Here are the different insurance policies needed for gas stations with or without a convenience store. If your gas station has a carwash or service garage, there are additional policies we can help you explore to provide necessary coverage on the risks associated with those services.
Property Insurance – These policies cover the loss, damage, or loss of use for tangible property. It covers the following entities:
- Accounts Receivable
- Builders Risk
- Business Personal Property
- Boiler and Machinery
- Crime Coverage
- Electronic Data Processing Equipment
- Equipment Breakdown
- Inland Marine
- Motor Vehicle Damage to Leased Buildings
- Personal Property of Others (Bailee Coverage)
- Valuable Papers and Records
Casualty Insurance - This type of coverage is broader than property insurance as it is made up of all other business insurance policies not relating to the property. Casualty insurance can include workers compensation, malpractice, business interruption insurance, and other policies.
Property and Casualty, or Business Owners Policy - This is the combination of Property and Casualty insurance, protecting you and your business from legal liability for losses caused by injury to other people or damage to the property of others. While this is a premium policy, it will cost less than separate property and casualty insurance policies. A Business Owner Policy usually includes business interruption insurance, providing coverage for up to a year of lost revenue from uninsured property loss resulting from interruption to normal business operations.
Workers’ Compensation - If employees are injured or contract the disease while on the job, you can be held liable regardless of fault. This policy can be included in your general business insurance plan or written on a standalone basis. Workers compensation insurance provides coverage for the following benefits caused by job-related injuries or disease:
- Medical Care
Commercial Auto - This kind of insurance provides coverage for liability and physical damage losses to company-owned automobiles, and some types of commercial auto insurance will provide extended coverage for non-owned and hired auto exposure. This policy can be included in your general business insurance plan or written on a standalone basis.
Excess Liability - This kind of coverage is used only when a business’ liability loss exceeds an existing primary policy. When this happens, your excess liability coverage will cover the remaining loss to a certain amount and will follow the terms and conditions of the underlying policy that it is used for.
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