Are you confused to buy tow truck insurance for your trucking business? If that is the case, this blog can assist you to clear up all your doubts. Keep reading to learn about tow truck insurance with its advantages!
The tow trucking business is a risky one as it operates in risky situations to transport cars and other heavy vehicles in harsh weather conditions and on busy roads. These circumstances increase the probability of accidents. Hence, tow truck insurance is there to protect your tow truck business in the long run. But do you know what exactly this insurance is? Let’s take a look to know about it!
Tow Truck Insurance
It is a specialized form of truck insurance that is specially designed for towing companies with the thoughts of a tow truck owner in mind. The main coverage under this sort of insurance is liability insurance which has inclusions of property damage, medical payments, bodily injury cover, etc. Truck insurance can depend upon the type of coverage you decided on like liability only or comprehensive insurance cover.
As you are well aware that the liability only covered is one of the basic and necessary for your commercial vehicle including tow trucks. This provides all the financial protection against if there is any damage to the vehicle, third-party property, or any vehicle. It is the basic one to have to operate legally also. As per the huge sizes of tow trucks, it is good to have comprehensive truck insurance policies which not only protect damages of third-party but also cover the damages caused to the truck driver. This is what tow truck insurance is all about but it has many more advantages which are enough for you to opt for the insurance now.
Let’s read to know!
Key Advantages of Tow Truck Insurance
Towing services are used for removing illegally parked cars or heavy vehicles, or to rescue broken cars on the roads. If someone will call for your towing service, the very basic thing they will ask is to know about the insurance coverage you have. This way they assure that their car or any other vehicle is in safe hands. Apart from tow truck companies, there are other related businesses that need tow truck coverages. Some of them are:
- Repair shops
- Roadside assistance companies
- Salvage and auction companies
- Auto body shops
- Rotational Towing
Indirectly, you can say any commercial company that provides towing services to give them to customers or use them internally, need tow insurance. Let’s have a look at some detailed advantages of this insurance!
Towing and Storage Protection
Most people think that towing insurance is for collisions only, but this coverage provides protection for many other things. The standard policies include garage keepers’ general liability insurance. This protects business vehicles if they got damaged while parked on business properties. Tow truck insurance also includes on-hook towing coverage. This protects customers’ vehicles if they are damaged while towing. Some insurances also include the Tow general liability insurance if the business is legally responsible for bodily injury or property damage. Towing insurance can cover and protect more than your typical rollback truck.
Business Protection Compensation
Having commercial insurance for your tow trucking business protects you from all odd events to save your business from the financial run and keep the trucks working at a good pace. Owing to the big sizes of these trucks and the circumstances under which they work can have a dangerous situation for these commercial businesses. So, this insurance package protects them with some of the given compensations:
- Natural or man-made disasters cause loss or damage to vehicles.
- Any external damage after any accident caused to the vehicle.
- Property damage for third-party.
- Bodily injuries or third-party deaths.
Even you can get extended coverage protections with the added benefits of these policies like loss of policy cover, personal accident protection for the driver, legal liability cover for non-fare passengers, etc.
Another advantage of having full insurance cover for your tow trucking business is getting compensation for workers. This sort of insurance protects the employees if they are injured or unfortunately killed while doing their duty for the business.
The drivers of tow trucks work in extreme weather conditions, so they have to face danger at any time. These sorts of insurances protect them from all the odd circumstances in terms of financial help or any medical benefit. It also assists them in place of their monthly income if suddenly they can’t work due to some accident etc.
Uninsured Motorist Benefits
This added advantage of tow truck insurance pays for injury protection for you and the passengers caused by the driver who doesn’t have the needed coverage or enough insurance. This is especially helpful for you in the hit-and-run case. These may include the following:
- Underinsured Motorist Insurance
- Uninsured Motorist Insurance
- Uninsured Motorist Property Damage
Saves you from Legal Troubles
Buying the standard tow truck insurance policies offers you carport risks that cover your lawful obligation to the administration. If by mistake your two trucks have caused damage to someone, it will pay for the cost needed legally obliged to pay from your side. It will give security to your vehicles and the client’s vehicles in all manners. You can run on the roads without any fine or penalty carefreely.
That’s all for this blog!
These are some of the basic advantages of tow truck insurance that you need to think about as soon as you buy any tow truck for your business. Keeping a two-truck is not as simple as buying it. It is more inclined to street mishaps. That’s why it is important to get your truck protected to keep you tension-free while operating a trucking company. No matter if your company has a single flatbed or tow truck or a fleet of this, getting the right protection cover is necessary. If you want to have long-term sustainability and profit for your business, just have the right cover today!
Still have queries in mind, feel free to connect with us….You won’t get disappointed!