Looking for tips on how to choose the best insurance for gas stations? Then you’re at the right place! Continue reading to learn all you need to know about insurance for gas stations!
Automobiles are a necessity in this day and age. Whether it’s a personal car, motorcycle, taxi, bus, truck, or any other vehicle on the road, they all fulfill a basic requirement of everyday human life. What’s common between all these modes of transport is that they all require gas to run. And if you own a gas station yourself, you must understand the benefits of running such a flourishing business.
But the more rewarding the business is, the higher is the probability of risks. And with gas stations, the risks can ruin your whole business and make you liable for innumerous claims. Hence, you should practice the most adept risk management strategy and protect your investment by getting the best insurance for gas stations.
Finding the best insurance coverages that fit your needs can prove to be a challenging task. But fret not because we’re here to guide you to the perfect insurance for gas stations. So buckle up and get ready for a long and informative ride. Here are all the different lines of insurance and additional coverages you can get for your gas station!
Lines Of Insurance
Package InsuranceMost gas stations also have a convenience store attached to their business. Whether you run the store yourself or rent it out, you still want to ensure that it’s protected from damage or business liability claims. That’s when Package Insurance does for you. It not only provides coverage against any such claims, but it also protects the pumps, canopy, and outdoor signs that you have at your gas station.
Workers Compensation Insurance
Gas stations can be unsafe working environments. With the constant influx of automobiles and dealing with highly flammable substances every day, you never know when the next calamity may arise. And that’s why you need to have Workers Compensation Insurance. It pays for the medical cost and loss of income of any employee injured on the job.
Equipment Breakdown Insurance
When dealing with such a variety of equipment and machinery every day, it’s wise to have insurance that covers them. Having Equipment Breakdown Insurance helps you maintain the equipment by covering their repair and replacement costs.
Pollution Liability Insurance
Managing large storage containers of flammable chemicals, gases, and liquids can be risky. Now you may ask yourself, ‘Does insurance cover gas leaks?’ When you have Pollution Liability Insurance, you will be covered for oil spills, gas leaks, etc. It will cover the cleanup costs and also protect you against any liabilities. It’s also known as Underground Storage Tank Insurance.
Employment Practices Liability Insurance (EPLI)
When a business is doing well, there is always a risk of employees acting irrationally to gain profits. And hence it’s always wise to protect your business against such wrongful employment practices liability claims. When you have EPLI, your business will be covered against lawsuits arising from discrimination, breach of contract, and wrongful discharge claims.
Property CoverageWhen any content or structure in your gas station gets damaged, then Business Property Coverage covers the cost of its repairs and replacement.
General Liability InsuranceA gas station business always runs the risk of a customer or patron getting injured in your vicinity. With General Liability Insurance, you won’t need to worry about the financial burden that arises from such claims.
Liquor Liability InsuranceIf the store at your gas station also sells alcohol, then it’s wise to get Liquor Liability Insurance. It covers the cost of legal liabilities and claims that you may face from a third-party incident involving one of your customers.
Commercial Crime CoverageGas station crimes like theft, vandalism, or employee dishonesty are quite common phenomenons. Having Commercial Crime Coverage pays for the losses your business may incur during such incidents.
Business Income CoverageThere might come a time when you may need to temporarily close your gas station business due to unexpected circumstances. In such cases, Business Income Coverage will cover the losses, pay the bills, and take care of the repair costs of your gas station.
As a gas station owner, it’s your job to keep your gas station safe and financially protected. While you can get all the protection you need by picking all these plans, you should also look for the most cost-effective insurance for gas stations. That way, you can get all the coverage you need while saving on your insurance costs.
If you still require help in finding the perfect policy, then you can get in touch with us. Call one of our insurance experts on 855-5EXCEED and state your Gas Station Insurance requirements. You can also write to us at [email protected].