What Insurance Do Regina Gas Stations Need?
Operating a gas station can bring risks such fire, pollution, and customer injury. Does your Regina gas station have customized business liability insurance?
Regina gas station owners need to protect themselves against the potential hazards they face with a specialized gas station insurance policy.
A Western Financial Group business insurance broker will get you commercial coverage that uniquely protects your Regina gas station.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We work with our insurance partners to find the best coverage for your needs.
We make the process simple by getting insurance quotes for you and giving you policy coverage options that you can choose for your Regina gas station’s specific needs.
What is the importance of liability insurance for gas stations?
Liability insurance for Regina gas station provides financial protection should you or your employees be named in a lawsuit.
It’s essential to have insurance specifically tailored to your liability risks as a gas station operator.
Liability insurance is an essential part of your Regina gas station insurance package.
Here are the liability coverages that you need to protect your gas station business from lawsuits.
Commercial general liability insurance
This is necessary liability insurance for a Regina gas station business. Without commercial general liability insurance, you will pay costs related to third-party (customer/supplier) injuries or damage to their property out of your own pocket.
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your gas station, as well as costs to cover damages to compensate third parties whether you win or lose your case.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
Should a client slip, fall, and get injured at your Regina gas station, CGL insurance would help cover legal fees and medical costs.
Commercial umbrella insurance
You may want to consider commercial umbrella insurance for your Regina gas station. Commercial umbrella insurance, also known as just umbrella insurance, addresses liability coverage gaps. It’s used when the primary liability coverage, for example on your commercial general liability insurance, has reached its coverage limit.
It’s important to note that umbrella insurance applies only to expenses related to liability such as legal fees, court fees, and legal settlements.
Cyber liability insurance
Do you take credit/debit card payments? Cyber liability insurance will help protect your Regina gas station financially protected should there be a cyber-attack.
Depending on the size of the data breach and the information that was taken, the customers who are affected can hold you liable and sue you for damages.
Pollution liability insurance
It’s not uncommon for Regina gas stations to be exposed to liabilities related to pollution. Pollution liability insurance overs third-party bodily injury and third-party property damage as well as environmental damage resulting from your gas station business, including clean-up costs, civil fines and assessments, and emergency response expenses.
Product liability insurance
If your Regina gas station has a fast food restaurant/convenience store attached to it, product liability insurance helps to financially protect your business if a customer becomes ill due to contaminated or spoiled food or suffers an allergic reaction and sues you. Product liability insurance can help cover legal fees and settlements.
What other insurance do Regina gas stations need?
Equipment breakdown insurance
Equipment breakdown insurance is designed to reimburse you if equipment at your gas station fails due to sudden or accidental mechanical or electrical breakdown. It typically applies to your station’s HVAC system, gas pumps, pressure vessels, office equipment including computers and point-of-sale (POS) systems.
Commercial property insurance
Commercial property insurance can provide financial coverage for physical loss, such as a fire, vandalism, or theft, at your business property and for its contents. You might also hear it called business property insurance.
You might want to add crime insurance to your commercial property insurance protect against losses caused by fraudulent or dishonest acts committed by an employee. It covers theft of money, securities, and other property such as your merchandise and equipment.
Business interruption insurance
This type of insurance supports you when your Regina gas station can’t operate due to a covered loss.
There are a number of losses that can force your business to shut down. Some examples are:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial auto insurance
If you are using your car for your Regina gas station business, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your insurance package.
How much does gas station insurance cost?
The following factors are usually considered:
- Location(s)
- If you also have a convenience store or fast food outlet on site
- Number of employees
- Operating hours
- Years of experience
- Types of equipment
- Number of gas pumps
- Types of fuels sold
- Annual revenue
- Claims history
What do I do if I have a claim against my Regina gas station?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best business insurance rate that suits your industry?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage for your Regina gas station. Our experts are available now to help you navigate the commercial insurance journey to protect your Regina business.
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