A towing business is a business that earns income by towing or providing roadside assistance services to broken down vehicles, disabled vehicles, or those that just can’t move. Any business needs to be protected from natural calamities and other forms of danger. To protect your towing business, you need to have the right tow truck insurance. Examples of businesses that need tow truck insurance include;
- Roadside service providers
- Rotational towing
- Auto club contractors
- Auto body shops
- Full-service stations
- Auto mechanical repair
- Auto salvage and auction handlers
Insurance for Tow Truck Companies
When you are towing a customer vehicle, it is your responsibility to ensure that no form of harm comes to such a vehicle. This is the reason why having the right towing insurance is important in ensuring all vehicles are well protected. Here are the insurance coverage plans offered in towing insurance covers.
Liability insurance pays or injury that you or your driver cause to other people. It also covers any damages that happen to their property. There are two types of liability coverage – which include bodily injury liability and property damage liability coverage.
Medical Payments Insurance
This type of cover caters to you and your passenger in case any is hurt in an accident. The cover pays for all medical bills.
Physical Damage Insurance
Physical damage coverage pays for repairs to your truck that are caused by accidents such as collision with another vehicle, a falling rock by roadside, falling tree, etc. Physical damage coverage consists of three types of coverage which are collision insurance, comprehensive insurance, and fire and theft.
Benefits of Tow Truck Insurance
If you are running a towing business, there is no doubt about the importance towing insurance will have on your business. You need to get the correct protection since running any business is always a risky affair.
Purchasing tow truck insurance will give you space to breathe and compensation in case anything bad happens to your trucks and business. The insurance will cover physical damages such as collision coverage and comprehensive coverage.
You can decide on the type of coverage you want for your business. You can have coverage for truck liability, physical damage coverage, comprehensive coverage, hired, and non-owned liability, among others.
Hazards Facing Drivers Today
There are a variety of coverage options because commercial auto drivers are faced with many hazards on the road today. It can be quite dangerous out there to operate any business without insurance.
Truck drivers are getting injured on the line of duty at a high rate. These injuries are mostly caused by collision with other vehicles on the road. When driving days are bad due to bad weather, the rate of accidents surge. This calls for the need to get your tow truck business a proper coverage.
With the different options available for tow truck coverage, it can be overwhelming to decide on the best cover for you. The basic coverage you need is on areas of liability, medical, comprehensive, physical damage, garage service, uninsured or under-insured motorists, and on-hook.