Lafayette, LA – All vehicles need to have liability insurance to be used on the roads of every state in the U.S. This is true whether the vehicle is used for commercial or recreational purposes. However, companies that deal with large fleets of vehicles or trucking may find that it is beneficial to purchase policies that have more than standard liability coverage, as there are a number of problems that can emerge during a delivery and truck accidents tend to be very expensive.
Commercial insurance for trucks
Trucking businesses need to have some kind of commercial insurance policy in place. This will cover their liability if sued, but it may also cover damage to vehicles and cargo. A company that uses leased vehicles will often need to cover them in case of a collision as well. Insurance policies that factor the high risk of being on the road for several hours a day factor these possibilities into their costs. The specific policy that a business purchases may become complex if the company owns different types of trucks, as well as cars and machinery. Most insurance providers will customize the policy based on the specific risks present with using all of these vehicles and materials in a given day.
Types of coverage
There is physical damage insurance for trucks. This covers damage to the vehicle itself when there is an accident, vandalism, or things are stolen from the truck. When a company is hauling a trailer that it does not own, there may be special trailer interchange insurance required to cover the damage to the trailer that happens during shipping. Various types of medical coverage for drivers and other employees exist as well to cover on the job injuries.
Costs of a trucking collision
An average truck accident costs somewhere between one hundred thousand and one million dollars. This is due to the injuries to people involved, as well as property damage. The victims will likely try to sue any trucking company involved and argue that they are at fault. If the business is found to be negligent, they will have to pay for all of the victim’s costs such as medical treatment and lost wages and income. If multiple people are hurt in the same crash, these costs can grow very large quickly.
Insurance is the only way that most businesses can afford to pay out these amounts and still remain operational.
Injury lawsuits in Lafayette
Accident victims in the Lafayette area can contact an attorney to explore their options and decide if a lawsuit is necessary. Miller, Hampton, and Hilgendorf is a trusted firm that is available to meet with local clients and recommend a course of action.
Firm contact info:
3960 Government St., Baton Rouge, LA 70806