In this economy, every business is looking for ways to save money. But cutting back on certain expenses now could mean heftier bills later.
Follow these tips so your tow business can save money and be protected from the unexpected:
Make sure you have the right amount of coverage. Even if business finances are tight, don’t lower your liability coverage. Not only could you put your business assets at risk in the event of an accident, it could also jeopardize contracts that require you to carry specific limits.
Instead, make sure your physical damage coverage, which protects your vehicles in the event of a loss like a collision, theft or fire, accurately represents the value of your trucks. Most insurers do not automatically depreciate vehicles, so take a look at your policy to make sure you’re not overstating their current worth. You could save money by adjusting your limits.
Think before canceling your coverage altogether. Going without minimum liability insurance is illegal in Colorado, and should only be an option if you are temporarily putting your vehicles out of service. Additionally, keep in mind that if you drop your insurance now, you’ll pay more to get a new policy later because most insurance companies want to see proof of continuous coverage. Consider moving to a Comprehensive-only policy during temporary downtime to retain proof of continuous coverage and protect your trucks even when they’re not in use.
Protect yourself from uninsured and underinsured drivers. You might not be the only one who’s looking to save a little dough – other drivers could cut costs by canceling their policy or reducing their coverage. And if one of those drivers hits your truck, you could be left paying for the damages. Uninsured and Underinsured Motorist coverage can protect you.
Keeping an eye on your insurance coverages can protect your business and save you money. Let us help. We can quote competitive tow rates and important tow coverages on the spot with Progressive. Call us today.
Sterling Peaks Insurance, LLC
1048 Independent Ave Suite A205
Grand Junction, CO 81505
Tips for new drivers
You help keep people safe when they’re driving by towing away broken-down vehicles. By following these tips, you can be confident that you’ll be safe too.
Keep your truck maintained.
Schedule regular professional truck inspections, and repair or replace parts when necessary (not when you have time to get around to it). Invest in keeping your truck going—and going safely.
Be familiar with your truck and its capacity.
Before you use your truck, inspect it. Make sure the truck is free of broken bolts, cracked seams and stress fractures, and check the chains to make sure they’re free of cracks and rust. Also, be familiar with your tow capacity, and make sure to stick to it. Staying within your truck’s limits will help you keep control.
Know how to safely hook up a vehicle.
When hooking up a vehicle, block its wheels before disengaging the driveshaft or the brakes.
If you have a remote control for the lift, boom or winch, lock and secure it inside your truck until you’re ready to use it so you don’t accidentally activate it if it’s in your pocket or on the ground. And once you lift the vehicle, never work underneath it.
Keep a safe distance.
Remember that you’re carrying extra weight when towing a vehicle, so drive defensively. Stick to the speed limit, and try to keep a two- to three-second distance between your truck and the car in front of you. This will give you enough room to come to a complete stop in case they slam on the brakes.
Be ready for the unexpected.
You’ll need a safety net of your own while you are busy being everyone else’s. Make sure your truck—and your business—is covered with commercial auto insurance.
Every tow business owner should have liability and physical damage insurance, which covers damages you could cause to your truck—or someone else’s vehicle—in case of an accident.
Also, consider insurance that protects your customers’ vehicles as well as your own. With additional coverages, you can be confident that you won’t be responsible for damages that could happen to a car you have on-hook or in storage at your shop.
Claims handling capability is the most important feature we sell our Tow customers. Progressive consistently proves superior at settling commercial claims quickly. Call Sterling Peaks Insurance at 970-314-9188 for a quote on your tow vehicles today.
SPI Reflections Blog
Our blog is about educating our customers and the public about important insurance information that we feel is meaningful.