When you are in business, it is wise to hope for the best but plan for the worst. If you operate a roadside service company, auto repair shop or salvage business, it is essential to have tow truck insurance. General business insurance will not cover all the liabilities specific to your industry. There are a few considerations you must make when choosing the right policy for your company.
The 5 Must-Have Coverage Types
Certain insurance options are crucial for any tow truck owner:
- Auto-Liability – coverage for property damage and injuries to people outside your company
- Physical Damage – protection for company vehicles in the event of vandalism, theft or other unforeseen harm
- On-Hook Towing – coverage pertaining to vehicle damage that may occur in the course of towing
- Garagekeepers – coverage for damage occurring on your business property, including while parked or undergoing repairs
- Commercial General Liability – additional coverage for liability issues that extend beyond automobile-related damage and injury concerns, such as libel and on-site slips
Choosing the Right Plan for Your Business
Without adequate insurance, unexpected calamities can derail any company. Having a policy that covers all risks associated with your business gives you the peace of mind to focus on providing excellent service. Therefore, it is necessary to be aware of the insurance types available and choose the levels of coverage right for you.