Tow Truck Companies

Owning your own tow truck opens many opportunities for you to run a successful and profitable business. Whether you offer on call twenty four hour services to consumers or you are contracted with the county or city government, there are many business details you must stay on top of on a daily basis. To keep your business profitable, you cannot risk being unprepared for accidents and common risks. Protect yourself from major financial losses by carrying business insurance for your tow truck company.

General Liability

General liability coverage protects your customers, and as a side effect this protects your tow truck company as well. This business insurance provides a wide range of coverage for unexpected hazards, accidents and general risks. It grows with your company so you can rest easily knowing that new services and business locations are protected automatically from the beginning.

General Liability Insurance Includes:

Premises Liability – Premises liability coverage is designed to prevent you from losing everything when a customer is injured at your business location. If a customer is injured physically because they trip over a cord in your tow truck bay for example, they could sue your company for the medical bills and their pain and suffering. Your premises liability insurance pays those bills for you, and pays for property damage repairs if a customer’s property is damaged while at your place of business as well.
Products Liability – Products and advertising liability provide you with protection when problems arise in these two areas. If you sell products to customers that are later found to be harmful or defective, this section of your general liability coverage will pay for the damages. If there are claims against your advertising or you have made a mistake in your ads, this section of your general liability can help defend you legally and pays settlement claims.
Completed Operations – Sometimes after you believe your job is done, a customer makes complaints or takes legal actions against your company for the services that you previously rendered. If they feel that the operations you completed caused them physical harm, or caused their property to be damaged, your completed operations coverage can help defend you against the claims. This coverage also pays for damages and injuries as needed.

Business Owners Policy

A business owners policy, or BOP, includes general liability insurance. Additionally, it allows your tow truck company to pick and choose additional levels of direct protection for your company assets. Coverage options can be secured for tangible and intangible assets. Examples include:

Buildings and Contents
Business Income and Extra Expense
Electronic Data
Newly Acquired or Constructed Buildings
Employee Dishonesty Coverage

Business Auto

As a tow truck driver and owner, you are constantly on the road to conduct business. If you are involved in an auto accident, your business auto insurance policy can help prevent you from suffering severe financial hardships. This insurance pays for bodily injuries and property damages caused in auto accidents. It can also protect you from uninsured motorists, hit and run drivers, theft and more.

Workers Comp

If your tow truck company employs other people, you are required by law to carry workers comp insurance for those employees. This coverage will pay their medical bills if they are ever injured on the job.

Commercial Umbrella

Umbrella coverage provides you with additional business insurance protection, above and beyond the limits of your other policies.