If you’re in the trucking industry, one accident is enough to make you bankrupt in North Carolina. Today, trucking accident verdicts have led to increased insurance rates for American trucking companies, resulting in the resignation of carriers and unnecessary cost-cutting measures, such as scaling back on insurance. The reason for this is the rise of jury awards in trucking accident trials.
How high are the jury awards?
According to an American Transportation Research Institute study, jury verdicts above $1 million have seen a 1000% increase from 2010 to 2018, which is from $2.3 million to $22.3 million. This means that today, if you’re in the trucking business, it can be very difficult for you to finance an award to the victim. It’s no wonder many companies across the nation are filing for bankruptcy following trucking accidents.
You can avoid a nuclear verdict
There are many recommended ways to reduce chances of avoiding a nuclear verdict if you’re in the trucking industry. One of the most important ways is to reduce your chances of getting involved in an accident in the first place. According to experts, you can avoid that by optimizing your hiring process.
Firstly, don’t let your applicants to provide their own abstracts as that can encourage them to falsify information. Utilize the current tools that allow applicants to order abstracts through your website, which ensure the document goes straight to you.
Secondly, try to conduct a monthly driver’s license check as well as an annual criminal check. This can help you avoid trouble if you’re like the many fleets that only do a criminal check when they’re hiring.
Third, adopt the latest technology. It can be difficult to experience trucking accidents if you automate even if you’re driving at dangerous times. Technology reduces the human element, which is usually the reason behind most truck accidents.
Lastly, get good legal representation. A qualified truck accident attorney can increase your chances of getting the best outcome in your case if one of your trucks causes an accident.
The nuclear verdicts are clearly bad news for truck owners, who now have to keep watching their backs to stay on the right side of the law. With technology, proper hiring practices and a good attorney, you may not have to worry about these verdicts.