Making Propane Insurance a Part of Your Risk Management Plan

Risk Management Plan

Making Propane Insurance a Part of Your Risk Management Plan

There are inherent risks in transporting and delivering flammable chemicals. Propane insurance provides mitigation for these risks and protects your fuel dealership business. In addition to the insurance covering your workplace in the event of a workers compensation or workplace violence claim, propane insurance covers several additional areas.

Liability

Liability coverage protects your business from liability and pays the legal fees associated with those claims. Spill and pollution liability protection can be included within your liability insurance policy. In the event of a spill, your insurance carrier can mobilize a pollution response team that will coordinate cleanup and filing reports to the appropriate federal environmental agencies.

Property

Property coverage protects your buildings and tanks should they be damaged or destroyed. It also covers your inventory and equipment and provides income protection should your business operations become interrupted.

Automobile

Including the traditional protections offered with an automobile policy, automobile coverage under a propane insurance policy provides special protections for the service vehicles and tanker trucks that deliver propane to your customers. Pollution liability protection can also be included within the automobile portion of the policy and covers accidental spills from your covered vehicles.

To mitigate risks and hazards, propane retailers and distributors should have a thorough risk management plan that includes adequate propane insurance coverage.


General Liability Insurance

3 Questions About General Liability Insurance for Businesses

While general liability insurance for businesses is not required by law, purchasing it can be one of the wisest investments a company makes. It is often only after experiencing a financial loss that the true value of such a policy is fully recognized. Answering three basic questions can prove beneficial when considering general liability insurance.

1. What Is Covered?

General liability insurance for businesses provides protection against claims arising from the daily routine of doing business. Typically, this includes the following:

  • Personal injury
  • Damage to property
  • Advertising grievances
  • Product damage
  • Rental property damage¬†

2. Who Needs It?

Virtually every business, large or small, should consider a general liability policy. It can provide protection from lawsuits brought by customers, vendors and even the public. For brick and mortar businesses, it’s especially useful because it provides coverage against physical losses.

3. How Much Coverage Do You Need?

Equally important to having general liability coverage is having the right amount. Two primary factors to consider when identifying the needs of your business include the size of the establishment and its loss history.

Investing in the right general liability policy can go a long way in protecting the future of any commercial operation. Talk with an authorized insurance agent to determine the amount of protection required to meet your company’s myriad needs.