Gasoline Station Insurance Kentucky. Gas stations are normally limited to the dispensing of gasoline, kerosene, diesel or fuel oil with incidental sales of auto accessories and pre-packaged snack food items. Larger KY gasoline stations may offer other services, such as auto repair, retail sales of food or auto parts, snack bar or restaurant, propane tank exchange, towing, or baths and overnight lodging facilities for truckers.
Given the fact that most KY residents operate at least one vehicle, gas is in high demand, which means that owning a gas station can be a very lucrative business investment. However, there are a lot of risks associated with owning and operating a gas station.
You've invested a lot into your business. One mishap and you could stand to lose everything, but by having the right gasoline station insurance Kentucky coverage in place, you can protect your business, your employees, your customers, and even your personal assets.
Gasoline station insurance Kentucky protects your filling station and convenience store from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
As the proprietor of a KY gas station, you work with the general public and vendors on a constant basis. Given the fact that gas is so volatile, you make every effort to ensure that your station is as safe as possible. You also go above and beyond to ensure that you are meeting the needs of your clients, as well as the vendors you work with. However, should something go awry, you could be held legally responsible and end up facing serious financial hardship.
For example, if a fire breaks out and it was determined that the cause was a faulty pump that wasn't properly inspected, you will be responsible for paying the medical expenses of anyone who was injured, as well as the repair or replacement of any property that was damaged. Additionally, should those who were affected by the fire take legal action, you will also have to pay for any legal fees, as well as any compensation that a court decides the victims are entitled to.
Without gasoline station insurance Kentucky coverage, you would have to pay for these expenses out of your own pocket, which could be financially devastating. However, if you have the right type of policies in place, the costs of medical bills, damages, and legal fees will be covered by your insurance provider. In other words, insurance can help to protect you from serious financial hardship and could ultimately prevent you from losing your livelihood, as well as other assets. For this reason, as the proprietor of a KY filling station, business insurance is one of the best investments you can make.
The type of insurance coverage KY gas station and convenience store owners should carry will vary from business to business. The risks that are associated with operating this kind of organization depend on the specific type of services that you offer, the size of your company, the number of people you employ, and where your filling station is geographically located. While the specific insurance needs depend on the specifics of your company, there are certain types of coverage that all station owners should have in place, including:
These are just some of the insurance options that KY gasoline stations with convenience stores should have.
Premises liability exposure is from slips and falls due to public access to the premises. Proper attention to housekeeping is required to prevent injuries due to spills. Floor coverings should be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure.
If there are repair operations, customer waiting areas should be provided. Customers must not be permitted in the garage area. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the premises is open after dark, there must be adequate lighting and appropriate security for the area.
Customers may be injured during holdups. Cars in the parking lot awaiting repair present an attractive nuisance hazard. Chains may be required to prevent entrance after hours.
Products liability exposure from fueling operations is normally moderate due to the standards and controls in the grading and content of the products. If the station repairs vehicles, the exposure is higher due to the potential for an accident if the vehicle is not properly repaired. There should be a check off procedure in place prior to release of the vehicle to the customer to prevent its return with any vital functions not working properly.
Environmental impairment exposures are significant due to the storage of fuels and oils, and from the disposal of used oils, solvents and other hazardous wastes. Adequate procedures should be in place and must be followed to prevent any leakage or contamination. Both above- and below-ground tanks must be maintained and monitored regularly for leaks and spills. Contracts should be in place to dispose of all environmentally dangerous chemicals.
Workers compensation exposures come from holdups, lifting, slips and falls, and respiratory ailments. Brake turning, welding or other repair work must be handled with appropriate safety equipment, especially eye protection. Lifting of a vehicle by hoists, jacks, and other mechanical means can result in injury should the equipment malfunction. Hoists must be well maintained and procedures in place to prevent vehicles from falling.
Lifting by nonmechanical means could result in back injury, sprains, strains or hernias. If the shop sells batteries, leakage or spilling of battery acids can cause burns on contact with skin and respiratory problems when inhaled. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Employees performing maintenance or repair work on customers' vehicles should be properly trained.
Holdups are a major concern, especially if the station is open 24 hours per day. All employees must be trained in safety procedures to protect themselves and the customers in case of robbery. Protective equipment such as bulletproof cages, surveillance cameras, panic buttons and guards may be needed.
Property exposure is primarily from fire and explosion in the dispensing of gasoline. All pumps and equipment should be well maintained, grounded, and operating properly. Smoking must be prohibited. Other flammables on premises may include lubricants, oils, degreasers, and solvents. These must be properly labeled, stored and separated. If there is a repair operation, welding needs to be evaluated for proper handling of the tanks and gases, as well as adequate separation from the other operations with either a separate room or flash/welding curtains.
Cooking surfaces should be protected if there is a snack bar or restaurant on premises. Propane tanks used in tank exchanges should be stored outside the building in a locked cabinet away from vehicle traffic areas.
Equipment breakdown exposure is high as the business is dependent on its machinery for conducting operations. Replacement parts may be difficult to obtain on a timely basis.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Employee dishonesty is controlled through background checks, inventory monitoring, control of the cash register, disciplined controls and division of duties. Theft of money and securities prevention requires controls of monies kept in the cash drawers and bank drops made throughout the day to prevent a buildup of cash on the premises.
Gasoline stations are targets for holdups, and cashiers should be protected. Depending on the area, they may stay in a bulletproof enclosure. Security officers may be available for pickups, panic buttons may be in place, and other techniques may be used to help in curtailing crime.
Inland marine exposure comes from accounts receivable if the station offers credit to customers, computers used to monitor inventory and for automated gas pumps and diagnostic equipment, signs, and valuable papers and records for customers' and vendors' records. There may be goods in transit if there are multiple locations.
Commercial auto exposures are generally limited to the running of errands to pick up needed supplies. There may be a small fleet if there are multiple locations and the owner and managers travel between locations. All drivers should have an appropriate driver's license and their MVRs regularly checked. Towing presents a more serious exposure due to the potential for damage to the vehicles being towed. All tow drivers must be experienced in towing. Towing vehicles must be regularly checked, particularly the hoists and tow bars.
Garagekeepers exposure comes from damage that can occur to customers' vehicles if there is a repair shop or towing operation. Access to these vehicles should be prevented. Keys to customers' vehicles should be kept in a locked box, with proper identification required to prevent handing the customer's car to the wrong owner. Lots must be well lit and chains in place to prevent transport. Fences and other security may also be appropriate.
To make sure that your filling station and convenience store is properly protected, speak to an experienced insurance broker to find out exactly what type of gasoline station insurance Kentucky coverage you need and how much coverage you should carry to protect your operations.
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2019.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2019 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
Read useful small business auto service and repair insurance policy information. In an aotu related business, you need to have the right type of commercial insurance coverage so that your garage, employees, and customers vehices & other property is protected.
There is a Auto Service Risks Program is an enhancement of the Commercial Package Policy that is available to certain Auto Service Operations.
Automobile repair shops and garages offer a wide variety of mechanical services, from engine repair to tune-ups. The operation may be stand-alone or be part of another business such as an automobile dealership or filling station.
Gasoline stations are normally limited to the dispensing of gasoline, kerosene, diesel or fuel oil with incidental sales of auto accessories and pre-packaged snack food items. Larger gasoline stations may offer other services, such as auto repair, retail sales of food or auto parts, snack bar or restaurant, propane tank exchange, towing, or baths and overnight lodging facilities for truckers.
Car washes provide facilities for cleaning automobiles and other motor vehicles. Some are drive-through with either partially or fully automated conveyance of the vehicle throughout the operation. Hand washing, waxing, or interior cleaning of the vehicle may be offered, with customers sent to a waiting area. Damage to the customers' vehicles is the primary exposure as machinery and washes can break antennas, pull off stripping, crack glass and damage tires.
The three basic types of risks that are contemplated by the Auto Service Risks Program include:
The following classifications are specifically listed as eligible: Automobile:
Automobile, motor home, mobile home, trailer, and motorcycle dealers are NOT eligible for this program.
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