Although some purists might argue a true owner-operator is under his or her own authority and not leasing on to another Carrier.
Those two types of Owner Operators have much more responsibility and ultimately make more money, provided they manage their finances correctly than the company drivers.
Owner-operators have much more responsibilities than the company drivers. Owner-operators are responsible for maintaining their own insurance, pay fuel costs out of pocket, mechanical work, and stay legal by having all their Motor Carrier paperwork in compliance.
New owner-operators are subject to review during their first year of operations and can also expect to be pulled over by the D.O.T. more often.
Pros of being Owner Operator.
- Freedom to chose your loads.
- Flexible schedules
- Higher pay
Requirements for starting an owner-operator trucking business
- Get a Commercial Driver’s License.
- Have A Truck
- Apply for Your Federal DOT and Motor Carrier Authority Numbers.
- Complete Your Unified Carrier Registration (UCR)
- Get an International Registration Plan (IRP) Tag.
- Understand Heavy Use Tax Regulations.
- Obtain an International Fuel Tax Agreement (IFTA) Decal. If you plan on doing Interstate fright.