The Benefits of Having Good Commercial Truck Insurance
As a trucker, you know that commercial semi-truck insurance is important in protecting your investment and staying safe on the...Continue Reading →
Starting as an owner-operator trucking business can be extremely rewarding, although it involves making a significant financial investment. In addition to purchasing or leasing a truck, owner-operators must consider fuel expenses, wear and tear on their vehicle, taxes, and other fees. Despite the initial cost of setting up the business, owner-operators have the potential to make considerable amounts of money in both the short term and the long-term. A successful owner-operator will also gain invaluable experience that can be used for future career endeavors.
There are two types of Owner Operators in the trucking industry: those that are running under their own authority and Those that don’t.
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.
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.