The prospect of owning and operating a fuel station is both risky and profitable at the same time. It is lucrative because fuels like petrol and diesel never go out of fashion. The risk emanates from the fact that a large storage of cash and fuel makes your gasoline station a potential target for criminal elements. However, this should not scare you away and deter you from adopting iron-clad strategies to protect your investment. All you need is adequate funding to insure your fuel station.
There are, broadly, three types of insurance policies to consider. These tips below, in addition to a strong security cover, will protect your fuel station assets:
General Liability Coverage
A gasoline supplier or station always remains at risk due to the possibility of theft and fire from which this type of policy will usually protect you. A general insurance policy also protects your fuel station in the event of legal challenges of one type or another from your customer community. If anyone sues you for injuries, oil slips or damages to vehicles while at your service station, this policy protects you from financial loss. Be mindful of the exclusions and terms and conditions while purchasing a policy. This may differ from insurer to insurer.
This type of insurance covers you if you operate a convenience store in addition to your gasoline station on the same premises. It not only covers liability, but also assets like pumps and even your signage including your outdoor signage. As one of the leading fuel distribution company in Georgia and other parts of the southeastern United States, we can address all your insurance needs through our highly rated and government-approved insurance partners.
Liquor Liability Insurance
This type of insurance coverage protects your business if you sell alcohol in addition to fuel. This coverage also functions in the same way as any other liability insurance coverage.
If there other types of insurance coverage that you would like to tell us about, please share them in the comment section below.