According to the National Occupational Injury Research Symposium, the towing industry is a high-risk occupation compared to other occupational industries. With this in mind, tow truck companies need to be as prepared as possible to handle accidents on the job.
One aspect of tow truck accidents and injuries is insurance coverage. Do you have the tow truck insurance to manage these towing industry risks?
Before you commit to coverage, there are 3 things you need to know about tow truck insurance.
1. Your Insurance Company Makes a Difference
As with any service, the company offering it matters. Not every insurance company is created equally, so weigh your options carefully before you commit to a company.
Here are a few helpful things to look for in tow truck insurance companies:
- Positive reviews from customers
- Extensive coverage options
- Policy transparency
- Competitive rates
Honest testimonials can show an insurance company’s true colors. To find a clear representation through reviews, look at reviews on multiple sites and look for common patterns in bad reviews.
Most reputable insurance companies will offer free quotes and general insurance advice if you contact them. If you find an insurance company that is reluctant to give information or offers only vague information on their site, the insurance company may not be reliable.
If you’re still looking for a reliable insurance company, InsuranceHub can help you manage your risks and find the best coverage. Contact InsuranceHub to learn more about having tow truck insurance.
2. Tow Truck Insurance Policies Vary Widely
What is tow truck insurance? It’s insurance that covers your tow trucks from damage costs and protects your company from liability in normal business operations like towing a truck. However, if you look at the fine print of tow truck insurance, not every policy will cover the same thing.
If you want tow truck insurance, policies should at least offer the following coverage in their policies:
- General liability
- Tow truck liability
- Medical expense coverage
- Physical damages coverage
- On-hook endorsement
- Cargo insurance
- Worker’s compensation
You may need other coverage depending on your tow trucking business. Read through insurance policies carefully and decide what kind of coverage is a requirement for your business.
3. Your Business Determines Your Insurance Bill
Cost is an important factor when you shop for tow truck insurance. As mentioned above, compare prices between insurance companies to see if they are offering competitive rates for what they offer.
Your business can also determine how much you’ll have to pay. Here are a few factors insurance companies consider when they determine your rates:
- Age of business
- Tow location
- Number of tow trucks
- Type of tow trucks
- Driver history
- Types of hauled vehicles
Other factors may affect your insurance bill, but the listed factors can make a big difference on how much you pay.
How Tow Truck Insurance Benefits You
Are you prepared for an accident on the clock?
Tow truck insurance is an essential step in protecting your workers and your business. Consider your insurance company, available insurance policies, and the size and scope of your business before you commit to insuring your company.
For more information and helpful tips, explore the rest of the articles on our blog today.