Tow Hook
Tow Hook
Towing Business' Missing Coverage
With the convenience of the internet and insurance companies broadening their markets many tow truck business owners are finding themselves in a position of great exposure to their businesses. By working directly with insurance companies or have working with inexperienced brokers many of these business owners have purchased insurance policies that have failed to provide the protection needed for the tow truck operation.
All businesses are unique the towing industry is one of the most unique of them. These businesses have various exposures that many other businesses have such as taking custody of their client's vehicles, towing the vehicles themselves, and having clients in their storage facilities viewing the stored vehicles. They need to have coverage for all of these exposures. The insurance industry and various insurance companies have adapted policies to provide these operations with all of the coverage that is needed to ensure that in the event of a loss these businesses are covered for all possible types of losses.
There are many coverage options available for towing operations such as on hook coverage, general liability, garage-keepers legal liability. These types of coverage are a must for full service towing operations that have vehicle storage.
All though many companies have policies that offer these specific coverage options, there are insurance companies that cater to and solicit business for towing operations that do not offer this coverage. Business owners have purchased policies from these companies without general liability protection or garage-keepers coverage. The lack of having this protection has left business owners in a position that their business will not be and have not been fully insured from all losses that could happen.
Just as not all businesses are the same not all towing operations are the same either. There are many towing companies, such as auction haulers or vehicle scrap haulers, which do not offer vehicle storage or have a physical office. The policies in question were designed for this type of business so that they could easily purchase auto coverage and on hook protection. Unfortunately, many towing business owners have purchased these types of policies and placed their businesses in jeopardy.
About the Author
Paul Woodward
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