Running a service station is a risky business, and numerous insurance providers don’t fully understand the uncertainties that are involved. That’s why it’s essential to find the best possible coverage to protect your livelihood against the unforeseen.
Potential risks
Service stations face a wide variety of potential risks. For example, service stations store large quantities of fuel, making for a greater likelihood of fires and environmental damage.
Then you’re faced with the possibility of contaminated fuel causing damage to customer vehicles. In this scenario, you’re often unaware that there’s an issue until you’ve been notified by a customer. At this point, there are likely already many more damaged vehicles around the corner.
The risk of impact to your site by a vehicle is also high due to the sheer volume of vehicles on the premises. This could mean damaged pumps, signage or personal injury. Finally, you’ll need to be covered against general risks, such as theft of stock and money or slip and fall incidents.
Typical covers taken by a service station include but are not limited to the following:
- Property Damage
- Public Liability
- Environmental/Pollution Liability
- Business Interruption
- Theft
- Employee Dishonesty
- Money
- Machinery Breakdown
- Marine Transit
- Management Liability
How often should you review your insurance policy?
Experts recommend that you review your policy with your broker at least every 6 months. We schedule half-yearly reviews with our clients to ensure that your policy remains catered to your needs, and will work as intended in the event of a claim.
It’s also helpful to review your policy when you’re making significant purchases, or if you plan on making any changes to your business activities, such as adding cooking facilities, a car wash, or a workshop. These changes have the potential to impact your coverage at the time of claim.
Are all service stations created equal?
From an insurance perspective, no site is identical to another. There are hundreds of variations between sites which all need to be taken into account as we advise you on your needs and present your case to insurers. There is no “one size fits all” when it comes to insurance, which reinforces the need for both regular insurance reviews and careful consideration when putting a policy into place.
While running your service station, it’s important to put a policy into place that’s designed to fit your needs. By implementing the best possible insurance plan, you can be sure that your service station is safely covered moving forwards.