The tow truck business can be considered high risk by insurance companies. With the high cost of your vehicles and the dangerous nature of your work, insurance companies are more cautious about providing affordable coverage. Below are some tips which will help you keep your premiums down.
- Create a Culture of Safety Awareness. Monthly safety meetings are a great way to keep safety top of mind for your drivers and to collect any suggestions that your drivers may have to improve safety.
- Background Checks on New Hires. Whenever you hire a new driver, you need to conduct a thorough background search. Checking driver records and verifying that they meet all state and local requirements for driving your trucks.
- Handle Small Claims Internally. Minor claims and losses that you can cover may be worth covering. While you are fully entitled to make a claim for every loss, your insurance company will factor that data into changes in rates, and could even choose not to continue your coverage.
- Provide all Drivers with Written Safety Policy. All drivers need to follow a set standard of safety rules to ensure safety. With a written policy, you can make sure all your drivers are aware of policy and you can enforce appropriate consequences for breaking policy.