Operations That Require Oil and Gas Insurance in New Mexico

The oil and gas industry plays host to a lot of companies all involved in the manufacturing, supplying and containment of these valuable resources. Pressure pumping trucks, big rigs, vacuum trucks, and hot shot vehicles all play a significant role in the oil and gas refinement process. This can be very dangerous work and injuries and deaths are not uncommon for the men and women whose purpose is to ensure that proper procedures are carried out. The owners of these various companies understand this to be true and take the necessary precautions. Still, when things do go wrong, workers compensation coverage from oil and gas insurance in New Mexico provides help in aiding anyone involved in an accident.

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The purpose behind vehicles used in these operations

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Different oil field truckers provide different services. The hotshot term, believed to have originated in the Texas oilfields decades ago, described trucks used to deliver needed parts to off road drilling and pumping operations. The niche continues to play a part in the industry to this day and has benefited from the growth in US fracking operations. One of the main jobs of these dedicated individuals is to transport power company equipment to keep the electrical grid running, which is needed as soon as possible to avoid a shutdown.

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Well-equipped and versatile vacuum trucks are critical to all oil and gas operations. Vacuum trucks are tank trucks that feature a heavy-duty vacuum system designed to use vacuum technology to load liquids, sludge or slurry through suction lines. These pumps are also used to unload tanker trucks using pressure. Many different types of vacuum pumps are available, and the type chosen depends on the geographic location and the application’s specifications.

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Working long days and nights can be exhausting and these fields are often slippery from the oil. Add to this all the heavy machinery in play and you have conditions that can lead to everything from minor, to very severe injuries. Medical staff should be present at all times since an injured worker might require immediate attention, or may even need to be airlifted to a nearby hospital. Despite safety precautions, this is strenuous and very dangerous work. Having oil and gas insurance in new mexico is vital to the success of these companies that help keep America running.

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Product Defects and El Monte Manufacturers Insurance

Manufacturing plants are open to a variety of risks and exposures depending on the types of products being produced and sold, and those risks can vary. If for whatever reason an item that you produce in some way causes an injury due to a defect or, for example, poorly worded instructions about proper use of the product, this can have costly consequences. In order to minimize any liability exposure, or to defend your claims of product safety, it’s going to require El Monte Manufacturers insurance to protect you against any litigation in the event someone is injured while using your product.

Having prior, similar issues may be problematic

The basic principles of safe product design are to weed out any defects in design to eliminate hazards so that the US Consumer Product Safety Commission deems the product safe. If a hazard issue cannot be removed or fixed, then safety devices must be built in to prevent injuries from occurring. In any case, provide warnings wherever and whenever necessary.

In most product liability cases the defendant will try to assert that there’s no evidence of prior accidents. This will require the defendant to establish that, if there had been prior accidents, the defendant would have known about them due to the fact that there was a mechanism in place to check on the safety of the product.

Having no evidence of any prior accidents may simply be a result of there being no record keeping system in place to record such complaints or no knowledge of any actual incidents that took place. Therefore, evidence must be established before proof of a lack of prior accidents would be admissible. In order to lay the proper foundation for a defense of no prior accidents the defendant would be required to show that he or she likely would have known of those prior accidents if they had occurred.

Product Liability Insurance is a must have solution

Defective products are an unfortunate part of the negative aspect of the manufacturing industry. In El Monte it is prudent for companies operating in these types of operations to carry El Monte Manufacturers insurance, which includes product liability coverage. This can help to ensure that, if a lawsuit is the result of a claim of an injury due to the use of a defective product, that the company will have provisions as a result of having proper coverage in place.

Managing Risk and Factory Insurance

The manufacturing industry provides goods and services for numerous companies and consumers that purchase those products. These businesses are responsible for the continued growth of our great nation. The manufacturing industry is also essential to our country’s success as it provides job opportunities for millions of Americans while contributing to the nation’s standing as an economic world power.

If you own or operate a factory or manufacturing plant, you have risks and exposures that could result in huge financial losses. You owe it to yourself and your clients and workers to carry sufficient amounts of factory insurance to mitigate any issues that may arise from day-to-day operations. Properly managing risks is essential to your existence as well as your growth.

You need to take the time to review your exposures to determine whether your current insurance coverage addresses them effectively enough. You’re likely going to need to invest in several policies in order to close any existing insurance gaps while realigning your current coverage, as this can wind up lowering your overall insurance costs.

 

Certain exposures can result in great financial loss

Along with your employees, your equipment is perhaps your greatest asset. A breakdown in your equipment will have the potential to cripple your business and you need to be able to minimize your losses. You should be prepared for situations that could potentially knock your operations off line and know exactly what it will take to get your operation back up and running should you be forced to shut down and rebuild after a loss.

Also, ask your agent to take a good hard look at your liability exposures to assess how much you can afford to risk in the event of a significant loss. The agency you choose to partner with should not only be experienced in your industry, but responsive and efficient. Those working exclusively with manufacturers will better understand your concerns and be able to address certain issues related to your field of work, thus allowing them to negotiate on your behalf for the right factory insurance at the best cost.

It would be easier if all you had to be concerned with was manufacturing products, but there’s also risk management strategies, loss control solutions, employee health benefits and HR services, all of which are required to safeguard your assets, drive down expenses, attract and retain employees and improve your company’s bottom line.