As the owner of a tow truck business, you’ll be faced with some of the exact same concerns as other commercial vehicle owners, as well as a few unique risks. Tow truck insurance providers like Steely & Smith Insurance recognize those risks and offer wrecker insurance policies which include many different options for coverage. With those options, it’s possible to build a policy which adequately meets your needs. The policy might include all or some of these:

Tow truck liability insurance: It includes liability coverage for any bodily injury, as well as property damage you or any of your drivers might cause. Tow drivers might be held liable under multiple circumstances:

• If they damage another car on the street
• If they cause injury to passengers in their own vehicle
• If they damage an automobile that they’re towing
• If they’re at fault in a collision

Medical payments insurance: It offers coverage for medical payments that are incurred if you, a driver, or passengers are hurt because of a crash while inside your tow truck.

Physical damage insurance: Its coverage assists as your truck is damaged, irrespective of fault. Such insurance usually is required by lenders if you’ve financed the truck’s purchase.

Comprehensive coverage: It offers “other than collision” coverage, as well as includes damage that is caused by vandalism, theft, fire, natural disasters, and objects.

Underinsured or uninsured motorist insurance: It gives compensation if you’re involved in an accident in which the other motorist is at fault and that motorist doesn’t have sufficient insurance that covers your medical expenses or property damage.

Garage service insurance: Garage liability insurance (optional) is specifically designed for businesses offering service stations or towing services. It offers coverage for any damages which might be sustained by an automobile in service while it’s parked, or it’s being stored inside a covered area. Those damages may include the ones caused by fire, vandalism, collisions, or theft.

On-hook towing insurance: It’s specifically designed for tow truck operators. It’ll pay for replacement or repair expenses if any car you don’t own gets damaged while you’re towing it. It includes damages that are sustained from vandalism, explosion, theft or collision.