There may come a time a tow truck is necessary, and it may be you are the company who owns the truck. If so, keep reading as to why having tow insurance is important for you and your company. It could mean the difference between a hefty lawsuit, bankruptcy or a highly profitable business.

Many states require towing companies to carry a specific amount of insurance coverage because of the nature of the business. Often, there are very specific requirements for insurance coverage that are considerably higher than standard auto insurance. Here is a quick rundown of possible requirements based on a general idea by state. CSL – Combined Single Limit, a term used to define limits on a single accident and occurance.
• Truck liability – $500,000.00 csl
• Garage – $500,000.00 csl
• Car tow – $25,000.00 csl
• Keepers Liability (For when the car is in the impound) – $25,000.00 csl

Additional insurance includes workers’ compensation which covers your drivers in case of an accident while on the job. This also protects you, the employer, from frivolous lawsuits from what may or may not be worker related. There are plenty of coverage options for you, and often workers’ compensation is required by state law.

Another important insurance coverage is physical damage to YOUR vehicle in the case of damage or loss while in working. Tow trucks can get dinged and damaged during the course of the job, so protecting your investment is important. There are two parts: comprehensive – fire, theft, explosions, vandalism etc.; collision – overturns, rolls and accidentally hitting another vehicle.

Do you have a commercial vehicle or tow truck? If so, contact Steely and Smith for the best in commercial insurance options. We will craft a plan that will help you make the best decision for your business.

Contact Steely & Smith Insurance at (215) 345-9410 and ask about commercial insurance options for your tow truck and other insurance needs.