A gas station can be a very good business. After the initial investment, it can become a real money earner via proper management. However, due to the nature of the business and the commodity being sold, it can be said to be more susceptible to damage in the event of an accident than most other types of businesses. For that reason, it is essential that your gas station is insured so that you will be compensated in the event of any accident and consequent damage, thus ensuring that you do not lose your business, or suffer too heavy a loss.
Your gas station is likely to also have some other properties with which you run the business, and due to the fact that many insurance companies consider gas stations to be particularly high-risk, it can be difficult to find comprehensive gas station insurance in Texas that will cover the station itself, the pump islands, buildings, fuel tanks, canopies and any other related businesses such as an auto-repair shop. In spite of that, it is essential that you make the effort to find an insurance company and policy that can provide you comprehensive protection. In looking for that, there are a number of factors you need to keep in mind.
Liability Insurance
Owning a gas station means that you will need to have public liability and employee liability insurance. The requirements for these vary from state to state so you should look up the local laws and ascertain the position of the law in the state where you are operating. Apart from location, another thing that influences the requirements is the permits you need to set up the business, so check those out too. Public or employee liability can be a very big deal if you are sued for damage suffered by someone, and some companies have even gone under as a result of their inability to pay damages levied on them by a court. It might seem like you’re paying premiums for an obscure possibility, but it is always wise to pay a little more in the present in order to save a lot more in the future.
Environmental insurance
In most states, gas station operators are required to sign up for environmental insurance so as to provide compensation in the event of leaks or spillages that result in damage to the environment. While this could possibly be abided on other businesses, you cannot afford to compromise on this on your gas station insurance in Texas because there is simply a strong likelihood that at some point in time or the other, you may be sued to court over such damage.
Coverage for Associated Businesses
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Often, gas stations include convenience stores, lottery tickets or a liquor store. Basically, if you have any business at all that is attached to your gas station, then you need to insure it as well. If you were to rely on the normal gas station insurance in Texas, then you might be disappointed because the attachment of the business to a gas station might be a damaging factor when you make a claim. As mentioned earlier, you should instead, seek to get comprehensive gas station insurance in Texas instead, where it will be stated clearly that attached businesses are also covered under the policy.
Theft coverage
Theft is often a big issue that gas stations have to deal with. It could be theft from the gas station itself or any business attached to it, but it could also be theft from a customer. In the first case, there would be direct loss to you, and in the second, the customer might sue you to claim damages. In either case, having gas station insurance in Texas would go a long way to mitigating the damage that your business will take.
Crime and Employee dishonesty
As the name makes clear, this kind of coverage makes provision for losses that you suffer as a result of the dishonest or illegal actions of an employee. Since it is unlikely that you are going to be able to stay permanently at the station. Gas station insurance in Texas is a great way to ensure that any loss you incur as a result of these situations will be covered. That way, you will not have to make a loss due to the untrustworthiness of an employee. Saying that you trust your employees and do not need this coverage is a very naïve stance, and a mistake that should not be made by any serious business person.
There are many different forms of gas station insurance in Texas, but having a comprehensive one will go a long way o out your mind a rest so that instead of worrying about them, you can be assured that any losses you suffer will be covered by the insurance company, without having to record a loss on your books.