Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the keys to success when owning a trucking company is managing the risks of having vehicles out on the road. The following contributed post is entitled, 5 Tips To Protect Your Trucking Company After And Accident.
* * *
Trucking accidents are all too common. There are over 500,000 trucking related accidents in the U.S. alone every year. That is one accident every 15 minutes!
These accidents can have devastating effects on not just your trucking company but also on the community.
Here are 5 steps you can take to protect your company after an accident.
Tend to The Most Immediate Needs – The Accident and Your Driver
After an accident, the first step you should take is to tend to the most immediate needs – the accident and your driver. As soon as you are alerted to an accident, take the appropriate steps to ensure your driver is taken care of. The practicalities from the accident are taken care of, such as securing the cargo or arranging for the truck to be recovered in a safe location.
Don’t Admit Fault
It can be tempting to admit fault after an accident. But you want to refrain from doing so.
The first reason is that admitting fault might void your insurance coverage. You need to check with your insurance company before admitting fault, as it might not affect them at all.
Another reason that you don’t want to admit any fault because the other party may try and sue your company for damages they believe they deserve (and you’re liable for). And the more you say, the more ammunition they have.
Contact Your Insurance Company
After an accident, the first thing you should do is contact your insurance company. Your small fleet owner truck insurance should hold all the information you need to process a claim.
After the accident, you need to make sure all of your bases are covered.
You may be surprised by what you find out when you speak with your insurance company.
For example, if the other driver is found at fault for the accident, their insurance will cover the cost of repairs for your vehicle. Your insurer will then reimburse you for those costs once they’re finalized.
Before contacting your insurance company, gather as much information about the accident as possible (i.e., date and time of the collision, location where the crash occurred, weather conditions during a collision). This information will help them process your claim faster and get you back on the road more quickly.
Watch your words
When communicating with the public after an accident, it’s best to avoid using words like “accident” or “crash.” It may seem like a minor detail, but these words can make people think their accident was insignificant. Make sure you use terms like “incident” or “collision.”
Get Legal Representation
The first step is to get legal representation. You need someone who knows the law and can help you with your trucking company and the victims of your accident. The lawyer will help you determine what compensation you are entitled to and how to settle any lawsuits against you best.
Contact The Third-Party Whose Goods you Were Shipping
If you were in an accident and transporting any materials for a third party, be sure to contact them immediately.
They want to know if their goods are safe and if the incident will delay the shipment. This protects your company from any legal liability from their point of view as they will assume responsibility from this point forward.
