MONDAY, FEBRUARY 22, 2021
Whenever you or one of your employee drivers operates one of your company vehicles, they will face accident risks. If they were to be unlucky enough to be the party at fault for the accident, then it is your business that is likely to bear the responsibility for the damage costs—both your own and others’.
When you are at fault for an accident, other affected parties (I.e. other involved drivers) might demand compensation from your insurance company, and at times this might even lead to legal action. However, the liability insurance provided by your plan
If one of your company drivers causes a wreck while driving one of your commercial vehicles, then you will probably be quite relieved that you have commercial auto insurance in place. After all, it’s there to help you cover the costs of recovering from these accidents.
Nowhere is this coverage more beneficial than when it comes to accidents that are your commercial driver’s fault. Sometimes, when you or one of your drivers causes an accident, you will find yourself facing legal challenges from those impacted by the accident. The good news is that your auto policy can also cover the legal expenses that might arise under the circumstances.
What to Do When an Accident Occurs
At the time of a commercial vehicle accident, it is imperative to protect your own stability. After all, the accident is going to cost the business money; you want to make the financial blow as little as possible through leveraging your commercial auto insurance policy.
Unfortunately, when your business is the party at-fault for a commercial vehicle accident, you are often at a higher risk of having to pay a lot of money for the property damage or injuries of others. Affected parties are more likely to take steps to file a claim with commercial auto insurance policies for larger losses. That is just one of the reasons why you need adequate liability insurance within your coverage.
At the time of an accident, document all details of the crash, and maintain this information. Work with the police to determine how fault will be determined and collect a requisite police report to help support any claims you make. Then, contact your auto insurer. The insurer will work directly with third parties should they choose to pursue liability claims with you.
When They Do Not Settle
Sometimes, you might be sued by another party when you are at fault for an accident. They might demand substantial compensation from both your business and your insurer. If there is any conflict over the validity of their claim, then the resulting discussion might proceed to court.
At this point, your own commercial auto insurer will continue to assist you. They will usually provide you with coverage for any legal costs that might arise from liability lawsuits, and in many cases they will provide a lawyer to represent you (and the insurance company) in coverage. Keep in mind, depending on the settlement ordered by the judge, your auto insurer might or might not pay 100% of the costs. However, they will assist you in all possible ways.
Any time you are facing a claim like this, work with your agent. Discuss what your options are. Learn how much commercial auto insurance protection you have for these risks.
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