Operating a gas station comes with a lot of risks. As an owner, it’s incumbent upon you to carry enough business insurance to protect yourself and inadequate coverage can prove to be costly to your business. Here are three coverages that you should plan to include in your gas station insurance policy according to https://www.byrnesagency.com/.
General Liability Insurance
General liability insurance is coverage for your everyday business activities. It protects you against lawsuits from third parties claiming that they suffered an injury or property damage because of your business. Your policy would cover any legal fees and damages associated with such a case.
Property insurance protects you in case any of your property becomes damaged or lost. Your pumps, building, gas and any other equipment or furniture can be covered under your policy. In case of a fire, storm, vandalism or theft, your policy would pay for the costs to repair or replace your covered items.
Workers’ Compensation Insurance
Workers’ compensation covers you in case one of your employees is injured or becomes ill due to job-related activities. Any associated medical costs as well as your employee’s salary while they’re out of work would be covered by your policy.
The exact construct and limits on your policy will depend on your financial capabilities. Work with your agent to craft a policy that satisfies your local requirements and meets your needs.