How Much Would a Truck Accident Cost Your Company?

June 11th, 2018 | by Anica O
How Much Would a Truck Accident Cost Your Company?
Finance
0

The last thing that a business owner ever wants to deal with is a major auto collision involving a company truck and one of their employees. A single accident could end up costing your company millions of dollars, but many different factors will be taken into consideration before a settlement is reached. Here is a closer look at how truck accident settlements are calculated and some variables that might impact the outcome.

Basic Costs

According to the Federal Motor Carrier Safety Administration, the average cost of a collision involving a large truck is $91,000. That includes damage to nearby property, damage to the vehicles, and medical expenses. If the collision results in a death, then the total cost might skyrocket to $3 million or more. As for accidents involving injuries but no deaths, the average cost is just over $220,000. Even though those numbers change slightly every year, collisions with one or more commercial vehicles are always going to be staggering.

What Does Insurance Cover?

A good insurance policy will help you cover many of the costs associated with a truck accident. That includes injuries that your driver sustained, medical bills for anyone else who was involved, vehicle repairs, and replacement parts. Unfortunately, your insurance might not pay for all of the legal expenses or a settlement if the accident escalates into a court case. Umbrella insurance is additional coverage that is specifically designed to help business owners cover major liability issues.

Factors That Are Considered

Commercial drivers must follow very specific laws while operating a large truck or bus. Even if they weren’t responsible for the accident, your company might be liable for some of the damages if your employee broke any of those laws. The claims adjusters or judge will consider dozens of different factors including the state of the truck, how many hours your employee had been driving, road conditions, and the actions of the other driver.

Protecting Your Company

You must immediately contact a semi-truck accident lawyer if your driver might be even partially responsible for the collision. A commercial truck accident can spiral out of control in a matter of days, and your company could be facing a huge lawsuit if you aren’t careful. An attorney can help you develop an airtight case that puts you and your employee in the best possible position to avoid any legal backlash.

When it comes to the future of your company and the safety of your employees, you should always err on the side of caution. As soon as an accident occurs, you must immediately contact an experienced attorney to discuss your legal options.