Is Your Oregon-based Trucking Business Prepared for Accident Liability?

Working in the trucking industry requires careful planning for potential losses, especially when it comes to those arising from accident liability. If you or your drivers are at fault in a crash, the resulting financial consequences could be catastrophic. With this in mind, it’s crucial for trucking business owners, fleet managers and independent operators to be proactive about accident liability insurance.

Understanding Accident Liability Risks

Trucking businesses typically face a higher risk of accidents than many commercial entities that utilize automobiles due to the size of their vehicles, long hours on the road and unpredictable weather conditions across long routes. If your truck is involved in an accident, your business may be held responsible for third-party losses, potentially leading to costly lawsuits and settlements, and damage to your reputation.

The Importance of Proper Insurance Coverage

Having the right insurance coverage is essential for protecting your business from the financial fallout of an accident. Furthermore, minimum levels of liability coverage are typically required by law in many states, including Oregon. By complying with these mandates and securing an appropriate trucking insurance policy, your business can be equipped to manage the following:

• Third-party bodily injuries, such as if you injure another motorist or pedestrian in an accident
• Third-party property losses, including if you cause damage to someone else’s vehicle or building
• Legal defense costs if you’re sued in response to an accident for which you’re at fault

You should also understand that securing only the minimum required coverage may not be enough to fully protect your business’s finances. Without greater policy limits or a commercial umbrella insurance policy, particularly damaging accidents could exceed your coverage’s capabilities and have to be paid out of pocket.

How We Can Help

At Seguro Noroeste LLC, we specialize in helping trucking businesses in Portland, OR & Happy Valley, OR manage accident liability risks with optimal coverage solutions. Contact us today to discuss your trucking insurance needs and compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.