A gasoline station is a business that deals with hazardous materials, and as such, it is susceptible to various risks. For this reason, having insurance coverage is essential for gasoline station owners.
Gasoline station insurance is a type of commercial insurance designed to protect the business from financial loss due to unexpected events.
Who Needs Gasoline Station Insurance?
Any business that deals with hazardous materials, such as gasoline and other petroleum products, needs gasoline station insurance. Gasoline station owners face various risks, such as fire, explosion, theft, vandalism, and environmental contamination.
Without insurance coverage, the business may suffer significant financial losses, which could even lead to bankruptcy.
Types of Gasoline Station Insurance
There are different types of gasoline station insurance, and each coverage is designed to protect the business from specific risks. Here are some of the most common types of gasoline station insurance:
Property Insurance
Property insurance is designed to protect the gasoline station building and its contents from damage or loss due to fire, theft, vandalism, and other covered events. This type of insurance covers the cost of repairing or replacing damaged or lost property.
Liability Insurance
Liability insurance is designed to protect the gasoline station from financial loss if it is found liable for causing injury or property damage to third parties. This type of insurance covers the cost of legal defense, settlements, and judgments.
Business Interruption Insurance
Business interruption insurance protects the gasoline station from financial loss if it is forced to suspend operations due to a covered event. This type of insurance covers lost income, ongoing expenses, and other costs associated with the interruption of business.
Environmental Insurance
Environmental insurance will make sense if you want to protect the gasoline station from financial loss due to pollution, contamination, and other environmental risks. This insurance covers the cost of cleanup, remediation, and legal defense.
How Much Does Gasoline Station Insurance Cost?
The cost of gasoline station insurance depends on various factors, such as the type of coverage, the value of the property, the location of the gasoline station, and the history of claims. Generally, gasoline station insurance is more expensive than other types of commercial insurance due to the high risk associated with the business.
To get a quote for gasoline station insurance, gasoline station owners should contact an insurance agent who specializes in commercial insurance. General Liability Insure will help you evaluate the business’s needs and provide a customized insurance policy that meets those needs.
Gasoline Station Insurance Requirements
In some states, gasoline station insurance is mandatory. For example, in California, gasoline station owners are required to have environmental insurance coverage to protect against underground storage tank leaks. Failure to comply with the insurance requirements may result in fines and penalties.
Even if gasoline station insurance is not mandatory in some states, it is still highly recommended that gasoline station owners have insurance coverage to protect their business from financial loss.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5541 Gasoline Service Stations, 7549 Automotive Services, Except Repair and Carwashes
- NAICS CODE: 447110 Gasoline Stations with Convenience Stores, 447190 Other Gasoline Stations
- Suggested Workers Compensation Code(s): 8006 Grocery, Tea or Coffee Dealer – Retail, 8380 Automobile – Service or Repair Center & Drivers, 8381 Gasoline Station – Self-Service Only – Retail
Gasoline Station Insurance – Final Thoughts
Gasoline station insurance is an essential part of protecting the business from financial loss due to unexpected events. There are different types of gasoline station insurance, and each coverage is designed to protect the business from specific risks.
Gasoline station owners should work with an insurance agent who specializes in commercial insurance to get a customized insurance policy that meets their specific requirements. Get a quote from us today to take care of your future.