The world of commercial transportation is a hectic one, full of constantly changing demands and complex regulations. There is no denying how lucrative the trucking business is, however, those with the resources to establish and maintain a transportation business may still find it to be a challenging, yet rewarding, endeavor.
The truth of the matter is that many commercial transportation companies are only one legal issue away from insolvency. Therefore, if you are starting, inheriting, or already managing commercial trucking companies, you need to be aware of some of the more significant legal risks related to business operations, and how to defray them.
Collisions and Liability – The Largest Risks
One of the biggest concerns for trucking companies is the possibility of a collision that is caused by one of their drivers. The possibility of a collision occurring is more likely than most trucking companies would like to admit, as numerous collisions each year are caused by commercial trucks. Further, despite retaining insurance coverage for these commercial vehicles, nonetheless, there are still situations where trucking business could end up facing liability themselves, such as when their employees engage in unsafe conduct, or if there are claims that an issue with the commercial truck was the cause of the crash. This could mean that on top of an insurance claim, trucking businesses could find themselves hit with a costly lawsuit.
There are ways to ensure that this unfortunate reality for trucking business owners is not as damaging as it could be. It is crucial that these trucking companies work together with a legal professional to guarantee that they have the appropriate policies and procedures in place before anything happens.
Fortunately, a dedicated legal team can review a business’ current operational practices and training structures to ensure they are up-to-date and comprehensive. Attorneys can work in tandem with business owners to help maximize the safety and revenue of their companies, helping facilitate the establishment of safety policies and procedures that protect these businesses before an issue arises. Such policies can be regulated and enforced through both continued and supplemental training for employees, as well as the organization of accident review boards, both of which a legal team can provide guidance in administering.
In addition, it is crucial to have a safeguard strategy in place if, and when, a legal dispute occurs. Aside from legal defense, attorneys can assist trucking business owners with the minimization of liability and potential losses through a variety of methods, such as providing legal guidance regarding the preservation of evidence and the enforcement of employment policies, including policies for drug testing and good sleep exigencies. Therefore, it is imperative that trucking business owners enlist the guidance of an attorney to ensure that their company is protected moving forward.
There is no denying that contracts are an integral part of all business transactions, especially within the trucking industry. Often, it is the most profitable contract agreements that pose the most risk for businesses. Contract breaches may lead to litigation and significantly diminished returns on the services provided by the business, offsetting profitability.
Attorneys can assess a trucking company’s contractual agreements and identify any loopholes and vulnerabilities that business owners should be aware of and can prepare for, helping to reduce these losses in profits by saving owners precious time and money. An attorney can educate business owners with regard to the terms that they are about to agree to, as it is crucial for business owners to be aware of the liabilities and risks that come with each contract, including clauses related to the enforcement, compliance and termination of such contracts. Understanding the contractual provisions controlling these business transactions is crucial in successfully running, and growing, a business. Thus, trucking business owners should seek legal advice before entering into any significant contractual agreements, as it is vital for a business owner to be well-informed of every contract that they choose to enter into.
Luckily, Arnett Law Group, LLC’s dedicated legal team can assist trucking business owners in ensuring that their businesses are protected, in both minimizing liability and maximizing safety and revenue. Arnett Law Group, LLC provides a variety of services to help protect and grow your business. Contact our office at (312) 561-5660 for more information or review our website at www.arnettlawgroup.com.
August 29, 2023