New Mexico Tow Truck Insurance Policy Information
New Mexico Tow Truck Insurance. If you own a NM 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 New Mexico tow truck insurance is vital to making your business the best it can be and weathering any claims that are brought against you.
New Mexico 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, NM tow truck drivers face twice the national average risk when it comes to occupational fatalities and ideuries. The most typical injury 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 New Mexico 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.
What Does Tow Truck Insurance Cover?
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 New Mexico 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:
- Liability insurance. This covers property damage or bodily injury to others caused by you or your driver. In NM you must purchase at least $15,000/$30,000. This type of coverage may also pay your legal fees if you're ever involved in a claim.
- Medical payments coverage. If you, your driver or passengers in the truck are injured while on the job, this type of insurance pays for medical bills that accrue as a result. Because NM tow truck drivers often provide a ride for owners whose vehicles are disabled, this is an important coverage type.
- Physical damage coverage. Coverage for damage to your truck, no matter who is at fault, is provided under physical damage policies. Your lender may ask that you keep this insurance on your vehicle if it is leased or financed.
- Comprehensive policies. A comprehensive policy takes care of damage resulting from non-collisions. For example, if your truck is vandalized, catches on fire or you are victim of a natural disaster.
- Uninsured and underinsured motorist protection. Protect yourself from others on the road who are uninsured or who have inadequate insurance with this type of coverage.
- Garage service protection. If you park or store your truck in a covered location, this coverage protects you losses due to collisions, vandalism, theft or fire.
- On-hook insurance. If a vehicle is damaged when you tow it, then this coverage protects you from loss. It also includes protection for damages from collision, vandalism, explosions, theft and fire.
The amount of coverage provided depends on your limits when choosing the policy and any deductible amount associated with your New Mexico 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.
The Cost of Tow Truck Insurance
Although it sounds cliche, the truth is that you should ask yourself not if you can afford New Mexico 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.
Getting a Good Rate on Tow Truck Insurance
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.
New Mexico Economic Data, Regulations And Limits On Commercial Insurance
Owning and operating a business can prove to be financially and personally rewarding. However, if you want to have as much success as possible, it's essential that you choose the best possible location for your company.
After all, it doesn't matter how exceptional your products are and how top-notch your products and/or services are, if the location isn't favorable for your specific business, chances are you won't reap the success you are hoping for.
When considering where to start a business, it's important to consider the economic trends of a state. These trends provide insight into the health of a state's economy, which can help prospective business owners determine whether or not a specific location is favorable for their particular operation. Additionally, it's important to understand what type of commercial insurance policies you'll need to invest in to properly protect your business.
If you're thinking about starting a business in the state of New Mexico, read on to find an overview of the economy and the commercial insurance requirements of the Land of Enchantment.
Economic Trends For Business Owners In New Mexico
A state's unemployment rate is an important factor to consider when assessing the economy, as it illustrates whether or not the area offers a favorable environment for businesses.
According to the Bureau of Labor Statistics, as of December, 2019, the unemployment rate in New Mexico was 4.7%, which is 1.2% higher than the national average. However, the rate has fallen; in July of 2019, for example, the unemployment rate was 4.9% and in November of the same year, it was 4.8%.
This rapid decrease shows promise for the Land of Enchantment. Furthermore, economists predict that the jobless rate of the state will continue to decrease moving forward.
New Mexico is a large state with varied topography and demographics. As such, the best locations prospective business owners can expect to see the most success include urban areas and the surrounding regions. Examples include:
- Las Cruces
- Rio Rancho
- Santa Fe
The industries that are seeing the most economic growth in the Land of Enchantment include:
- Administrative and federal government
- Advanced manufacturing
- Aerospace and defense
- Digital media and film production
- Distribution, logistics, and transportation
- Hospitality and tourism
Commercial Insurance Requirements In New Mexico
The New Mexico Office of Superintendent of Insurance regulates insurance in NM. New Mexico mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Mexico requires you to have worker's compensation insurance if you hire 3 or employees on a regular basis in the construction industry, businesses with even one employee must provide workers compensation insurance. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
New Mexico also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Commercial Auto
- Commercial Van
- Dump Truck
- Freight Forwarder
- Food Truck
- Non-Owned and Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
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 New Mexico Tow Truck insurance quote in Agua Fria, Alamogordo, Albuquerque, Anthony, Arenas Valley, Artesia, Aztec, Bayard, Belen, Bernalillo, Bloomfield, Boles Acres, Bosque Farms, Cannon AFB, Carlsbad, Carnuel, Chaparral, Chimayo, Clayton, Clovis, Corrales, Crownpoint, Deming, Dulce, Edgewood, El Cerro, El Cerro Mission, El Valle de Arroyo Seco, Eldorado at Santa Fe, Espanola, Eunice, Farmington, Flora Vista, Gallup, Grants, Hobbs, Holloman AFB, Jal, Jarales, Jemez Pueblo, Keeler Farm, La Cienega, La Mesilla, Las Cruces, Las Maravillas, Las Vegas, Lee Acres, Lordsburg, Los Alamos, Los Chaves, Los Lunas, Los Ranchos de Albuquerque, Lovington, Meadow Lake, Mesilla, Milan, Monterey Park, Moriarty, Nambe, Navajo, North Hobbs, North Valley, Paradise Hills, Peralta, Placitas, Pojoaque, Portales, Questa, Ranchos de Taos, Raton, Rio Communities, Rio Rancho, Roswell, Ruidoso, San Felipe Pueblo, San Ysidro, Sandia Heights, Santa Clara, Santa Fe, Santa Rosa, Santa Teresa, Santo Domingo Pueblo and Ruidoso Downs, Sausal, Shiprock, Silver City, Socorro, South Valley, Sunland Park, Taos, Tome, Truth or Consequences, Tucumcari, Tularosa, University Park, Vado, Valencia, Waterflow, West Hammond, White Rock, Zuni Pueblo and all other cities near me in NM - The Land of Enchantment.
Also learn about New Mexico small business insurance requirements for general liability, business property, commercial auto & workers compensation including NM business insurance costs. Call us (855) 767-7828.
Federal Motor Carrier Safety Administration Information
- Federal Motor Carrier Safety Administration (FMCSA) - The Federal Motor Carrier Safety Administration's primary mission is to prevent commercial motor vehicle-related fatalities and ideuries.
- Safer System - The FMCSA Safety and Fitness Electronic Records (SAFER) System offers company safety data and related services to industry and the public over the Internet. Users can search FMCSA databases, register for a USDOT number, pay fines online, order company safety profiles, challenge FMCSA data using the DataQs system, access the Hazardous Material Route registry, obtain National Crash and Out of Service rates for Hazmat Permit Registration, get printable registration forms and find information about other FMCSA Information Systems.
- FMCSA Forms - All forms needed for the Federal Motor Carrier Safety Administration.
- Update MCS 150 - Form MCS-150 and Instructions - Motor Carrier Identification Report.
- How does CSA work? - CSA (Compliance - Safety - Accountability) re-engineers the former enforcement and compliance process to provide a better view into how well large commercial motor vehicle carriers and drivers are complying with safety rules, and to intervene earlier with those who are not.