Insurance for Other Gasoline Stations
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What Insurance Do Other Gasoline Stations Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Gasoline Stations need insurance?
These businesses retail automotive fuels and offer repair services. Examples include gasoline stations without convenience stores, truck stops, and marine service stations.
Gasoline stations need insurance because it shields against the risk of costly lawsuits, medical expenses and other large costs that could possibly put your business to financial ruin. The insurance will cover the costs for these risks, and all you need is a monthly payment to get started.
What risks do Gasoline Stations face?
Below are some of the common risks gasoline stations can face:
- A customer claims that a fuel they refilled with at your gas station contains water. This stops the customer's vehicle from functioning properly. They could sue you for the damages.
- Your gasoline station is flooded. This causes some of your equipment like the pumping machine and computers to malfunction or be destroyed.
How much does insurance for gasoline stations cost?
There is no fixed insurance for gasoline stations as it mostly relies on the coverage required, the size of the business and the number of employees. Without taking these into account, below is the average cost of insurance for gasoline stations:
- General Liability insurance costs $500 in annual premiums.
- Commercial Property insurance costs $600 in annual premiums.
- Workers' Compensation insurance costs $1200 in annual premiums.