Insurance for Gas Stations with a Convenience Store

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Why Do Gas Stations with Convenience Stores Need Insurance

These days it seems like you can find several gas stations with convenience stores at one intersection. It makes sense since the average American household owns approximately two vehicles and most travel daily.

Owning a gas station with a convenience store also means you face serious risks every day. Risks that can cause you to shut your doors if you don’t have the right gas station insurance to protect your assets. Insurance is easy to find if you know what risks you face and the types of coverage will protect you.

The types of risks gas stations have include:

  • Employee Theft & Crime: Gas station employees handle large amounts of sensitive data, cash and products during their shift. As much as you’d like to think they are trustworthy, many gas stations financially suffer when their employees steal these items or swipe customer credit card information.
  • Burglary & Break-ins: About 8% of robberies occur at gas stations and convenience stores. When they occur, you not only lose your cash on-hand, you also risk emotional and physical injuries to your employees.
  • Employee Injury: Convenience stores receive weekly shipments that need to be stocked. If employees don’t properly lift the boxes, they can injure themselves and hold you responsible.
  • Property Damage: Gas stations have more property to consider than just the building. You also have gas pumps, tanks, and in some cases car washes that can end up damaged by reckless drivers or vandals.
  • Slip and Falls: One of the most common risks is when patrons fall due to uneven pavement, wet floors, misplaced rugs, or even poor lighting.

What Types of Coverage Do You Need?

There are several types of insurance for gas stations that you may need to purchase. All gas stations benefit from general liability and commercial property insurance, while some may also need professional liability if they offer financial services like money orders or wire transfers.

  • General Liability: Covers medical expenses and lawsuits that stem from patrons injuring themselves (or their valuables) while at your property.
  • Crime: Protects you from losses and expenses that occur when employees or outsiders steal money or other assets.
  • Commercial Property: Covers damage or loss of your building and contents resulting from a covered peril. Some gas station insurance coverages, such as a Business Owners Policy, can also include business interruption insurance to cover expenses from having to close for a temporary period.
  • Worker’s Compensation: Pays medical expenses and lost wages for employees when they are injured while working. Most states require businesses carry this insurance when they have at least three employees (though in some states the minimum is lower).

How Much Does Gas Station Insurance Cost?

Gas station and convenience store insurance prices vary depending on the carrier and your unique risks. If you’ve had prior claims, especially worker’s compensation, you can see significantly higher prices than a business with a clean claims history. Other factors include if you are open 24-hours, have security systems in place, and if you are a startup. The good news is you can request a quote below tailored to your gas station to review your options.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
General Liability
This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

Commercial Property
This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

What is it: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage.

Why get it: If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

Pollution Liability
This policy helps to cover the costs associated with a pollution incident involving your business. This can include bodily injury or property damage, mandated clean-up, and legal costs related to the incident. If your business regularly stores or uses pollutants, this coverage may be recommended given the high potential costs associated with investigations and environmental clean-up.

What is it: This policy helps to cover the costs associated with a pollution incident involving your business. This can include bodily injury or property damage, mandated clean-up, and legal costs related to the incident.

Why get it: If your business regularly stores or uses pollutants, this coverage may be recommended given the high potential costs associated with investigations and environmental clean-up.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

Umbrella Insurance
Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

What is it: Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits.

Why get it: This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

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