Gas Station Insurance

Owning a gas station can be quite lucrative, but it also comes with a number of serious risks, from shoplifting and vandalism to fires and severe weather. Additionally, if you own a gas station, you’re always at risk of being sued if someone is injured while shopping in your convenience store, pumping gas, or as a result of your operations. Without the right financial protection in place, your gas station business could face hefty financial losses.

That’s why you need a comprehensive business insurance policy that covers your unique risks and protects you from large losses that could bankrupt you. A local independent insurance agent can help you find the gas station insurance that fits your needs and budget. But first, here's more about gas station insurance and what it covers.

What Is Gas Station Insurance?

Gas station insurance is a specialized form of business insurance designed to meet the needs of gas stations and their owners. These policies include various types of critical coverage, such as commercial property and liability. Having this coverage can prevent your gas station from facing large, unexpected losses that could lead to major problems for your business. An independent insurance agent can help you get set up with enough coverage for your unique company.

What Does Gas Station Insurance Cover?

Gas station owners face numerous risks on a daily basis. As a result, your gas station insurance policy will likely include coverage for all of the following:

• Property damage: Your building and commercial property, including inventory, computers, furniture, fixtures, and office space, can be damaged in various ways. A severe storm, for example, can cause widespread damage to your gas station. Even a small fire can completely destroy your inventory and force you to close for repairs. Protect your gas station with the right commercial property insurance.
• Theft and crime: Gas stations and convenience stores are particularly vulnerable to theft and crime from visitors and employees alike. You may have a lot of cash on hand, making you an easy target for thieves and dishonest employees. Or maybe your gas station is open 24 hours a day, making late-night vandalism and crime a serious risk. Protect your gas station with the right crime insurance.
• Customer or general public injury: Your gas station has many visitors every day. Simple slip-and-fall injuries are common in your environment, and more serious injuries can occur, too. In the worst-case scenario, you won’t just be responsible for direct medical bills for the injured party, but you could be sued and forced to pay for your legal defense and additional financial payouts. Protect your gas station with the right general liability insurance.
• Employee work-related injuries: Whether your employees are unloading shipments and stocking shelves or simply working the cash register, injuries can happen at any time. If an employee sustains a work-related injury or illness, you’ll be responsible for paying their medical bills and lost wages if they have to take time off from work to recover, and you lack the proper policy. Protect your gas station's team with the right workers' compensation insurance.

Gas station insurance can help cover your losses in these and many other situations. An independent insurance agent can help you build a complete policy.

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Liability Insurance Considerations for Gas Stations

Gas station insurance is a collection of business insurance policies tailored to the unique needs of your operation. Covering your gas station's liability risks should be your top priority. Your policy will likely include the following types of coverage:

• Commercial general liability insurance: Covers third-party claims of bodily injury and personal property damage. 
• Liquor liability insurance: Covers property damage and bodily injury resulting from selling or serving alcohol, even if the impaired person did not drink the beverage on your premises. It also covers your legal defense costs in a lawsuit.
• Commercial auto liability insurance: Covers your liability if one of your drivers is at fault for an accident. A complete commercial auto insurance policy also covers other incidents that can affect your company vehicles, including theft and vandalism.
• Pollution liability insurance: Covers losses related to instances of gasoline products or other dangerous substances leaking and causing environmental damage. It provides coverage for third party bodily injury and property damage resulting from unintentional pollution or environmental damage.

Gas stations also often need gasoline storage tank liability insurance. This provides coverage for third-party bodily injury and property damage as well as cleanup costs due to pollutant releases from the site or from scheduled tanks on the property.

These policies can be customized to fit your business's coverage needs. Ask your independent insurance agent about how to protect your gas station from various types of potential liability.

Commercial Property Insurance for Gas Stations

Commercial property insurance is essential for gas stations. It covers repairs to your building, as well as repairing or replacing any damaged physical assets inside your store. This includes store fixtures and computer systems, inventory, furniture, and signage, as well as your gas pumps and other outdoor structures. 

Commercial property insurance typically provides protection against losses due to property damage and destruction by named perils like fire, theft, vandalism, severe weather, and certain natural disasters. Your policy will likely also include business interruption coverage, which can reimburse you for lost income if you have to close your gas station to make repairs after a covered loss. It also pays for certain ongoing expenses, such as rent, employee salaries, utility bills, and more.

How Much Does Gas Station Insurance Cost?

The cost of gas station insurance can vary depending on the coverage you need and your unique risks, such as your location, number of employees, size of your store, and what you sell. Your insurance company will also evaluate how risky you are to insure based on whether or not you are open 24 hours a day, have appropriate security, and have any environmental exposures. The current average cost of gas station insurance for smaller businesses ranges from $750 to $1,300 per year. A local independent insurance agent can help you find affordable gas station insurance near you.

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Here's How an Independent Insurance Agent Can Help

Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. They have access to multiple insurance companies, ultimately finding you the best gas station insurance coverage, accessibility, and competitive pricing while working for you. And down the road, your agent can help you file business insurance claims and update your coverage when necessary.