Fuel 4 Thought

DON’T PANIC – BE PRUDENT

For the past several months, Towers have been experiencing eye-opening financial burdens because of a virus threat they cannot see. During strange and unnerving times, such as these, the Towing Industry always trudges forward. We’re resilient no matter what comes our way. That brings me to what my friend within another industry requested from me recently.

To help his members during these times, this friend asked me to speak on “Being Prudent” for posting on Facebook. After I recorded my 2-minute video segment, he posted it on Facebook Live to help those members and businesses involved in his industry. Basically, here’s what I said about ‘Being Prudent’.

“Yes, I’m frugal. Some people say, I’m tighter than bark on a tree. Why? I won’t write a check until I view my bank balance. You won’t find me buying a boat or a four-wheeler to drive the hills of Georgia until the virus stuff is over.”

As I continued my 2 minutes, I let the viewers know that I’m self-employed. “President Trump will not be writing me a check. Please listen to this white-haired man. I have run out of money before when I’ve run out of week. More workers then usual might not be paying their credit card bills this month. Luckily, some banks are providing a sliver of relief to customers who are struggling financially, whether by waiving latepayment fees, deferring interest charges or not reporting missed payments to the credit bureaus.” As the viewers were practicing social distancing at work and home, I continued my quest to help lower their fears. I gave them some simple things that they could do now to calm things, especially if they were concerned about making ends meet.

Some simple tasks they could do from home were discussed. Holding up a purple bag of coins, I said, “Go through that jar or bag of change you’ve put aside for a rainy day. Did you know that the 2019 penny with a W under the date is worth 20 dollars and 47 cents? That’s right - $20.47.” My purpose was to keep my conversation light-hearted. Next, I suggested, them pulling down from the top closet shelf that 500-piece puzzle from Aunt Mary received several Christmases ago and make it a family

project. Finishing that puzzle could be a wonderful way for the family to reconnect without relying on Xbox or iPads. I also suggested there might be a hobby that they could focus on for a period of time each day. My purpose was not just to calm their fears but to make sure each listener was being prudent with what they already have.

What I didn’t get to say during that 2-minute segment was this. The virus is still here as we approach end of summer. Some scientists and doctors have indicated that this virus could return in 2021. Will we, as an industry, be financially prepared to survive another round of this virus with the financial downturn it could bring? And, what if it could have a bigger punch next year?

The larger financial corporations will not talk to the average Towers unless he or she has a multi-milliondollar portfolio. They won’t waste their time on working with us. I’m asking you to be prudent so you can lock-in now the things that can help so you don’t have money issues again. I have a small book that can help all of us – How Money Works. It is an easy read that even a high school student can read and easily understand. You can find the book on Amazon for $16.99 plus shipping cost

with a 4.6 - STARS of a 5.0 - STAR rating, but I can send you a copy of it for $10 with NO shipping cost. Contact me directly because I personally know the authors. All I ask is that you read the book and let me know your favorite part.

While being prudent, don’t forget to think about others. There might be a neighbor that you don’t really know very well that could use your help. If you feel you would like a book for yourself, your children, or a neighbor, I will be happy to accommodate. Let me know how many of these books you will need.

Friends, this virus and financial problem WILL pass. As hard-working, unrelenting Towers, we are resilient. So, don’t panic. Be prudent. Think before you spend money. Let me know if you want a copy of this book for $10. Call me at 770-301-4122 and leave me your contact information. In the meantime, be safe, healthy and love to all.

Next time, I will share what things Towers can do during these times to make extra money. See you next time

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WRECKED WRECKER, NOW WHAT?

Did someone damage your tow truck? Go after them for your lost income! When your commercial equipment isn’t working, you’re losing money. The at-fault party should pay for your repairs, downtime, diminished value, and all other out of pocket expenses in most states. This is true whether it’s an accident on a highway, parking lot, or even a faulty mechanical repair.

You’re in business to tow, not handle claims. If you need help, find a transportation law firm that can handle this portion of your business and keep you on the road.

Here’s a typical downtime scenario:

You own three very busy tow trucks. A bad driver slams into your best wrecker. It’s a heavy duty rig, so it’s no simple task to rent a replacement. The body shop says it will be at least three weeks before you get this truck back in service. You see your profits going up in smoke. You may even lose one of your contracts and the driver who normally mans this truck. What do you do from here?

File a Claim Against At-Fault Driver’s Insurance

No one likes an insurance claim on their record. Wherever possible, file a claim instead with the at-fault driver’s insurance. If liability is clear, they will often agree to pay for repairs. However, they may not agree to pay anything on your downtime losses. Oftentimes, an adjuster will say you can’t get lost wages because you’re not injured. Many adjusters don’t understand the difference between lost wages and downtime losses (also called loss of use, lost profits, and business interruption losses). Clarify to the adjuster that your business is losing money while the wrecker remains in the repair shop. Even after your valid explanation, the adjuster may only offer you the cost of a rental, not your true lost income.

Rentals & Mitigation

Finding suitable tow equipment to rent can be difficult, if not impossible. It’s not like you can go to the nearest Enterprise or Penske to get a heavy duty wrecker. Even

if you’re lucky enough to find similar rental equipment, a huge deposit might be required or the equipment is thousands of miles away. Sometimes the large daily rental rate may not make financial sense for your business. Adjusters often throw up road blocks saying you haven’t mitigated your losses and therefore will pay little to no money towards a rental or lost income.

Recover Lost Profits

You don’t have to accept an adjuster’s initial settlement offer. In most states, you may be entitled to your actual lost profits when a replacement vehicle isn’t available or doesn’t work financially. Contact an attorney who can back you up and go for your true losses. Law firms like Eckert & Associates, PA will work with you from day one to make sure you do and say the right things to protect your interests and get the money you deserve.

A Partner to Ensure You Don’t Leave Money on the Table

Find an attorney who will calculate and create a demand package that clearly establishes your equipment’s losses. Lawyers should negotiate with the adverse, the adjuster and their lawyer to convince them of your true lost profits. The law firm of Eckert & Associates, PA has decades of experience handling these claims and the information is put into a format and language insurance adjusters understand.

Recently, clients William and Constance Christy said, “I would recommend dealing with Eckert & Associates to anyone looking for downtime compensation. They save you the time and aggravation of trying to deal with the at fault party’s adjuster yourself.”

You may be thinking, how am I going to pay for an attorney when I’m already losing money? Great news! Eckert & Associates, PA charges nothing for a consultation and works on a contingency fee basis instead of an hourly fee basis. This means they only get paid if they collect for you.

According to client Donald A. Faulkner, Jr., “Eckert & Associates performed as advertised! Courteous, professional and won my case.”

When you get frustrated with the process and want a law firm to back you up, call 1-800-DOWNTIME for a free consultation.