Editor's note: This post has been updated to include up-to-date information and resources.
“Nuclear” verdicts — sounds scary, right? Well, if you’re in the delivery industry, it’s not only scary, it’s a reality that may be costing your business major bucks (and headaches).
Over the last few years, an uptick of high-profile accidents involving commercial trucks has resulted in a series of large settlements where insurers were forced to pay tens to hundreds of millions of dollars to accident victims and their families.
These "nuclear" verdicts have carriers thinking twice about insuring trucking fleets, which results in fewer insurance options and increased premiums for delivery businesses.
Below, we discuss the shifts seen in the insurance market and how it impacts delivery businesses like yours.