{"id":120167,"date":"2023-04-21T09:39:15","date_gmt":"2023-04-21T09:39:15","guid":{"rendered":"https:\/\/businessyield.com\/?p=120167"},"modified":"2023-11-06T09:39:41","modified_gmt":"2023-11-06T09:39:41","slug":"how-vehicle-accidents-affect-your-business","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-business\/how-vehicle-accidents-affect-your-business\/","title":{"rendered":"How Vehicle Accidents Affect Your Business","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

In the United States\u2019 (U.S.) New Jersey, the state records hundreds of deaths and fatalities from road accidents every year. These statistics underscore the havoc that vehicle accidents wreak on the lives of the people of the Garden State, as it\u2019s often called. However, while destroyed lives and properties get the most press after a vehicle accident, businesses also pay the price, often not reflected in the headlines.<\/p>

Statistics from the LA Times indicate that accidents cause up to USD$1 trillion in losses to the U.S. economy annually. Of the amount mentioned, only about a third of the losses is the actual cost of the accidents; the rest is a result of compensation for loss of life, pain, and decreased life quality resulting from the injuries sustained in the accident. This report demonstrates that the most common cause of collisions<\/a> is speeding, followed by drunk driving and distraction.\u00a0<\/p>

Drunk driving leading to collisions with injured victims is a grave offense. This reckless behavior poses a significant threat to public safety, resulting in immediate and enduring impacts. It significantly heightens the risk of fatal accidents, endangering innocent lives. <\/p>

Employers can be held liable for their staff’s actions, which falls under the legal concept of “vicarious liability” or “respondeat superior.” However, the specific laws and regulations governing employer liability for employee actions can vary by jurisdiction. Therefore, it is important to hire an experienced car accident lawyer<\/a> to determine legal rights and responsibilities.<\/p>

As an entrepreneur, take seriously the data mentioned above. If you own a company that has vehicles, it\u2019s best to be mindful of how car accidents can possibly affect your business. Keep on reading to learn more. <\/p>

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  1. Increased Insurance Premium Rates <\/strong><\/li><\/ol>

    It\u2019s important to note that annual increases in insurance premium rates are typical across the industry, depending on how your insurer estimates risk factors. In New Jersey, for example, a record of accidents has been attributed to an increase in insurance premiums by over 80%. Vehicle accidents, therefore, increase the risk factor and, thus, the amount your business will be required to pay yearly.<\/p>

    New Jersey operates on a no-fault, split-limit basis of 15\/30\/5 regarding vehicle insurance. A no-fault legal basis states that your insurance claims are paid for by your insurance policy regardless of who\u2019s on the hook for a vehicle accident. The split limit basis splits the amount liable for bodily injury or damage to the property into three groups: <\/p>