InsightsSuccess
Subscribe Now!
Get A Chance To Feature In Magazine By Submitting Your Interview Today!
No Result
View All Result
InsightsSuccess
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Blog
  • Conferences
No Result
View All Result
InsightsSuccess
No Result
View All Result

How Accidents Hurt Trucking Companies

Accidents Hurt Trucking Companies

Trucking companies are often guilty of cutting corners that lead to accidents, but they don’t get to walk away scot-free from them. Trucking accidents can cause serious problems for trucking companies that can threaten their finances and competitiveness in the market. Find out how accidents hurt trucking companies and what it could mean for you if you’re the victim of one.

Settlement and Lawsuit Payouts

Trucking companies can be on the hook for six, seven, and even eight-figure payouts to victims of accidents if they’re found to be responsible. Trucking is an industry with small margins, meaning any problem with shipment can start to seriously eat into profits. While trucking companies have deep pockets, even they have limits to the costs they can bear. More accidents put them in a worse financial position overall.

Large Fines

If the trucking company is found responsible for an accident, they could be financially liable for large fines if it’s determined that they were negligent in their duties or behaved illegally. Common fines for trucking companies include the following offenses:

  • Out-of-service order
  • Failure to obey a subpoena
  • Poor recordkeeping
  • Falsification of records
  • CDL violations
  • Hazardous materials violations
  • Safety violations
  • Weight violations
  • Tariff violations
  • And more

There are dozens of potential fines that trucking companies can incur, many of which have four or five-figure price tags. If a company is racking up lots of fines, they could have an established pattern of negligence that weighs against them as you seek a settlement or take them to court. If a finable offense contributed to your own accident, the trucking company could be in even worse trouble than it would have been already and may fight fiercely to prevent you from winning your case or settlement, making it vital to work with an experienced truck accident lawyer.

Legal Fees

After a lawsuit, a trucking company might have to cover the legal fees incurred by their side and the plaintiff. These can easily be hundreds of thousands of dollars if they are found to be responsible and the plaintiff decides to see their case all the way through court. However, these costs can be more than many plaintiffs can bear, making many trucking companies willing to shoulder them in the hopes that they reach a settlement and save themselves vast sums of money.

Medical Bills and Equipment Losses

Depending on the condition of the driver, a trucking company could be faced with paying their high medical bills. They will also have to pay for equipment losses incurred as a result of the collision. These expenses can quickly add up and produce significant drag on the company’s revenues. However, this threat isn’t enough to prevent companies from regularly engaging in dangerous business practices.

Lower Reputation

Trucking companies that have a reputation for accidents could have a poor reputation in the public eye. They could face a backlash and lose business if they push their drivers too hard. Despite these risks, many companies still try to chase pennies and endanger their own drivers and others on the road.

After a trucking accident, you could be saddled with major medical bills and other expenses. You might have thousands of dollars in lost wages and may even need to change careers if you’re physically incapable of performing your old duties, such as standing on your feet for an extended period. Your vehicle may also be written off as a total loss and you could have no way to replace it. If this is the case, then it’s vital that you work with an experienced truck accident lawyer to obtain the compensation you deserve and to which you’re entitled.

Previous Post

How Your Start-Up Can Keep Operating Costs Low

Next Post

Can You Sue if You Were Almost Injured?

Next Post
Bodily Injury in an Accident

Can You Sue if You Were Almost Injured?

Recent News

After Indian Ministers Fail to Persuade Musk to Incorporate His Tesla Business in India, Musk Has Shifted His Focus to Indonesia
Recent News

After Indian Ministers Fail to Persuade Musk to Incorporate His Tesla Business in India, Musk Has Shifted His Focus to Indonesia

Elon Musk, the CEO of Tesla and SpaceX, is slated to visit Indonesia in November as he wraps up operations...

Read more
Asian-Equities

Asian Equities Struggle Following Crippling China Statistics

Elon-Musk

Elon Musk’s Legal Issues Are Causing Tesla and Twitter Stock to Fall

Google-logo

300 European Publishers Sign Content Deals with Google

A-apple-smartphone

Under a New Digital Watchdog, the UK Is Pushing for Stricter Tech Regulations

Path Breakers

Hubstaff

Hubstaff: Time and Workforce Management at Your Fingertips Virtually

Evonence LLC – Expert Google Workspace Partner Across North America

Evonence LLC – Expert Google Workspace Partner Across North America

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Gary-Olson-CEO-of-GHO-Group-LLC

GHO Group LLC: Bringing Vision to Reality

Josh-Usheroff-Co-Founder-of-Black-Box-Productions

Black Box Productions: Crafting Visually Engaging Stories

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.

  • About Us
  • Advertise With Us
  • General Disclaimer
  • Terms & Condition
  • Privacy Policy
  • Subscribe
  • Contact Us

© Copyright 2022, InsightsSuccess | All Rights Reserved.

No Result
View All Result
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Women In Business
  • Blog
  • Conferences
  • IT & Innovations
  • Leadership
  • Healthcare
  • Money
  • Startups

© Copyright 2022, InsightsSuccess | All Rights Reserved.