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Gas station insurance
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Gas stations are a business like any other. With the services they offer and the operations they run, commercial insurance is an absolute must-have. This is not just to protect a business’s investment and assets but also because gas stations are full of more risks and hazards than the average business establishment.
Gas stations operate more than your average convenience store. Owners have the standard risks of running a convenience store while also contending with the safekeeping of a gas station. So, there’s a lot to account for and be aware of.
Of course, you can do all this while saving on your insurance premiums when you purchase Gas station insurance coverage with Insurance Navy.
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Why Gas stations need good business insurance
Why Gas stations need good business insurance
Gas stations are among the riskiest businesses to insure because of the damages and liabilities they are responsible for. The storefront area of operations has to look out for the usual theft and vandalism and any injuries a customer can sustain while inside. Common gas station hazards that are often covered by insurance are:
- Contaminated fuel in the gas tanks
- Property damage due to the constant flow of traffic coming in and out of the gas station, as well as weather damage
- Fires that can quickly start if a flame or spark were to come in contact with fuel
- The aforementioned criminal hazards that plague stores, like theft and vandalism
- Any perishable goods within the store spoiling
- Fraud and forgery of store records by employees
- Insurance for employees, gas station attendants, and store clerks for injuries that occur while on the job
- Physical and chemical injuries that can occur to customers while pumping gas
- Missed income and profits if the gas station has to close for some time
These are just some things that gas station coverage can protect your business from.
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How much does Gas station insurance cost?
Like any other type of coverage, gas station insurance premiums vary from business to business, with two rarely paying the same amount. Finding an average is a little tricky.
However, gas station insurance has been reported to cost anywhere from $450 to $1,200 for basic liability insurance with a coverage amount of $1 million. Naturally, any additional coverage will result in more premiums.
How many employees also play a role in determining commercial insurance premiums? Every employee may require worker’s compensation insurance, so the more there are, the more it will be to insure them. There is no case of increased gas station insurance premiums due to the personal factors of an individual employee.
The location is another major factor that determines the cost of gas station insurance. California has seasonal wildfires, Louisiana may experience a hurricane, and others may experience snowfall that increases the risk of unstable driving among customers. Policy pricing tends to be the most crucial factor.
Running additional services like a car wash or auto shop has risks that will naturally affect gas station insurance policies and their premiums. Insurance companies tend to bundle commercial coverage when it comes to businesses that offer multiple services. This allows policyholders to save on what would otherwise be extensive policies.
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Types of Gas Station Insurance
Several types of insurance are suitable for small businesses, such as gas stations. Often, an insurance policy for a gas station is made up of several coverages. Much like every other type of insurance, every gas station policy is different, and rarely do two require and pay the same amount for gas station coverage.
When putting together your gas station insurance policy, it’s essential to consider what commercial coverage you will need and don’t. Some of the foremost insurance coverages for gasoline stations include the following.
Commercial property insurance
Firstly, every business owner will want to protect the building or location where they operate regularly. There’s no online gas station, so this is one of the most critical coverages such businesses can have. There’s so much more property damage that a gas station can experience than a car hitting the storefront or a gas pump.
About 8% of the gasoline stations in the United States have reported a fire and ensuing damage in the past year, which continues to be one of the most common hazards they face.
Moreover, there is also the matter of protecting all the pumping and safety equipment. New versions of this equipment come out yearly and cost a lot; replacing them if they are beyond repair is a new, expensive endeavor.
Another great thing about property damage commercial insurance is that it carries over to the store inventory along with any landscaping and signage, so it’s not just the building and gas pumps themselves. Even location and company records kept within the establishment are covered if lost.
Workers compensation insurance or Employee liability insurance
Above all, businesses have to carry worker’s compensation insurance for the sake of their employees. Basic protections exist, such as if an employee trips and falls while restocking the shelves.
There are more ways employees can get injured in a gas station. Chemical injuries can be sustained if handling the gasoline goes sideways. In New Jersey, they are required to have gas station attendants do all the pumping, and they’re constantly exposed to the fuel.
Gas stations are often common targets of robberies, and employees can permanently be injured if one escalates. Worker’s compensation covers any medical expenses on their behalf and any lost wages if they have to miss work while they recover. Worker’s compensation insurance is often enforced by law, and not carrying it for employees can result in penalties.
Commercial liability insurance
Of course, there is always the matter of the customers' safety when running any business location. No matter how small, gas stations get significant traffic during all hours of the day.
This is another primary commercial coverage because damage or injuries caused to a customer can sink a business as a whole. Even having something as simple as a slippery gas pump can result in customer injuries. Commercial liability insurance will cover injuries and damage to customers in the store and outside the pumps.
Commercial liability gas station insurance will cover other expenses: injuries, ensuing medical fees, and legal defense if the case is taken to court. Gas stations will especially want this coverage in winter when the outside conditions become icy.
Liability insurance isn’t strictly required by law, but it’s necessary if a business wishes to survive after something goes wrong.
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Additional types of Gas station insurance
The best insurance policies are the most in-depth ones. With the number of add-ons available to business owners like those who run gas stations, there is plenty more to insure beyond the basic liability and asset values.
These coverages are designed for more specific hazards and damages in the event they occur. These gas station insurance add-ons include the following.
Business interruption insurance
Due to a fire or significant accident, gas stations may have to close for repairs or renovations for some time. Business interruption insurance comes to the rescue to cover any missed profit and income due to the temporary shutdown. Fire damage can be a lot to deal with.
While commercial property insurance covers the cost of the repairs, business interruption insurance can cover the time of the repairs. After all, time is money in any business.
Business owners policy
A business owner’s policy is a streamlined commercial policy that is an affordable combination of commercial liability coverage, business interruption insurance, and commercial property damage insurance.
This commercial insurance is designed to fit any small business owner. All the hazards above will be insured when applied to a gas station. The only thing that goes uninsured is the employees' need for worker’s compensation insurance.
Commercial car insurance
Suppose your convenience store has delivery or service vehicles. In that case, they will require commercial car insurance to be driven legally for business purposes.
Few gas stations have a fleet at their disposal; if they did, this insurance is required by law as standard car insurance is.
More in-depth commercial car insurance can also cover the station’s vehicles when parked and not in use. It’s also possible to insure multiple cars on one policy.
Cyber liability insurance
The computer system that a gas station has is a precious asset, especially with customers who largely favor card and digital payments. A lot of personal data is being processed at once, and it would be a disaster if it were to be compromised.
The gas station’s records, receipts, and other documents may also be digital and accessible by hackers.
The best part about cyber liability insurance is that it covers monitoring services, any notifications you need to send customers, and the ensuing service costs.
Liquor liability insurance coverage
If a convenience store sells alcohol, liquor liability coverage may be needed to insure against any damage or injury caused by an individual whose alcohol was sold on the premises.
While it’s not a requirement like a liquor license would be when selling alcohol, it’s heavily recommended that any business carries liquor liability coverage if they deal with it.
Commercial umbrella insurance
Umbrella insurance policies exist to protect assets that are of notable high value. In running a gas station, damages can occur that extend the coverage limits of your existing policy.
Commercial umbrella insurance can be beneficial if an employee or manager keeps assets of high value at work.
Garage Insurance
Also known as garage keepers insurance, this add-on commercial coverage is for gas stations with auto shops or repair services on site. They want to include them in their insurance policies. This is always wise because they are just as subject to accidental and criminal damage as the rest of the station is.
Some gas stations strive to be their communities' auto shops, so their policies should always include the heart of their operations.
Gas station insurance policies from Insurance Navy
Most gas stations in the United States are privately managed or owned. Often, it’s their responsibility to become an insurance expert to ensure they’re not only financially protected but able to operate smoothly and profit with the amount they are paying for their insurance coverage.
Insurance Navy proudly takes the same competitive and low-cost approach to commercial insurance as we do for our high-selling car insurance. Providing cheap insurance services for businesses that keep our policyholder’s vehicles running only makes sense.
Unexpected criminal, chemical, and physical damage is known to occur at gas stations slightly more than the average commercial location. However, they are also the most visited out there by customers.
Insurance Navy offers an easy-in to cheap commercial gas station insurance with premiums prioritizing profit.