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.
