Insurance for Petroleum Bulk Stations and Terminals

These establishments are involved in the wholesale distribution of petroleum. Examples include crude, gasoline, fuel, propane, and liquefied petroleum gas (LPG).

When running a business, it is important that you protect your assets. There are a number of ways to do that and the most effective risk management procedure is to have insurance. Your insurance covers the costs of costly lawsuits and other expenses that could otherwise force your business to close.

Below are some of the risks petroleum bulk stations and terminals could face:

• One of your clients complains that the petroleum you sold to them in bulk is of low quality and they claim that they have difficulty selling the product. They claim that this has cost them a lot of money and they sue your business as a result.

• Since petrol is a flammable material, any spill has to be dealt with immediately. However, even though you've taken precautionary measures, a spark ignites spilled petrol just as you were about to clean it. The fire burns your building and everything inside to ashes.

• Your tank truck gets involved in a serious accident that topples the truck over, spilling most of the petrol in the tank.

There is no fixed amount for the cost of insurance for petroleum bulk stations and terminals as there are many factors that identify it, the most influential usually being the business type, the number of employees, and the coverage needed. To find out the cost of your insurance policy fast, simply apply online and we'll send your free quote in as little as five minutes.