One of the biggest “talkers” of the year amongst fleet owners, independent drivers, and owner-operators is the fear of massive verdicts resulting from truck accidents. According to CNBC, the average verdict size above $1,000,000 for a lawsuit involving a trucking crash has increased almost 1,000% from 2010 to 2018. Nuclear verdicts, where jury awards are greater than $10,000,000 have resulted in sky-high insurance rates for carriers across the country.
With fuel, payroll, and maintenance costs on the rise, finding ways to lower insurance costs and risk is crucial for staying in business. Our friends at American Truck Business Services, published an article on common causes of trucking accidents and how to avoid them. This article is an excellent resource and reminder for everyone involved in trucking, of the many elements on the road that can cause physical injury and financial hardship to everyone involved in an accident.
There is great opportunity for success in the trucking industry today, but great risk too. By staying informed of the challenges facing drivers and setting expectations and guidelines on how you expect them to work, you can reduce the risk to your fleet and equipment. Keeping costs low, whether it’s fuel or insurance will improve the bottom line.