American Towman Magazine - September 2022

Page 56

Beacons

On!

Insurance Do’s and Don’ts To Keep Your Rates Down and Your Coverage Up By Rob and Sharon Austin Rob and Sharon Austin have specialized in towing and recovery insurance since 1991. They are dedicated to quality service, and work with many different companies to offer a competitive insurance package. Whether you own one truck or dozens, and are located on either the East or West coast, they are available to fulfill your insurance needs, along with a full understanding of your coverages.

Unless your policy includes coverage for handling aircraft or other unusual items, it’s better not to show this sort of picture on your company web site or social media.

N

ot all insurance policies are the same, since some tow companies handle customers with special requirements. Also, when tow companies are looking for insurance, they need to look at more than just the coverages. They also have to think of how the insurance company views their operation and business image. Think of what you put on your social media, website and safersys.org (which provides in-depth company profiles, and reviews trucking companies per state). All of these will be viewed by an insurance company. The claims could play a big part as well— both claims frequency and claims severity. Also, tow company owners and operators need to have a good understanding of the scope of coverage they have. For instance, what if you use a wrecker or rotator to set AC compressor units or trusses on top of a building? These jobs are so far outside the parameters of a typical insurance policy that there could be no coverage. So the following list of Do’s and Don’ts provides a quick reference for towing companies to help them have a better

56 • September 2022 | Towman.com

understanding of their insurance coverages, along with what insurance companies look for when considering providing insurance coverage.

COMPANY WEBSITE AND SOCIAL MEDIA

Do: • Have a clear and professional looking website that showcases your views on safety, and advertises the specific services you provide for your customers. • Post pictures of your training and safety meeting on your facebook page. • List all the certifications you and your employees have on your website. Don’t: • Have a picture of 30 kids on your rollback in a parade. (This sort of image could pose some unwanted liability issues.) • Show a picture of you pulling an airplane on the runway (It’s likely not a covered item in your policy; don’t try to be superman and overstate your services). • Post any pictures of your truck 2000