As a towing company, you save money where you can. Doing so not only increases profits now. It puts you on a firm foundation so you can continue to grow your business. On-hook towing insurance a.k.a. in-tow towing insurance can be a major expense for a tow truck company. Here’s what you need to know to keep those costs low while staying protected.
7 ways to save money on on-hook towing insurance.
1. Have Regular Safety Meetings
Safety meetings demonstrate to your driving team that you take safety seriously. They give you an opportunity to hear from drivers regarding the risks they face. At the same time, reiterate rules and best practices. Help them and the company stay safer.
On top of the benefit of fewer mishaps, insurance companies often consider the safety programs and safety culture within a towing business when establishing tow truck insurance rates.
These meetings don’t have to take significant time out of your day. It’s more important that they’re regular and scheduled.
2. Invest in Training Your Drivers
When a new driver comes on board, you expect them to have the skills they need to handle the truck and the equipment. But it’s always a good idea to schedule formal training when a new driver arrives and when a driver has had an accident. Reinforce safety protocol and proper usage of equipment.
3. Have Workplace Safety Policies
Have clear, written safety policies. It’s easy in some of these smaller towing companies to think you can rely on word-of-mouth or common sense. But as you know as a successful towing business, sense is rarely common. It’s all about what people have been exposed to in past positions or on the job.
Think out and write out your safety expectations to reinforce a culture of safety and lower those on-hook towing insurance premiums.
4. Forbid Distracted Driving
Even dispatch equipment can be distracting when drivers don’t keep their eyes on the road. It’s not just cell phones, texting, or GPS devices that cause collisions. Reinforce that distracted driving is anything that takes their attention off the road. Set up clear penalties for distracted driving and follow through with disciplinary measures.
5. Keep Logs for Vehicle Inspection and Maintenance
Show an insurance company that you have your act together by keeping clearly-filed records. This also helps ensure that you don’t have unsafe trucks on the road.
6. Hire Drivers Who Value Safety
It all starts with hiring your tow truck drivers. Review driving records and talk to former employers. Get a feel for how serious an interviewee takes safety. Reinforce from day one that safety comes first in your business.
Keep accident rates low and on-hook costs down by putting the best drivers behind the wheel in your trucks.
7. Review Your Insurance Coverage
Many towing companies get an insurance policy. Then they don’t look at it again until they have a major accident. Chances are you’ve added more trucks. You may be hauling more – or more expensive – vehicles these days.
As you grow your business, you need to know you’ve got all the coverage you need for the lowest price. Shopping for insurance is a pain. But we can help you get the best quotes from the best insurers. Find out if you’re paying too much for your On-Hook Towing insurance.
Fill out a simple form. Start getting quotes today.