Truck accidents often strain critical resources for small transportation businesses – not just immediately, but often for years afterward – between repairs, legal actions, higher ongoing costs and lost income. And so you may suddenly find yourself scrambling to not only get your truck back on the road but also wondering how to recover financially from accident-related expenses.
Here are tips that will come in handy.
After a truck crash, you need to fully assess your losses. This step is crucial before filing insurance claims, seeking legal counsel, or making any other financial decisions. Some key areas to examine include:
Who bears primary responsibility for the accident often guides what financial recovery options exist beyond insurance:
Even with insurance, if your employee/driver acted negligently, you may still have considerable out-of-pocket expenses that insurance won’t sufficiently cover. And so you should definitely call a local accident lawyer near you and ask them about the chances of recovering costs like higher premiums for multiple policy renewal cycles or expenses from litigation brought against your company.
If the independent investigation report shows the negligent actions of the other motorist caused the collision, your attorney can more aggressively seek maximum financial compensation for your injuries.
With lost income, costs of repairs, legal expenditures, higher premiums and potentially uncovered portions of large settlements, cash flow problems are likely to emerge. Here are tips to ease your financial burden:
Don’t let unpaid invoices stack up into a disastrous backlog that may spiral out of control.
If you hired an outside trucking company that got into an accident, immediately examine what rights and recourse you possess per your contracts.
Here are two key legal and insurance provisions to urgently address when outsourcing transportation:
By proactively working these precise financial responsibility and liability provisions into any carrier contracts, you’ve established clear parameters for who accepts primary responsibility for all monetary accident damages should you need to pursue legal action after a crash involving that company’s truck or driver’s negligence. This protects your business.
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