Two Things to Add to Your Towing Insurance To-Do List
Even if you’re in the business of insuring small repossession and towing companies, these companies are starting to expand beyond their regular region to find more, and safer, business. Some companies contract with counties across half a state while others expand to work across state borders. If your client’s business is growing, both in terms of their client base and geographically, make sure their towing insurance coverage grows with them. Here are a few things to keep in mind.
- Some states require additional certification. While states have preferred and sometimes mandatory insurance minimums, only four states require towing companies to certify that they satisfy those requirements. The four states are Oklahoma, Texas, Colorado, and Montana. So if your client is based in Denison and sometimes does business in Durant, make sure they have the appropriate files.
- Make sure your client specifically has tow truck insurance. Commercial auto insurance is relatively easy to obtain, but towing and its associated risks can make obtaining the right coverage impossible. If you have a good client on your hands and they need excess coverage beyond what your company usually offers, work with excess and surplus insurance carriers like Prime Insurance Company to fill the gaps and keep your client. This is also important if your client is expanding from towing to include repossession services.
Running a towing business with the right insurance is getting harder and harder, but it’s not because of poor business management. Help your client stay covered to strengthen your long-term business relationship and go to Prime Insurance Company to provide the surplus coverage.