Disruptions in the oil and gas industry can have a significant impact on the globe, as the mass population of the world relies on these two products for energy and transportation. Though a prosperous industry, it is fraught with risks. These risks and the companies that must face them need the expert insurance coverage found at danielsinsuranceinc.com. Before talking to an agent about coverage, know what kind of risks you are facing.
Laws and Regulations
Failing to comply with any government-issued regulations can have huge consequences on your business. You could be faced with fines, prosecution, cost overruns, and physical security threats when you fail to meet government operating or safety requirements.
Terrorism attacks are a serious threat to the gas and oil industries. Some of the past attacks have been deadly, but any threat could impact the safety and wellbeing of employees at home or abroad.
The environmental laws are constantly changing, as governments and regulators try to preserve natural resources and create a sustainable future. There are many sites where it is illegal to pursue drilling, but there are also conditions where there is no oil available either. Geological risks are varied and need to be prepared for.
Supply and demand is a concern with any industry, as is the cost of operations and long-term success. However, these other areas are unique risks for anyone operating within the oil or gas industry.