3 Practical Considerations For New Owner-Operators

Posted on: 20 November 2017

Becoming your own trucker owner-operator means you get to be your own boss, grow your revenue and business, and eventually hire additional truck drivers as you expand. While becoming an owner-operator offers more flexibility and income potential, it is also a huge responsibility. Here are a few of the most important practical considerations to keep in mind as you make this career transition:

Get the Right Commercial Truck Insurance

When you worked for a company, chances are that your insurance was chosen and possibly even paid for you by your boss. Getting your own commercial truck insurance coverage is one of the most important steps you will take. In addition to normal automobile insurance, your commercial coverage should include liability, coverage for physical damage to your truck, and coverage for lost freight in the case of your refrigeration or power going out.

Instead of choosing the cheapest coverage you can find, take your time to research your various options, and choose a commercial truck insurance carrier with a solid reputation. It's better to pay more upfront than take a huge financial hit down the road if something goes wrong and you don't have enough coverage.

Look into Fuel Cards

Instead of paying at the pump whenever you are low on gas, make the switch to prepaid fuel cards specifically created for truck drivers. These fuel card services help you locate the cheapest gas on your route, and they also offer discounts in exchange for prepaying. You will be able to log into your account and print your receipts at tax time, so you don't have to keep track of all your paper receipts from the gas station.

Sign Up for Commercial Navigation

When you worked for a trucking company, your routes were most likely set for you. As an owner-operator, it pays to find the most efficient, fastest routes that account for things like heavy load limits, low bridges that are inaccessible to semi-trucks, and the like. For these reasons, signing up for a commercial truck navigation service is well worth the cost. The routes are designed for truck drivers and will ensure you get your freight to its destination in the minimal possible amount of time, helping to keep your new business as efficient as possible.

By staying on top of the practical and financial side of becoming a truck driver owner-operator, you will have a greater chance of success and reduce your risk of financial loss. Contact a company like Metropolitan Insurance Service Consultants for more information and assistance.