3 Tips to Help Your Towing Company Get Favorable Insurance Rates
Insurance is very important to any towing business because its workers, tow trucks and customers' cars need to be covered against different risks that can occur. However, insurance premiums can be very high if you do not take steps to ensure that the insurance company looks at your company as a low risk client. This article discusses some steps you can take in order to be assessed favorably.
Keep Your Fleet in Excellent Condition
Impressions matter so you should do everything in your power to give insurance agents a good impression when they visit your establishment. You can do this by keeping your tow trucks clean both inside and outside, as well as maintaining them as per the manufacturer's recommendations. This effort will be rewarded when the agents file a favorable report, resulting in a lower premium for you.
Pay for Multi-year Insurance Cover
Many insurance companies are willing to offer generous discounts to tow companies that commit themselves to buying insurance from them for several years. Talk to your insurance agent about this policy and find out how much the company can waive if you make a decision to buy multi-year cover for your tow trucks. The money you save when you get that discount can boost your profits since you will have reduced your expenses.
Institute a Safety Program
The towing industry is fraught with so many hazards such as the risk of injury when a wire rope gives way and lashes out at a nearby tow truck worker. Such risks cost you money in the form of deductibles or higher insurance premiums when you keep filing claims. It is therefore in your best interest to institute a safety program so that you keep training or testing your employees on various safety aspects associated with their daily work.
For instance, you can test them on how they can safety tow a car from a busy highway where parking space is limited on the side of the road. Such tests will hone their skills in working in such risky environments so they will be better prepared to avoid accidents. Keep the test results on file so that the insurance company can confirm that you have the safety program in place. You stand a high chance of paying lower premiums if you implement a safety program.
Your towing service company will thrive because of getting adequate insurance cover at affordable premiums if you implement the tips above.