Gas Station Insurance

Gas stations, like any retail business, need to take out a number of insurance policies to protect the company from damages to the property, theft, employee and customer accidents, and more.

Insurance policies are a great way to free the business from any financial liability that may arise in case an accident happens.

Before we discuss the different gas station insurance policies and how much they cost, let's talk about what gas stations need to insure in the first place.

When it comes to gas stations, there are a few key things that need to be insured. First and foremost, the gas station itself needs to be insured. This includes both the building and the equipment inside.

You'll also want to insure the inventory of gasoline and other fuel products on site. If you have a convenience store at the location of the gas station, you’ll need to cover that too. In addition, you'll want to have general liability insurance in case someone is injured on your property.

Finally, you may also want to consider insurance for your employees' safety. That way, if your employees fall sick or have an accident at work, your business and their livelihood are protected.

Having any or all of these policies in place will financially free you from any liability that you may have in case an accident happens so they are definitely worth it.

Gas stations can greatly benefit from a wide variety of insurance policies. The level of cover you get will depend on the size of your gas station, whether or not you have a convenience store at the premises of the property, the number of staff you employ, and more.

For a more detailed breakdown as to the exact insurance policies recommended for gas stations, please take a look below.

The cost of gas stations insurance varies depending on the type of coverage you get. However, it's generally quite affordable. For general liability insurance, you can expect to pay between $500 and $600 per year. Employee safety policies (worker's compensation insurance) are a bit more expensive, costing on average about $1,500 per year.

Additionally, inventory insurance costs around $1 per gallon of fuel stored. As for commercial property insurance, that can also cost you around $1,000 per year.

That said, it's always a good idea to shop around and compare rates to find the best deal. Working with an insurance broker can help you do this quickly and easily. One thing that you don't want to do though is attempt to save a few hundred dollars by not getting an insurance policy as a whole.

That will often cost you more than the original insurance policy price and cause you a bunch of headaches that you could have easily avoided.

There are a few different types of claims that are typical for gas stations. The most common is a fire claim. This can happen if a gas pump malfunctions and starts a fire.

Another common claim is theft. Thieves often target gas stations because of the large amount of fuel products that are stored on-site. In addition, they may also target the ATM or other valuables inside the gas station.

Finally, employees often file workers' compensation claims if they get injured on the job. This could be from slipping and falling, being attacked by a robber, or simply falling sick at the workplace.

If your gas station is at risk of getting any of these claims, it's important that you work with an insurance agent that specializes in gas station (service station only) insurance. They'll be able to help you get the claim filed quickly and easily so that your business doesn't lose money from such unfortunate events.