Tow Truck Insurance

 

Thinking about starting a towing business? Already have a towing business and considering your options with regards to tow truck insurance?

Whatever your situation, there’s a lot of specific information tow truck business owners need to know about insuring their rigs. Tow truck companies need to understand the risks of this lucrative business.

That’s where we come in. We strive to provide the exact coverage for tow truck insurance you need at an ideal price.

Don't wait until disaster strikes. Call 775-826-1559 today and find the perfect commercial tow truck insurance requirements for you – at a low cost!

It’s important to note that not all towing insurance policies are created equal. With a variety of different package types and options, you need to understand limits on coverage, endorsements, and other exclusions.

The easiest way to do just that is to discuss your commercial tow truck insurance needs with a licensed professional agent. Ideally, you speak with someone who works for an agency that has helped hundreds of towing companies get the protection they need.

So get in touch with our business insurance agents at Balsiger Insurance. We know the tow truck business very well. We can help you get the proper protection and requirements for your rigs and staff. Reach out to our team for a free quote. We will go over your specific needs, required coverages, employee benefits, workers compensation insurance, and compare multiple tow truck insurance quotes.

Insurance for Tow Trucks & Drivers

While business owners face similar issue as the owners of other commercial vehicles, this industry also poses some unique risks.

Tow truck insurance was designed to cover any business that is in the industry. A towing company is a business that offers services and roadside repair or assistance for disabled vehicles.

These types of companies are required to carry general liability insurance just like any other drivers. The vast majority of tow truck companies also carry other coverages, too.

One common coverage that is popular and vital for companies is on-hook insurance. On-hook coverage provides protection for operators as they are pulling another vehicle.

Types of Insurance Coverage for Tow Trucks

On-hook is just one of many types of coverage, another being liability. Here is a full list of tow truck insurance coverage any involved in this industry should consider:

• Liability: As discussed, liability coverage is especially important to tow truck drivers. No driver or company can operate on the road legally without liability coverage. If a driver is in an accident, the property damage and bodily injuries sustained will be covered by this tow truck insurance policy.
• Medical Payments: This offering ensures medical payments are paid for drivers or passengers of the truck - if there is an accident to the vehicle. This is important because drivers often provide a ride to the owners of cars they are towing.
• Comprehensive: If you have newer vehicles, then comprehensive coverage is important. This coverage offers protection in the event that your trucks get damaged in situations other than a collision.
• Physical Damage: If you have financed the purchase of your tow trucks, then you will usually be required to carry physical damage insurance for them. The coverage protects against damages, regardless of fault.
• Garage Service: If your business not only offers towing services, but you also offer roadside repair or in-house service stations - then you’ll want to get garage service insurance. This coverage will protect you against damages incurred while a vehicle is being serviced by your business.
• Uninsured or Underinsured Motorist: With this option, your company will be compensated if you’re involved in a collision with a motorist who doesn’t have the proper coverage. Most of these policies also protect against hit-and-run situations.
• On-Hook: As we already mentioned, on-hook coverage protects the vehicle you are working. This coverage will pay for repairs or replacement costs if any damages are done to a vehicle you don’t own during transport.

Hazards Tow Truck Drivers Face Today

There are a variety of coverage options because commercial auto drivers face so many hazards on the road these days. It can be dangerous out there, especially when your employees are standing on the side of a highway as vehicles speed by.

Here are just a few of the common hazards tow truck drivers face:

• On average, truck drivers get injured or die on the job at a rate twice as high as the national average.
• Typically, these injuries are caused by being hit by other cars on the road.
• The industry's biggest days are usually when driving conditions are the absolute worst.
• If your business includes impounding vehicles, then there are other risks from confrontations with vehicle owners.
• Jagged edges and glass can cause injury for truck operators when loading cars.

Tow Truck Insurance Policy Considerations

Will Your Current Policy Cover You If Something Bad Happens?

With all the different coverage options and policies available, it can be difficult for business owners to know what tow truck insurance plans they need. It can get confusing, and this can lead to gaps in coverage.

Without proper insurance, you may find your towing service in a bad situation. An accident can occur and you may be left wondering if your company is covered for the damages. Our insurance experts know how these situations can play out. There are times where a towing service goes under just because one accident happens and their insurance policy doesn’t cover it.

Don’t let this happen to you. Don’t wait until something bad happens to take a look at your coverage and make sure you have the policies you need. Being proactive is essential when dealing with this type of policy. It's also important to consider all of the different options to make your tow truck insurance cost affordable for your business.

Find the Perfect Tow Truck Insurance Coverage for Your Rig Today

At Balsiger Insurance, that’s what we are here for. Our professional business insurance agents understand the unique needs of the towing industry and tow truck companies. We know that the industry is a risky one and as such, requires a unique tow truck insurance package with sufficient general liability coverage and more.

We’ve worked with dozens of tow truck businesses to help them find affordable business insurance rates with the coverage they need. We can help you fill your coverage gaps and ensure you have no vulnerabilities when you’re out on the road.

Our Towing Industry Experts

Ready to work with a new tow truck insurance agent? Contact one of our commercial auto insurance policy experts today. We offer competitive pricing and towing industry experience. Don’t take any more risk. Get in touch today and we’ll find the ideal plan for your company. Call 1-866-872-0156 to speak with an agent today.