Insurance is one of the first things a sustainable business venture needs, other than a rock-solid business plan and the finance required to keep their business going.
if you are insured, the assets, employees and partners that are part of your business are secured against the event of claims, damages or accidents – and if you aren’t insured (or underinsured for your needs), it’s the opposite.
Tow truck insurance is a specialized kind of insurance that a lot of companies might never use, but that all companies (especially ones within the transport, trucking and logistics industries) should get anyway.
What is Tow Truck Insurance?
Tow truck insurance covers any accidents, claims or damages that might involve a tow truck, whether this tow truck belongs to your fleet or whether the tow truck belongs to someone else claiming for damages against you instead.
If you encounter tow trucks on the road then you’re going to need tow truck insurance.
(Hint: Most companies do.),
- If you have insurance and never claim, you’re benefiting from it. The opposite scenario means not having insurance and needing to claim from it – and this can cost your business potential thousands of dollars; in some extreme cases and large accidents, it can even cost you the entire business.
Is being without insurance worth the risk?
The answer is no!
“But I Am Insured!”
If you’re already insured, check your current insurance policy. Thousands of companies and business owners signed up for regular insurance first – and from there, assumed that they were covered against the most common types of claims.
Don’t make the same mistake!
General (also called blanket) insurance can cover your trucking business for a lot of things, but there are often specialized risks that don’t apply to most people or companies – and thus won’t apply to these special risks.
It’s not uncommon for companies to need several insurance policies at once to make sure they’re covered for things like non-trucking liabilities or claims involving tow trucks: Overall, it’s the safer choice.
Here’s a tip for everyone in the shipping and logistics industries: Never assume that you’re ensured for something specific if you haven’t seen the fine print of your policy that specifies exactly this – and if you assume coverage and see an accident or claim, you could pay for it.
Call up your current insurance provider if you have one and ask them to check: What are you insured for, and what potential gaps remain in your coverage that could be a later potential cost for your business?
Tow Truck Insurance Cost
Tow truck insurance costs can vary depending on your insurance provider and your individual risk level as assessed by the company you choose. This can unfortunately mean that there’s no ?standard” price or rate for tow truck insurance – but it generally falls in the realm of “several thousand per year” no matter how you look at it.
The best you can do for your company is to look out for several different insurance quotes: Look for recommended and reviewed companies that give you the best value (and coverage) for what you’re paying them – and of course, remember to check the fine print to make sure you’re really covered for what you expect to be.