Owning and operating a gas station is far more complex than most people realize, right? You need to hire the right employees, make sure inventory is always stocked, ensure and promote safety to the best of your ability, and serve customers that are always in a hurry.
You have enough to worry about without making sure you have the right insurance coverage. Your job is to protect your customers and employees. Our job is to protect you.
Convenience Store and Gas Station Liability Policy Components
General Liability Insurance
This coverage is going to protect you from a variety of potential claims. Some of these examples can be bodily injury, property damage, personal injury and others that can potentially come up if you are found negligent.
Liquor Liability Insurance
If you are selling alcohol, this is an absolute must. It will protect your business from personal injuries and property damages for a liability lawsuit.
Workers Compensation Coverage
In most states if you have employees then this isn’t even a questions of do I want this? This is a must to be able to employee staff. Workers Compensation (otherwise known as workers comp) is strictly designed to ensure payment by employers for some part of cost of injuries to an employee. Some examples of this can be things like:
Injury at Work
Disease caused by work environment
In most cases an incident would need to take place while the employee is at the place of employment, however it would be best to discuss with your local independent insurance agent for more of a case by case basis.
Loss of Income Insurance
What happens in the event you are unable to open your station due to a claim? This in most cases would cause a major hardship for you as a business owner. You wouldn’t be able to serve your customers which in turn means no income coming in.
This is where Loss of Income Insurance is imperative. This coverage would allow you to have a “back up” plan in the event you were unable to generate an income due to a covered loss.
This would allow you coverage for damage to your building, inventory, or equipment. Most policies would offer you a replacement cost coverage to these items so you would be able to repair or replace these items for today’s cost.
To make sure you have replacement cost coverage on property it is important to check with your independent insurance agent.
Service Station Coverage
We know that you’ll want to make sure the building and inventory is covered. But what about everything else? You’ll want to make sure you have adequate coverage for things like:
Underground fuel storage tanks
Canopies and awnings
Crime and Vandalism Coverage
This would cover you in the event you had a claim due to a burglary, robbery, employee theft, or any vandalism to the property.
So how do you know if a convenience store or gas station liability policy is a good fit for your business?
We always would recommend you calling a local independent insurance agent like us, and discussing your coverage options. Our agency can work with you in finding the perfect fit for your restaurant insurance needs.