Gas Station Insurance in Vermont
What is Gas Station Insurance?
Running a gas station requires a substantial investment, and the time and money poured into the station ought to be protected. Without proper insurance in place, a single disaster or liability suit could leave a business financially devastated. Gas station insurance helps protect gas stations in Vermont from a range of risks that they face.
Gas station insurance is a specialized type of commercial insurance that’s designed for the risk mitigation needs of gas stations and similar businesses. Most of these policies are package policies, which means they contain multiple coverages that work together to create a web of protection. Gas stations can usually adjust the specific coverages in their policy to suit their own situation.
What Businesses in Vermont Need a Gas Station Policy?
Most businesses in Vermont that sell gasoline, diesel and/or kerosine should have a gas station policy in place. This includes gas stations, truck stops and stores that have fuel pumps. Not carrying coverage can leave a business dangerously exposed to risk and may be in violation of local laws, and this is normally the most appropriate type of insurance for these businesses.
What Coverages Do Gas Station Policies Provide?
Since businesses frequently are able to adjust the protections in their policy, there are variances among the coverages that policies provide. Nonetheless, many policies make common coverages available as either optional or standard protections. Most of these coverages can be categorized as either property or liability protections.
Some of the property protections that a policy might provide include:
- Building Coverage, which often insures company-owned buildings
- Contents Coverage, which often insures equipment and inventory on company property
- Equipment Breakdown Coverage, which often insures equipment against unexpected breakdowns
- Spoilage Coverage, which might be appropriate if a gas station sells perishable goods
Some of the liability protections that a policy might offer are:
- General Liability Coverage, which often insures against common accidents on company property
- Product Liability Coverage, which often insures against harm and damage caused by products sold
- Pollution Liability Coverage, which often insures against environmental contamination caused by fuel or other chemicals
- Cyber Liability Coverage, which often insures against online threats and data breaches
- Employment Practices Liability Coverage, which often insures against employment-related issues
- Umbrella Liability Coverage, which may provide additional liability protection
In addition to these, there are many other coverages that a gas station might need depending on its situation and what it sells. An insurance agent who specializes in these types of policies can help businesses that need this insurance select the coverages which are right for them.
How Are Gas Station Policies’ Premiums Determined?
Insurers consider many factors when setting premiums for gas station policies. A business’ location, building size, annual sales, product offerings and claims history, as well as many other items, can influence how much a policy costs.
Gas stations can find out how much different insurance companies would charge for the coverages they need by talking with an independent insurance agent. An independent agent is free to request quotes from multiple companies, which makes it easy to compare different policy options. Captive agents who work with a single insurance company don’t always have this freedom.
How Can Gas Stations in Vermont Get Gas Station Insurance?
For help insuring a gas station in Vermont, contact the independent and experienced insurance agents at T.S. Peck Insurance. Our agents have helped many businesses in the state find gas station insurance that meets their needs, and we’re ready to assist your business with its insurance needs.