Delaware Tow Truck Insurance. If you own a DE tow truck business, you likely appreciate the freedom of being your own boss and making your own rules. However, if you don't have the right level of coverage in place for your business, you may be putting your future success into jeopardy.
Understanding the risks of your business and mitigating those risks with the proper Delaware tow truck insurance is vital to making your business the best it can be and weathering any claims that are brought against you.
Delaware tow truck insurance protects your towing business from lawsuits with rates as low as $217/mo. Get a fast quote and your proof of insurance now.
According to the NHTSA, DE tow truck drivers face twice the national average risk when it comes to occupational fatalities and ideuries. The most typical ideury to the driver of a tow truck is being hit by other vehicles on the roadway. Operators often also ideure themselves when they are hooking a wrecked vehicle up and exposing themselves to broken glass and jagged edges on windshields. Because tow truck drivers are often called out for work on days when the weather is horrible, bad driving conditions such as snow and ice often lead to accidents among drivers and others on the road. In the case of a tow truck driver who also offers repo services, confrontations from disgruntled vehicle owners are an additional peril.
You face a lot of the same concerns that owners of other types of commercial vehicles face as a driver of a tow truck. However, some risks are unique to your profession. Companies that offer tow truck insurance are adept at understanding those particular risk offers several different kinds of Delaware tow truck insurance coverage for you to choose from. With the various options available, it is possible to build your policy along with your agent to ensure that it covers you at all levels.
By law, commercial tow truck operators and owners must carry a minimum amount of liability coverage. Since you are responsible for the safety and well-being of anyone working for you, you also need other coverage types beyond the minimum to fully mitigate any potential claims. Working with a knowledgeable agent can help you to understand the nuances of Delaware tow truck insurance insurance and the particulars of what your particular situation requires. Tow truck owners can be held responsible if they are found to be the cause of an accident, if the car they tow is damaged, if a passenger in their vehicle is damaged, or if they damage other cars or cause bodily harm while driving.
To mitigate those risks, your agent may suggest:
The amount of coverage provided depends on your limits when choosing the policy and any deductible amount associated with your Delaware tow truck insurance policy. Evaluate your risk and your tolerance of risk along with your ability to pay for damages prior to choosing the policy for you.
Although it sounds cliche, the truth is that you should ask yourself not if you can afford Delaware tow truck insurance for your tow truck, but rather if you can afford not to have this valuable coverage in place. The exact cost of your premium is determined largely by the truck or trucks you own, your driving record and the driving records of your employees, as well as the area of the country you live in and whether your tow truck business is a standalone business or you offer other services, such as mechanical services or operate a service station.
Compare rates with multiple insurers to determine which company offers the best plan for you. Work with your agent to determine which coverage types are essential for you and how much insurance you need to fully mitigate your risks.
For entrepreneurs who are thinking about starting up a business in Delaware, it is important to have an understanding of the state's economic outlook, as well as the regulations and limits regarding commercial insurance. With this information, you can determine if DE is, in fact, a wise location to start your business.
Below, we offer a brief overview of Delaware's economic status and the rules relating to commercial insurance.
Delaware is home to more than 1 million businesses. This includes over half of all of the publicly traded companies in the United States, and 64 percent of the country's Fortune 500 companies. Delaware is such an appealing place for entrepreneurs because the state offers flexible corporate laws and a government that is very friendly to business owners.
The economic outlook of DE has become softer. As such, Delaware has moved down eight spots on the Forbes' Best States for Business list. The costs of operating a business are about 21 percent lower in Delaware than the national average. It is also one of the lowest ranking states in regard to labor costs. With that said, job growth is expected to reach .8 percent by the end of the 2019 calendar year. The unemployment rate is expected to remain lower than the national average, at an estimate 4.7 percent.
The industries that contribute the most to Delaware's economy include:
It is expected that these industries will continue to see growth, but there is a need for more skilled labor in these areas.
The Delaware Department of Insurance regulates the insurance industry in DE. Commercial liability insurance, commonly referred to as general liability insurance, is the most common type of coverage that business owners carry. In the state of Delaware, business owners are not required to carry this type of coverage in order to operate. This state is considered a modified comparative fault state that has a negligence standard of 51 percent. The government does not put any caps on awards that are offered to those who file personal injury lawsuits against businesses in Delaware. As such, it is wise for business owners in this state to invest in commercial liability insurance, even though it isn't required.
Business owners are required to carry workers compensation in Delaware. This includes businesses that employee one or more hourly or salaried W2 employees.
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
Request a free Delaware Tow Truck insurance quote in Arden, Ardencroft, Ardentown, Bellefonte, Bethany Beach, Bethel, Blades, Bowers, Bridgeville, Camden, Cheswold, Clayton, Dagsboro, Delaware City, Delmar, Dewey Beach, Dover, Ellendale, Elsmere, Farmington, Felton, Fenwick Island, Frankford, Frederica, Georgetown, Greenwood, Harrington, Hartly, Henlopen Acres, Houston, Kenton, Laurel, Leipsic, Lewes, Little Creek, Magnolia, Middletown, Milford, Millsboro, Millville, Milton, New Castle, Newark, Newport, Ocean View, Odessa, Rehoboth Beach, Seaford, Selbyville, Slaughter Beach, Smyrna, South Bethany, Townsend, Viola, Wilmington, Woodside, Wyoming and all other cities in DE - The First State.
Also learn about Delaware small business insurance requirements for general liability, business property, commercial auto & workers compensation including DE business insurance costs. Call us (302) 273-0433.