Accidents and injuries are much more common among towing industry employees than people realize. Without tow truck insurance, accidents can be a huge financial burden for commercial tow truck companies.
That’s why tow truck insurance is vital. Keep reading to learn the top three benefits of commercial tow truck insurance and why you should get insured now before it’s too late.
Physical Damage Coverage
Commercial tow truck insurance will cover any physical damages to your tow truck that result from an accident or disaster. So, you don’t have to worry about paying for your own repairs.
There are various parts of physical damage coverage depending on your policy. Collision insurance is always included and protects against costs associated with collision accidents.
Comprehensive insurance covers damages from non-collision issues. For example, this covers damages from storms, fire, theft, vandalism, and windshield cracks.
The best part is the insurance company handles everything. They find the service, schedule the repairs, and pay the costs.
After a stressful event like an accident, having tow truck insurance will give you peace of mind so you can get back to work.
Liability insurance includes two parts: property damage and bodily injury.
Property damage refers to any damages to another’s property as the result of an accident. In the case of tow truck insurance, this would cover any damages to other vehicles, trailers, or property such as buildings and lawns.
Also, damages that may impact the vehicle you’re towing are covered, too.
Bodily injury liability will pay for medical care including physical therapy and rehabilitation. It will also cover lost income, grievances, and (in the worst case) funeral costs.
Personal Medical Coverage
Personal medical coverage takes care of medical expenses for the driver and any passengers in the tow truck. It doesn’t matter if the accident was the fault of the tow driver or not. This means you don’t have to worry if someone else is at fault but doesn’t have liability insurance to cover your care.
Medical coverage covers doctors or hospital visits, surgery, and rehabilitation. Some insurance plans will also include workers’ compensation to reimburse drivers for any loss of wages.
How Much is Tow Truck Insurance?
Tow truck insurance costs will vary depending on the types of trucks, driver qualifications and history, safety programs and discounts, and the policy points.
One way to get a quick estimate of how much tow truck insurance will cost you is to compare quotes from a variety of providers with Insurance Hub.
Tow Truck Insurance Is the Way to Go
As you can see, there are huge benefits to commercial tow truck insurance. Tow truck insurance protects drivers, covers costs, and lets you rest assured knowing you won’t have to pay out of pocket.
For more tips on managing your commercial tow truck business well, check out all our business posts.