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Drilling Contractors Insurance

Public liability insurance for drilling contractors

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Public liability cover for drilling contractors

Carrying out work as a drilling contractor is extremely high-risk. There may be transportation accidents, heavy equipment injuries, fires and explosions, and tough weather conditions to deal with, which could impact your ability to continue working. However, you also need to consider how your business activities might affect others. For example, you could cause injury to a customer or member of the public by leaving site locations unsafe and exposed, or cause property damage due to misconduct. In such situations, it’s likely those impacted will make a claim against you, resulting in costly compensation and legal fees which could disrupt your operations and even your entire livelihood. Fortunately, public liability insurance protects you should anything go wrong — you won’t need to pay out of pocket yourself for these fees.

 

Most insurers offer between £1 million and £10 million worth of public liability insurance cover.

What is drilling contractors insurance?

Designed especially for your profession, a comprehensive drilling contractors insurance policy will protect your business in the event of an accident. You face multiple hazards in your line of work every day, and if a problem arises that means you have to pay for compensation or legal costs yourself, you could find yourself in financial ruin. As such, drilling contractors insurance will allow you to carry out work without worrying how one slip up could cause your business to come crumbling down.

Do drilling contractors need insurance?

A generic insurance policy won’t cover everything you need as a drilling contractor, simply because many insurance providers are unaware of the dangers faced by those working in the industry. In fact, many fail to recognise your profession as a risky one in the first place. However, it’s likely your clients will request drilling contractors insurance in order to work with you, making it essential for your business. It ensures your company is protected no matter what happens during your working day. Use Brisco Business Insurance’s policy comparison tool to help find the right cover for you.

How our drilling contractors insurance works

1 Apply Online

Complete the online quote form on our business insurance website – Brisco Business Insurance

2 Compare Quotes

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3 You’re insured!

Instantly activate your Brisco Business Insurance policy and view your certificates online

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Drilling Contractors Insurance: Frequently Asked Questions

How much drilling contractors insurance cover do I need?

The cover your business requires will depend on a number of aspects, including how many jobs you complete, the cost of your equipment and how big your contracts are.

How much does drilling contractors insurance cost?

The price of your insurance premium will be influenced by how much cover you require, your reputation and how long you’ve been in the industry, as well as your previous claims history.

Is drilling contractors insurance necessary?

In the event of negligence on your part, you’ll be liable for any property damage or personal injury to a third party caused by your business activities, unless you have an insurance policy. Strictly speaking, drilling contractors insurance isn’t necessary unless you hire staff (in which case you’ll need employer’s liability insurance), but if you want to ensure your business is protected it should certainly be considered. It’s also worth remembering that you may fail to secure clients if you don’t have adequate insurance in place.

*This indicative price is for £1m public and products liability, £250,000 legal expenses, £10,000 financial loss and £10,000 accidental death insurance cover for a sole trader. The price includes insurance premium tax but excludes our admin charge. 19% of new customers paid less than £59 between 1st January 2021 and 28th February 2021. The actual price you pay will depend upon your specific business requirements and will be affected by your trade, your claims history and the optional covers you select which are all priced separately during the quote process. This website is intended for customers based in the UK and is therefore subject to the UK regulatory regime(s) © Copyright 2022 Tradesman Saver | Tradesman Saver and Henry Seymour & Co. are trading names of Barkdene Limited which is authorised and regulated by the Financial Conduct Authority (FRN 303965) for our insurance distribution and credit broking activities. Barkdene Limited is a credit broker not a lender. You can check this on the Financial Services register.
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