How Often Should I Review My Gas Station Insurance Policy?
By Sophia Ramirez
March 8, 2025
Running a gas station means managing multiple risks, from property damages to employee theft. Your gas station insurance policy should protect all aspects of your business, including underground tanks, convenience stores, and car washes. Keeping your policy updated ensures you're covered for any unforeseen issues that can possibly arise during operations.
Making sure you review your insurance policy on a regular basis helps identify certain gaps in your coverage, such as lost income or bodily injuries. Whether it's workers' compensation or general liability insurance, ensuring your insurance reflects changes in your business operations will protect your assets, no matter what happens.
When to Review Your Insurance Policy?
Review your gas station insurance policy regularly to ensure you're always protected. Key moments for a policy review include changes in your business operations, such as new equipment or services like car washes. If you've updated your physical assets, or if there's been an increase in property damages or employee theft, a review helps make sure you're not underinsured. Regular reviews align your insurance coverage with your business needs and ensure you're prepared for unexpected losses.
Key Life Events That Trigger a Review
Opening a New Gas Station Location: Ensure coverage matches your new gas station site's risks, assets, and liabilities to avoid gaps.
Renovations or Upgrades to the Gas Station: Update your policy to cover any structural, equipment, or safety upgrades after renovations are completed.
Increase in Fuel Sales or Additional Fuel Types: More fuel types or higher sales may require policy adjustments for proper coverage and risk management.
Expansion of Services (e.g., car wash, tire repair, convenience store): Adding services like a car wash or convenience store requires a policy review to include new liabilities.
Addition of New Equipment or Technology (e.g., fuel pumps, signage): New tech or pumps? Adjust coverage to protect valuable equipment, signs, and assets for future operations.
Changes in Employee Count or Employee Roles: More employees or role change? Review your workers' compensation and liability coverage for better protection.
Introduction of New Products (e.g., alcohol, tobacco): New products like alcohol or tobacco could affect insurance coverage and legal requirements for sales.
Changes in Local or State Regulations: Regulatory changes can affect insurance. Stay compliant by reviewing your policy and adjusting accordingly.
Introduction of Hazardous Materials or Environmental Risks: Update your coverage to address pollution, risks, and safety measures for environmental protection.
Damage or Loss from Natural Disasters or Accidents: If disaster strikes, ensure coverage for damage, inventory loss, and business interruptions for recovery.
Changes in Business Hours or Operations: Adjust your policy when changing business hours or services to ensure coverage fits your new schedules.
Changes in Business Revenue or Profitability: Increased revenue means more assets—review your policy to cover your new financial growth and mitigate risks.
Filing a Claim or Receiving a Claim Denial: If filing a claim or denial, review your terms for accuracy, adjustments, and timely resolution of disputes.
Change in Business Ownership or Management: Update your insurance to reflect new leadership, business strategies, and financial responsibilities.
Completion of the Insurance Policy Term (Annual Review): Regularly review the policy at term completion to ensure continuous coverage and prevent future gaps.
How to Evaluate Your Coverage
Evaluating your gas station insurance coverage is crucial to ensure it matches your current needs. Start by reviewing your policy limits, exclusions, and coverage types to assess whether they align with your business operations. Consider factors like the value of your property, equipment, employee risks, and any added services. If your station has grown or changed, adjust your coverage accordingly. Regularly evaluate your coverage to protect your business against unexpected risks and liabilities.
Consulting with Your Insurance Agent
Consulting with your insurance agent is key to ensuring your gas station has the right coverage. They’ll assess your needs and guide you through policy updates, helping you understand exclusions, limits, and any required changes. Whether expanding services, upgrading equipment, or facing new risks, an experienced agent ensures your business is fully protected against liabilities, accidents, and unexpected events. Getting consultations on a regular basis leads to comprehensive and up-to-date coverage.
Get a Free Gas Station Insurance Quote
Trying to find a reliable insurance plan for your gas station? Insure C-Store makes coverage simple and stress-free! Get a quote by entering your name and number, then choose your business property type. Click submit, and you’ll be guided to a brief form asking for business information, such as desired insurance coverage, specific fuel station coverage options, and your contact details. Once done, our team will take it from there.
Don’t hesitate to call our insurance agents or visit us with any questions.
Sophia Ramirez
Insurance Research Analyst & Writer
Sophia Ramirez is an experienced insurance writer specializing in business coverage. With a deep understanding of industry risks, she provides clear, insightful content to help business owners safeguard their investments.