Gasoline Station Insurance Maryland Policy Information
Gasoline Station Insurance Maryland. 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 MD 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 MD 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 Maryland coverage in place, you can protect your business, your employees, your customers, and even your personal assets.
Gasoline station insurance Maryland 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.
Why Is Insurance Important For Gasoline Stations?
As the proprietor of a MD 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 Maryland 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 MD filling station, business insurance is one of the best investments you can make.
What Type Of Insurance Coverage Should Gasoline Station Owners Carry?
The type of insurance coverage MD 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:
- Commercial General Liability - No matter how large your MD filling station and convenience store is or where it is located, commercial general liability insurance coverage is something that all gas station owners are required to carry. It protects your business against third-party personal injury and property damage claims. For instance, if a fire does break out at your gas station and clients are hurt and property is damaged, your commercial liability insurance will cover the cost of any medical bills, repairs, and legal fees that may be arise if a lawsuit is filed against you.
- Commercial Property - This type of insurance protects the physical structure of your gasoline station and convenience store, as well as the contents within it, from storm damage, acts of vandalism, and theft. For example, if someone breaks into your gas station and steals any of your inventory, your commercial property insurance would help to pay for any necessary repairs, as well as help to cover the expense of replacing the stolen inventory.
- Workers Compensation - If you employ a staff, you will also need to carry workers comp insurance in almost every sate in America. This type of coverage pays for any work-related accidents or injuries that employees may sustain. Should an employee be injured by a faulty gas pump, for example, workers' comp will cover the cost of any related medical care, wages that the employee loses while recovering, and even legal fees, should the employee file a lawsuit against your business.
These are just some of the insurance options that MD gasoline stations with convenience stores should have.
MD Gas Station And Convenience Store's Risks & Exposures
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.
Largest Filling Station Chains In The USA
- Aloha Petroleum
- American Gas
- Byrne Dairy
- Casey's General Stores
- Circle K
- Clark Brands
- Costco brand gasoline
- Cumberland Farms
- Delta Sonic
- Flying J
- Gas City, Ltd.
- High's Dairy Stores
- Irving Oil
- King Soopers
- Kroger brand gasoline
- Kum & Go
- Kwik Trip
- Kwik Fill
- Lassus Handy Dandy
- Marathon Oil
- McCoy Oil
- Murphy USA
- Petro Canada
- Phillips 66
- Royal Farms
- Rutter's Farm Stores
- 7-Eleven brand gasoline
- Sam's Club
- Stewart's Shops
- Thorntons Inc.
- Travelcenters of America
- Travelers Oil
MD Gasoline Station Insurance
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 Maryland coverage you need and how much coverage you should carry to protect your operations.
Maryland Economic Data And Business Insurance Regulations
Business owners that have their sights set on Maryland should to take a number of factors into consideration before the set up shop; namely, they need to determine if the state offers favorable for business owners in general, as well as their specific industry. After all, it doesn't matter how top-notch the products and services a business offers may be, if the location isn't favorable for the industry - and businesses, in general - the operation is going to have a hard time thriving.
Below, we examine key factors that indicate whether or not Maryland is favorable for business owners. We also look at some of the must-have types of commercial insurance coverage that are required in the state.
Economic Trends For Maryland Business Owners
A state's unemployment rate is key indicator of whether or not the climate is favorable for business operations. As of May, 2019, the unemployment rate in the Old Line State was 3.8 percent; 0.2 percent higher than the national average. In October of 2021, the rate hit a record low of 3.7 percent, so in less than a year, the unemployment rate has increased by .01 percent; a marginal increase. However, there have been gains in recent years; in 2010, the rate was 7.8 percent; that's a 4.0 percent increase in less than a decade.
The best place to start a business in Maryland is in Baltimore, the state's largest city. Suburbs of the city also offer promising conditions for business owners, such as Ellicott City, Columbia, Fulton, Lutherville, and Elkridge.
The state of Maryland offers a friendly culture for business of all shapes and sizes; but, the industries that are see the most success in the Old Line State include:
- BioHealth and Life Sciences
- Advanced manufacturing
- Information technology
- Aerospace and defense
- Financial services
- Energy (specifically green energy)
- Hospitality and tourism
Commercial Insurance Regulations In MD
The Maryland Insurance Administration regulates insurance in Maryland. Commercial insurance is designed to protect business owners from potential perils; it also protects anyone that interacts with a business, including consumers, vendors, and employees. Having the right type of coverage is not only crucial to avoid serious financial devastation in the even that a catastrophe does occur, but certain types of insurance are mandated, meaning business owners must carry specific forms of coverage.
In the state of Maryland, business owners are required to carry workers' compensation insurance, which offers coverage for on-the-job accidents and illnesses that employees sustain, is also required. Other forms of insurance coverage that business owners may need to invest in depend on the specific industry; for example, companies that distribute or sell alcohol will need liquor liability insurance, and businesses that utilize vehicles for business-related operations should carry commercial auto insurance to protect their drivers and other motorists on the road.
Additional Resources For Auto Service & Repair Insurance
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.
- Auto Dealers
- Auto Detailing & Mobile Car Wash
- Auto Dismantlers
- Auto Garage
- Auto Glass Repair Shops
- Auto Paint Shops
- Auto Service Repair
- Auto Supply Parts Store
- Car Rental
- Car Wash
- Gas Station
- Motorcycle Dealers
- Parking Lot
- RV Dealers
- Snowmobile Dealers
- Truck Rental
- Used Car Dealer
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:
- Repair Shops - operations primarily engaged in auto repair. This includes shops that do body, fender, radiator, ignition service and paint work.
- Service Stations- operations primarily engaged in servicing autos. The sale and installation of auto accessories are a part of this category as long as major engine or bodywork is not performed. Car wash facilities are eligible.
- Storage garages and other parking places.
The following classifications are specifically listed as eligible: Automobile:
- Quick Lubrication Services
- Repair or Service Shops
- Repair Shops–Self Service
- Car Washes–self-service and full-service
- Convenience Food/Gasoline Stores–self-service, full-service and combined
- Gasoline Stations–self-service, full-service and combined
- Parking–public-open air and not open air
Automobile, motor home, mobile home, trailer, and motorcycle dealers are NOT eligible for this program.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Underground Storage Tank Liability, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Computer Fraud, Forgery, Goods in Transit, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage, Garagekeepers and Stop Gap Liability.
Request a free Gasoline Station Insurance Maryland quote in Aberdeen, Adelphi, Annapolis, Arbutus, Arnold, Aspen Hill, Ballenger Creek, Baltimore, Bel Air North, Bel Air South, Beltsville, Bethesda, Bowie, Brooklyn Park, California, Calverton, Camp Springs, Carney, Catonsville, Chillum, Clarksburg, Clinton, Cloverly, Cockeysville, Colesville, College Park, Columbia, Crofton, Cumberland, Damascus, Dundalk, East Riverdale, Easton, Edgewood, Eldersburg, Elkridge, Elkton, Ellicott City, Essex, Fairland, Ferndale, Fort Washington, Frederick, Gaithersburg, Germantown, Glassmanor, Glen Burnie, Glenmont, Glenn Dale, Greenbelt, Hagerstown, Havre de Grace, Hillcrest Heights, Hyattsville, Ilchester, Kemp Mill, Kettering, Lake Shore, Landover, Langley Park, Laurel, Lochearn, Maryland City, Middle River, Milford Mill, Montgomery Village, North Bethesda, North Laurel, North Potomac, Odenton, Olney, Owings Mills, Oxon Hill, Parkville, Parole, Pasadena, Perry Hall, Pikesville, Potomac, Randallstown, Redland, Reisterstown, Riviera Beach, Rockville, Rosedale, Rossville, Salisbury, Seabrook, Severn, Severna Park, Silver Spring, South Laurel, Suitland, Takoma Park, Towson, Waldorf, Westminster, Wheaton, White Oak, Woodlawn and all other cities near me in MD - the Old Line State.
Also find Maryland insurance agents & brokers and learn about Maryland small business insurance requirements for general liability, business property, commercial auto & workers compensation including MD business insurance costs. Call us (443) 407-0500.