What Type of Insurance Does Your Gas Station Need?

Written By Charlotte Insurance on October 22, 2020. It has 0 comments.

a Charlotte gas station in need of the right insurance policies

Want to make sure your gas station thrive’s in today’s economy? It’s not just your prices or your inventory you need to worry about. Thriving and surviving is also about how well you recover from accidents, injuries, and other insurance claims. For that, you need the right kind of insurance for your gas station.

General Liability

As a business owner, you deal with the public in a variety of ways. As a gas station owner, you have to face certain risks like fire and environmental exposures that threaten damage or harm. General liability insurance covers claims made by non-employees for property damage or bodily injury that occur while at your gas station or while doing business with you. This includes slips, trips, falls, vehicle damage, and more.

Commercial Property Insurance

From the building to the gas pumps to the inventory in your gas station, everything you need to do business costs money. If a fire, storm, or theft damages your property, replacing it so you can get back to business will be expensive. Commercial property insurance helps you replace equipment, inventory, and supplies for your gas station after a covered peril.

Equipment Breakdown

If your gas pumps don’t work, you lose money as customers pass you by for the station up the street. Equipment breakdown coverage helps you get back up and running quicker with less out-of-pocket expense for you.

Underground Storage Tank Coverage

Your station stores a massive amount of fuel underground. When something goes wrong with a storage tank, the risk of damage and injury is very real. Underground storage tank insurance is a form of liability coverage that pays claims after an accident resulting from your fuel storage tanks.

Loss of Income

When an accident shuts your business down, you’re not making any money. You can’t pay vendors, employees, or yourself. Loss of income coverage helps you meet your financial obligations while your gas station is being repaired or rebuilt.

Crime Coverage

Gas stations face crime in two ways: dishonest employees and burglaries. Even when you put protections in place to prevent theft, it can still happen. When you lose money from crime, this insurance coverage will help you recover financially.

Workers’ Compensation

As an employer, workers’ compensation insurance may be required, but it’s also a good business practice. If an employee gets hurt or becomes sick while at work or in the course of their duties, you will be responsible for their lost wages and medical expenses. Workers compensation pays those costs and covers you if an injured employee decides to sue.

Umbrella Insurance

No matter how much insurance coverage you purchase, the potential for an overwhelming claim remains. This is the claim that overwhelms your standard coverage. Even after you reach your policy limit, there may still be hundreds of thousands of dollars to pay. With an umbrella insurance policy, you get additional liability coverage for those (hopefully) once-in-a-lifetime accidents. Why does that matter? Because without it, you’ll have to pay out of pocket for anything above and beyond your policy limit.

Opening a new gas station and want to start off with the right insurance coverage? Give us a call! Realize you need to update your long-running gas station’s policies to add better coverage? We can help with that, too! For all your business insurance needs, contact Charlotte Insurance today.

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