As a supplier of Industrial Gas, you can expect your company to expand over the next several years as global trends show continued steady growth in this market. Many factors are contributing to the higher demand for industrial gases including growing manufacturing sectors in developing countries, urbanization and industrialization, as well as increased use of your products in more sectors such as healthcare and hospitality.
No matter what size your Industrial Gas Supply company is, this is exciting news. But how do you meet increased demand and keep your company safe, protected and profitable? Our ALIGNED agents can help tailor an insurance package for your company that will guard against potential risks in your sector.
Why do Industrial Gas Suppliers need comprehensive insurance coverage?
Gas is a hazardous material, and as a supplier, you are supplying and transporting this material for your customers. Regardless of whether you supply small or large businesses or which industrial gases you provide, you face risks in being part of the supply chain. There are other additional risks involved in owning this type of business as well that you need to be covered for. Your business depends on delivering your product safely to your customers, and it is our job to help ensure you are protected during this process.
What types of insurance coverage should Industrial Gas Suppliers have?
Here are some of the coverage types available that you should consider as part of your portfolio for your industrial gas supply business:
Property Insurance coverage protects your business’s main property/facility, buildings & structures, equipment etc., as well your inventory.
Commercial General Liability should form part of any business’ insurance portfolio, covering any claim of bodily injury and/or property damage liability that results from your business and it’s operations. This coverage can include product liability coverage as well.
Umbrella Liability coverage is a useful tool, especially in a volatile industry like industrial gas. This is liability coverage that is activated when regular liability coverage limits are reached. It is typically used in a catastrophic or significant event.
Commercial Auto Insurance is essential for your business as a transporter of industrial gas.
Crime Insurance protection is also a valuable coverage to consider given the highly sought-after nature and high cost of your product.
Pollution Insurance is also a must for your business to guard against any potential issues arising from contamination that occur on or off site.
When do Industrial Gas Suppliers rely on insurance coverage?
Consider the following scenarios that could happen in your business:
- One of your gas transport trucks as a result of serious accident that results in a significant leak, causing product loss and potential damage to the surrounding environment which requires cleanup.
- Someone breaks into your factory and steals a number of cylinders of nitrogen and causes damage to your building.
- A cylinder of improperly stored gas explodes and injures several of customers employees and patron of their business.
Find the Right Industrial Gas Supplier Insurance from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.
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