While a tow truck service protects the cars of other people, you might wonder who protects the trucks and drivers of the actual towing business.
The answer is, insurance companies. If you’re a trucker or run a fleet, purchasing insurance for your tow truck business would be an ideal way to add protection. While buying insurance can be an easy process, finding the right policy for your trucking business is enough to overwhelm you.
We say this because there is no insurance policy specifically designed for the tow truck business. However, there are many options you can select to make one comprehensive policy to provide your business with the coverage it needs.
Don’t fret if you have no idea how to go about it. Here we’ve enlisted six types of insurance that you can use to protect your trucks and drivers.
Types of Insurance for a Towing Business
1. Auto Insurance Liability
This is one of the basic insurance types you can choose to cover liability. For instance, suppose the pulley rope carrying a towed car breaks for some reason and causes damage to the vehicle. The driver also gets some minor injuries. This is when you need auto insurance liability to cover property damage and bodily injury. It will help you pay for injuries the car owner suffers and the damages to the vehicle.
2. Medical Payments Insurance
As the name suggests, the insurance policy covers the medical expenses you have to pay in the event of an accident. If your vehicle injures a bystander while towing a car, you can use this policy to protect yourself from the hefty medical bills.
3. Physical Damage Insurance
This insurance type, unlike the above two policies, protects the towing business. That means when you buy physical damage insurance, it protects your tow truck if you were to get in an accident.
4. On-Hook Towing Insurance
On-hook towing insurance helps you pay for the repairs to your vehicle if an underinsured driver hits it. This type of insurance will pay for both the damaged car you were towing and your truck.
5. Underinsured – Uninsured Motorist
As the name of the policy states, it offers you coverage if an uninsured driver damages your tow truck.
6. Garage Keeper’s Legal Liability Insurance
Garage keeper’s legal liability policy covers the costs if one of your garage workers somehow adds to the damages of a customer’s vehicle vehicle. Such incidents can include using the wrong fuel or turning the wrench in the wrong direction.
In conclusion, trucking insurance policies are a combination of personal insurance, liability insurance, and medical expenses. They not only protect your business, but also your clients and workers.