Claim Payout In The Event Of A Total Loss: What To Know
According to statistics, in 2019, over 6.5 million passenger cars were involved in traffic crashes. 4.8 million light trucks and 538 thousand large trucks were also involved in traffic accidents with varying degrees of damage. In rare circumstances, after an accident, an insured motor vehicle can be declared a total loss. In the insurance industry, […]
What Is An Insurance Claim And Who Can Make A Claim On Your Policy?
As of 2022, the global auto insurance industry is valued at $316 billion dollars. About 87% of Americans eligible for car insurance have a policy. The benefits of such insurance are numerous: These benefits are even more important when running a business dependent on vehicles, such as a taxi or limousine service, a food delivery […]
How To Manage Risk In The Face Of Increasing Commercial Auto Insurance Rates?
Commercial insurance rates have been rising over the past decade and show no signs of stopping. Businesses need to take proactive steps to manage risk to keep their insurance costs as low as possible. Many factors influence commercial insurance rates, and businesses need to be aware of them all. Since 2011, auto insurance premiums have […]
The Ultimate Guide to Insurance for Towing and Recovery Companies in 2023
No matter their size or industry, businesses require insurance. Towing and recovery are not exempt from this rule. Tow truck insurance is specifically tailored to address the needs and risks associated with a towing business. But as an operation that works with a fleet of commercial vehicles, towing providers need to deal with numerous challenges. They have […]
How Inflation Is Impacting Towing and Trucking Insurance in 2023
Inflation has become a serious problem for all industries, triggered by the onset of the COVID-19 pandemic. While it can be said that everyone was negatively impacted by the effects of the pandemic, the trucking industry has sustained a bigger blow since it was already dealing with such serious issues as an increase in gas […]
Ten Truck Driver Safety Topics To Cover In A Safety Meeting
When you think of the dangerous jobs in the US, trucking is probably not the first thing that comes to mind. However, truck driving is significantly more dangerous than most other industries in America, especially when safety is overlooked. Not only do truck drivers face numerous dangers on their own, but they also share a […]
The Impact Of Trucking Verdicts On The Industry: How To Avoid Negative Consequences
The American Transportation Research Institute (ATRI) has published two studies in 2020 and 2021 detailing the impact of trucking verdicts on the trucking industry. The first study, published in 2020, looked at all trucking verdicts over $10 million. The second study, published in 2021, looked at all trucking verdicts and settlement cases under $1 million. […]
What is Towing and Recovery Insurance?
Every business, regardless of size or industry, has its own specific needs and all specific needs require specific insurance. The same principle also applies to a towing and recovery company. Tow truck insurance is specifically tailored to address the associated risks that go with a towing operation. A towing business provides valuable services to its […]
What Type of Insurance do You Need as a Towing and Recovery Company?
A towing company operates in a high-risk industry. Towing insurance, however, is designed to safeguard a towing business from potential hazards such as bodily injury or property damage. Typical examples of businesses that require towing insurance include: Many of these types of auto industry-specific businesses, not necessarily a tow company, will have a tow truck […]
What Are The Insurance Requirements for Towing and Recovery Providers?
As an organization that operates a fleet of commercial vehicles, towing and recovery providers have to deal with numerous issues and challenges. Not only do they have to comply with Department of Transportation (DOT) regulations, but they also need to achieve certain insurance requirements if they wish to obtain work on the tow truck market. Tow truck […]
