It is interesting, and truly sad, that many people here have mentioned being "legally liable" and the possibility of a situation being "legally devastating." I would primarily be concerned with the safety of the people in my car and those in other cars. Second, I would be concerned with property damage -- my car, my trailer, cars around me, etc. I have learned not to be too concerned with being legally liable, because anyone can be sued for just about anything in this country these days. Experience has also taught me that what happens in a court room has NO bearing on what happened in real life. Those at fault do not necessarily pay for what they have done, and those who are innocent are often blamed for what they have not done. It would take far too much energy to worry about this all the time. I am worried primarily about the first two things I mentioned... and I do not believe that I am endangering life, limb, or property any more than anyone else does on a daily basis -- probably less.
There are people who SHOULDN'T be towing... or driving at all, for that matter. I do not believe I am one of them. I have had one at-fault accident in my life, and it was when I fell asleep at the wheel when I was 16. It was completely my fault, and nobody got hurt (except for a bump to my own head and a total loss of a car). My own stupid fault for not knowing how tired was TOO tired. I rarely speed (well, rarely more than 5 over), and I have a pretty good grasp of the physics involved when controlling (or losing control of) an automobile.