Getting the right insurance is a must for all business owners. Without appropriate cover, companies can quickly run into financial and even legal problems. For some firms, standard business insurance policies suffice, while for others, more specific, tailored solutions are required.
Petrol stations fall into the latter category. So, if you’re looking for a policy for your petrol forecourt, it’s important to make sure you’re fully clued up when it comes to the cover options available.
Keep reading to find out more about the importance of forecourt insurance and how to go about selecting an appropriate policy.
Why suitable cover is essential for forecourt owners
You’re no doubt well aware of the fact that petrol stations can be risky places. For starters, the storage of large volumes of petrol means there is a danger of fires and explosions, as well as the potential damage to the environment in the event of a spill or ruptured storage tank.
In addition, if fuel or other chemicals – such as those used for washing cars or general cleaning – are handled incorrectly, they can endanger the health of workers or members of the public. Also, the movement of vehicles on forecourts can lead to costly and potentially even life-threatening collisions involving other vehicles, structures and people.
Vehicle damage caused by contaminated fuel poses a risk too. Of course, alongside these dangers, forecourt owners have to account for more general risks that can affect a wide range of companies, such as the theft of goods or money (usually covered under a commercial combined policy) and slips or trips suffered by members of the public or employees (protected against by public & employers’ liability insurance).
Appropriate understanding of your specific risks and knowledge of how to mitigate them can ensure that if problems like these arise, petrol stations don’t have to cover the costs themselves.
Getting a policy tailored to meet your precise needs
Recognising the fact that you need suitable financial protection is the first step; the next is to find a policy that matches your precise requirements. Specialist insurance providers offer packages that are tailored to meet the needs of forecourt owners. For example, most commercial combined policies can include everything from fuel cover to forecourt and buildings protection.
It also includes contents, fixtures and fittings, money and stock cover, goods in transit protection and employers’ and public liability. Another core element of these policies is business interruption insurance, which can offer a lifeline to petrol stations if they are prevented from trading for a period due to an unforeseen event. Petrol station insurance from a specialist broker like Forum Insurance can also include important features not common on average polices such as environmental liability insurance.
When you’re looking for a policy, make sure you assess the needs of your business carefully and find a product that covers the relevant risks.
The benefits of using a broker
It’s possible to get petrol forecourt protection directly from insurers, but you may be better off approaching a broker instead. These companies can make it easier to identify the most suitable policies, ensuring that you don’t end up either under or over-insured. They may also draw your attention to cover options that you were previously completely unaware of.
Using a broker can streamline the process of making a claim too. It’s in the interests of these specialists to ensure that claims are paid out, and so dealing with them rather than with insurers can reduce your stress levels during what is already likely to be a difficult time.
If you take the issue of petrol forecourt insurance seriously and make the effort to select the right policy, you should be able to protect the finances of your business and enjoy some well-earned peace of mind.