According to 2020 statistics, there were 68,237 injuries caused by large trucks in the United States. In order to cover these costs, trucking companies will need to invest in enough insurance coverage so that they won’t have to pay substantial legal and medical fees.
Because of the risks involved, truck insurance can be more expensive than insurance for smaller vehicles. However, it can be well worth it, since trucking companies will only need to pay for the deductibles listed on their insurance plans in the event of an insurance claim, in addition to costs that exceed the listed coverage.
Since all trucking accidents have different levels of damage and severity, it is difficult to pinpoint an exact number for the average amount of insurance claims that trucking companies will have to pay out. Some typical fees include:
If any individuals are injured in a trucking accident, your insurance plan will have to cover any fees such as the ambulance ride, cost of medication, X-rays, and other procedures that the injured party may need. If you exceed the coverage costs, you’ll need to pay out of pocket.
For injured employees who need to take time off work to seek medical treatment or are physically disabled from working in the future, these fees will also need to be settled by your insurance plan.
Sometimes, insurance won’t kick in if the truck driver is found to be at fault. For instance, if a truck driver is driving recklessly or driving drunk and determined to be the guilty party, your business may have to cover all of the medical and legal fees that result from the accident. This can also raise the cost of your premiums in the future.
For maximum protection, it is best to obtain the highest level of trucking coverage you can afford, read the fine print and promote safe driving habits for your employees.
If you want to learn more, check out how the type of truck you drive can impact insurance costs at Assured Standard.
William Parker is a program administrator. He is very attentive to detail and has strong organizational skills. He studied Business Administration at Marymount California University.