Are you a towing company that’s looking to tie up all the loose ends with your insurance? Do you want to find a way to ensure more financial security for you and your clients while transporting their damaged vehicles? If so, then you need to invest in towing company insurance right away.
The specialists at www.centralcarolina.com say, doing so can help protect the quality of your brand. For example, a towing company can provide benefits such as pollution liability, vehicle loss of use, rental reimbursements, and more.
See below for an in-depth guide on the reasons that you need towing company insurance before your truck goes out on any other jobs.
Protection for Catastrophic Losses
No matter how much training you give your drivers or how many precautions you take, towing will always have certain risks involved. There are too many external factors (things that are out of your control) such as other drivers on the road, the weather, the damaged car’s condition, etc.
Certain accidents will cost your towing company more financial damage. For example, imagine if a client claims that your towing company is responsible for a bulk of the damage that was done to their vehicle.
Depending on the severity of the damage, your business liability insurance might max out. Without foolproof towing company insurance in place, you could still be on the hook for thousands of dollars in damage.
Fortunately, proper towing company insurance will have umbrella liability coverage, which will ensure your company won’t have to pay a penny out of pocket for the damage. Umbrella insurance can write over business auto policies, garage liability policies, commercial general liability policies, and so on.
In other words: It essentially guarantees that you have ample coverage for any claim that comes against your towing company. It can give you financial relief when, not if, a claim is filed against you. It’s just the nature of the industry!
Contains All the Essentials
If you take nothing else away from this article, let it be this: you need to find a trusted towing company insurance provider. Only they can help you find the right combination of coverages for your business.
Insurance companies of lesser integrity will do one of two things:
Try to flood you with forms of coverage that your towing company doesn’t need (to charge you more on your premiums)
Limit the amount of coverage that you have (to try and seal the deal with a “low-cost premium”)
As you would expect, neither one is in your best interest. A commercial insurance provider of integrity will point you towards necessary forms of coverage, such as commercial auto insurance and commercial property insurance.
They’ll then learn the ins and outs of your business model to suggest other types of coverage that your towing company would benefit from.
For example, if your towing company has many different employees and drivers, then your commercial insurance provider could point you towards workers’ compensation insurance, thus protecting you and your worker if they were ever injured on the job.
One of the biggest misconceptions about insurance for towing services is that it will cost a fortune to invest in. That couldn’t be further from the truth.
As long as you’re investing with an insurance company of integrity, you can find the perfect amount of coverage, all while staying within the parameters of your company budget.
We take in several factors to dictate the cost of your insurance, such as:
- The level of insurance coverage that you’ll need
- The size, age, and usage of your towing trucks
- The types of items that you’ll be towing
- How you go about training your drivers and other employees
We use all of this information to find a price on your premiums that gives you the coverage you need at a price you can afford.
One of the biggest mistakes that most towing companies make is when they invest in towing company insurance that only protects the outside of performing their service.
No matter how well-trained your staff is, there’s always the possibility of things going south while you have a customer’s car on your hook. If that happens and you don’t have the right type of coverage, your towing company might be forced to cover the damage out of pocket.
Those kinds of repairs can cost thousands of dollars, which your company may never be able to financially recover from.
Insurance for Overlooked Aspects of Your Business
It’s always the unexpected things that end up costing you the biggest setback. Every towing company invests in liability insurance, but few think about things such as cyber liability, premises liability, and so forth.
For example, what if your towing company’s database gets hacked and your client’s card information falls into the wrong hands? You’ll be on the hook for thousands of dollars.
We’ll help you ensure that all possible setbacks are covered so that you and your clients are protected in case of an emergency.
Invest in Towing Company Insurance Today
Now that you have seen an in-depth guide on towing company insurance and all that it can offer you, be sure to use this information to your advantage.
For more information about towing insurance for your business, contact a local insurance provider who specializes in policies for towing services.