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California Business Journal
What are the Coverages You Need for Towing Business?

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What are the Coverages You Need for Towing Business?

by Leslie Irving, California Business Journal
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If you are the owner of any tow-trucking business, then you are well aware of the risks associated with that business, especially while assisting heavy vehicles in harsh conditions. Tow truck insurance will save your towing business in need of the hour by providing coverage for so many business hazards. Let’s know in depth about tow truck coverage plans.

Which Sort of Businesses Need Tow Truck Insurance?

There are many general commercial trucking companies that need tow trucking business insurance to protect their pockets. Any business that offers towing services to customers or uses them internally for their business needs to protect itself with some tow truck insurance. Some of them include:

  • Auto body shops
  • Auction companies
  • Salvage companies
  • Roadside assistance businesses
  • Auto mechanical repair
  • Rotation towing services

As you have read about some of the essential services that require tow truck protection. Now, let’s have a look at the types of coverages that you will need to cover your tow truck business.

Types of Tow Truck Insurance Coverages you Need

Numerous tow truck coverage types are available in the market. But getting the right one for your business at the right price is a bit confusing. That’s why we have collected some of the generally used types of insurance policies that will help to protect towing businesses. By knowing about different types, you will escape paying extra to the insurance providers as per your business needs. Also, you will not miss out on the basic and necessary coverages for your tow truck business to avoid penalties in the future.

Liability Coverage

This coverage will pay you for injury caused by you to other persons and their property. Two main types of protection plans come under this:

  • Bodily Injury Liability: This will cover medical bills or any long-term care expenses if any third person gets injured because of you. It will provide a specified amount per person in any accident.
  • Property Damage Liability: It will provide the cost to cover other damaged vehicles and other objects like a pole or fences etc.

This one is very helpful, especially in the case of towing services. Suppose when you are towing something, and the rope gets broken. And the vehicles bang with some other vehicles or other’s property. Liability coverage will help you to protect others financially without burning your pocket. If you are operating a tow truck without this policy, you may have to pay a fine also.

Medical Bills

If you got hurt yourself in any accident caused by you or any auto-related injury, this policy would protect you in any circumstances. If you are the owner of a tow truck or a fleet, you need to have this policy coverage to protect your drivers and also your pocket. As you know, medical treatment after an accident is very costly these days, so try to protect your business by having this policy. It will also cover the medical expense of the person whose vehicle you are towing, and that person was riding with you at the time of the accident.

Physical Damage

It will pay for the amount needed to repair your vehicle that collides in any accident. The collision may be with any other vehicle or even with a tree. You know trucks are so expensive, so their maintenance and repair are. That’s why you are advised to go for this insurance before starting the operation of the truck. The above-discussed insurance can cover the harm done to the driver or the third parties, but this one is to protect your commercial business. This will cover all the damages done in any collision, regardless of your fault.

Uninsured/Underinsured Motorist Coverage

If you get this policy, the company will cover you and your vehicle if you come under any collision with any other vehicle that doesn’t have proper coverage. This is especially helpful in hit-and-run cases. As you know, many operate their vehicles on the road with no insurance or with state minimum insurance, so uninsured/underinsured coverage is to protect you in those situations.

On-Hook Service

As the name suggests, this type of truck insurance will cover the vehicle on your hook or the vehicle you are towing. So, if you tow automobiles for a living, then this one of very important for you. As you know, the safety of others is much more important than ourselves. That’s why you need to protect firstly the vehicles you are towing. This coverage will help you to do that. It will protect your client’s car or any other vehicle if a collision occurs while towing that vehicle. It will cover the repair and replacement cost of the vehicle that you don’t own but is still your responsibility to protect.

Garage Service

If you operate a business that keeps clients’ cars on the premises to repair etc., then this coverage is for you. This is just an additional responsibility for your business. If something happens to the client’s vehicle in your premises after being towed to that place, then this will protect you in any case of damage done to that particular vehicle. This one is especially helpful in roadside repair businesses or in-house garage services.

Worker’s Compensation Coverage

Worker’s compensation insurance is basically needed by all commercial truck-operating businesses. This is to protect your employees in case of any injury caused by accident or if they got killed while performing their duty under you.

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It will cover all the medical expenses your workers need or even their missed income if they are not able to work due to any injury. As you know, towing is a risky activity, so try to be careful enough to protect your workers if they get injured on the job. Even your business may be at a halt for some time if one of your precious workers gets injured and is not able to work.

Excess Liability

Apart from your basic insurance policy, excess liability coverage gives you additional protection. If your truck liability insurance is left out, then excess liability will take over that. It will give you additional protection while claiming any damage. Although it is not compulsory to have, with a very little amount of fee, you can have this additional coverage.

Bottom Line

That’s all about a bit of information you need about tow truck coverages.

Tow truck coverage is a must for every vehicle that transports other automobiles. But as there are numerous options available, you have to know about each one to select the best for your business. Before opting for the needed coverages, you should know some of the given points:

  • How many and which types of tow trucks do you own?
  • Types of services provided by your tow truck.
  • What kind of vehicles or items do you tow?
  • Driver’s history or driving record.

By knowing about these things, you can search for your required policy and buy the suitable one. It’s always advisable to get online quotes from different insurance providers or consult with some agents before investing in one policy.

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Tags: bestbusinessescarcarscasecommercialcompanyemployeesinformationinsuranceinvestingmedicalonlineplansprotectiontreatmentvehiclesWhat are the coverages you need for Towing business?
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Leslie Irving, California Business Journal

Leslie Irving, California Business Journal

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