First in Protecting, Your Business.
Fuel dealers sell and deliver fuel, such as automotive gasoline, fuel oil, propane and kerosene, to commercial establishments and homes. They are responsible for ensuring a safe and timely delivery to their customers. A disaster within this business setting can result in extremely expensive damage, so it is imperative that you protect your businesses with a suitable fuel dealers insurance portfolio. When building this coverage package, there are many exposures you need to keep in mind.
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You Need Sufficient Property Damage Coverage
Your business will need to cover a lot of property including the building in which you house your business, your business property, any vehicles you use commercially and the fuel itself while it is in your care, custody or control.
- Building coverage: This is necessary only if you own the building in which your business is housed or the garage in which you keep your commercial vehicles. It provides compensation for structural damage caused by covered events.
- Contents coverage: This insurance covers the property you keep inside your business establishment. This can include telephony, computers, office furniture, décor and other items owned by your business. This coverage does not include motorized vehicles.
- Auto insurance: By including comprehensive and collision insurance as part of your commercial auto policy, you can obtain coverage for damage to your fuel trucks and other business-owned vehicles.
- Inland marine insurance: This insurance provides coverage for the fuel from the time you pick it up at the distribution center until you have successfully delivered it to your customers.
Liability Insurance Is Crucial in the Fuel Dealer Industry
Any disaster that involves fuel has the potential to be extremely expensive. As a fuel dealer, you face a number of potential liability lawsuits that could bankrupt your business if you do not have the right liability coverage.
General liability insurance is included as part of most commercial insurance policies. It provides your business with compensation for legal defense fees, court costs and financial damages for many, but not all, potential liability lawsuits. Some liability exposures, however, must be covered by specific insurance coverage as listed below.
- Commercial auto liability insurance
- Pollution liability insurance
- Umbrella insurance
Your business is also responsible for covering medical treatment for injuries your employees may suffer while on the job. Workers’ compensation insurance provides coverage for this care. It is required in most states.
What Other Fuel Dealers Insurance Coverage Do You Need?
Commercial insurance policy portfolios provide a wide range of coverage. In addition to the property and liability insurance mentioned above, there are other coverage types that may be beneficial to your company. Some of these include the following:
- Business income insurance
- Employment practices liability insurance
- Employee dishonesty insurance