there will be adequately covered, as their business insurance probably won’t include it.
NM oil and gas insurance is required to work as a subcontractor in the industry. Employers want to know that they’re not liable for your mistakes. Recognizing what types to get and maintain will help you gain the best positions available in today’s market.