Energy Contractor Insurance – One Man Band Insurance Cover
As a one man band contractor servicing the energy sector, you will likely need to cover your business against the applicable risks involved.
Contractors make up a valuable portion of the offshore/site workforce in the energy sector, providing highly skilled and flexible services to the energy industry. As self-employed workers moving from site to site as their contracts require, contractors have specific insurance needs for a high-risk industry. The two main policies purchased are:
1. Public Liability Insurance
The most common insurance policy for any self-employed worker but even more important in a high-risk area such as an oil rig or substation, this policy will react where you have caused, or have been accused of causing, injury/death to a third party, or damage to third party property. The policy will pay out both the costs for defending the allegations, and also the damages owed up to the limit of indemnity.
2. Professional Indemnity
Particularly important for those serving the industry by providing professional advice, design or consultancy, but also applicable to any self-employed worker, PI Insurance will react where a claim has been brought against you by your client for causing them a financial loss due to alleged professional negligence in your services. As with the PL policy, Professional Indemnity covers the costs of defending your claim and the damages found owing, up to the limit of indemnity.
Both of the above policies are often found as a condition of contracts for energy sector contractors, whether offshore, site, or office-based. We often find contractors calling us to purchase insurance whilst at the airport ready to head offshore, so it is best to check your contract and source your insurance ahead of time to avoid any last-minute panic.
Qdos Contractor provide low-cost policies for energy sector contractors, serving both oil & gas and renewables, including rope access work. Policies can be purchased online within minutes or over the phone with one of our UK-based consultants. Documentation is issued immediately via email and available on your online account, so you can access your policy documents right away and whenever you need whilst offshore.
In addition to the above policies, Qdos provide contractor sickness and travel insurance policies which may be applicable to an energy sector worker.
Purchase online today or contact our team on 0116 2690999