The cost of trained guard dogs ranges between the middle tens of thousands of dollars to hundreds of thousands of dollars. Tempting figures such as these, motivate unscrupulous individuals to get into the guard dog business. These people have neither the professional knowledge nor the desire to put in the hundreds of hours of labor required to train guard dogs possessing these qualities:
- Loyal
- Stable
- Well balanced
- Self-confident
- Steady nerves
- Willing to obey commands
- Able to self-calm
- Responsive to the owner
Instead, they train dogs for aggression using abusive methods that produce high-strung animals with poor impulse control, a low bite threshold, and little ability to calm down once excited. The dogs are then sold on the cheap at prices under $10,000. Garage and towing business owners who purchase these dogs for security purposes essentially have a ticking time bomb on their hands that may maul an employee, customer, or an intruder. Depending on the severity of the injuries, the damages awarded to the victim in a lawsuit can put the garage and towing company out of business. Badly trained breeds such as pit bulls and Rottweilers can cause life-altering or fatal injuries. Even well-trained dogs have been known to misread people and attack without provocation in circumstances when people were supposed to be on the premises, such as during normal business hours.
What Industries Constantly Face Insurance Insecurity?
The towing industry is constantly facing insurance insecurity. Many carriers refuse to cover them altogether, while others cover for some of the services they offer and don’t fully cover liability claims. If your insurance company does work with towing and repossession companies, then that can give you access to a large pocket of business. But make sure it’s worth the risk by getting your clients excess coverage in these unusual areas: Animal liability coverage: While repossession companies might be moving towards electronic forms of security, many companies still use a good guard dog to dissuade casual theft and trespassing. But a vigilant guard dog can open the door for claims related to injury and property damage. Make sure your clients are covered fully for animal liabilities. Trucking insurance for their specific towing equipment: Towing companies used different types of vehicles to move repossessed or wrecked cars. The traditional towing hook poses more risks for the towed vehicle, for example, because it puts stress on one part of the car and it’s still vulnerable to accidents during transportation. With flatbed tow trucks, on the other hand, cars are safer and face a lower risk of damage throughout the process. Your client’s coverage should match the potential liabilities of their tools, especially if they have a varied selection of company models. Towing and repossession companies also need all of the more general damage and liability coverages that all commercial businesses do, and altogether it can seem like towing companies aren’t worth the risk. But with Prime Insurance Company’s excess coverage options, you can evaluate the risks differently.
Contact Prime Insurance to Learn More About Animal Liability Coverage
In a business filled with liability risks, such as garage and towing, animal liability is easily overlooked or underappreciated. This produces a coverage gap that can close the doors of your client’s business if the worst happens. This costly risk can be mitigated by using a perimeter fence that keeps intruders out and keeps the dog within the business property, and by providing excess coverage to your client’s garage liability and towing policy. Contact Prime Insurance Company with your inquiries about our excess and surplus insurance.
Updated on August 30, 2021 at 10:30 am
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Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.
