Long-haul trucking can be a grueling business, but as an industry, it is essential to the well-being of the nation’s economy. Even as the trucking industry undergoes major changes — including increased utilization of autonomous vehicles, and implementing other new technologies — the industry is expected to remain vibrant and essential well into the future.
Starting a trucking business can be a great career choice, and trucking companies offer potential for long-term revenue growth. Wherever you’re coming from, here are three things to consider when starting a trucking company.
1. Having Experience Helps
Many successful trucking companies are built by former drivers. Experience as a truck driver helps you understand the ins and outs of the industry particularly well.
Becoming a commercial truck driver requires a CDL license, and is preceded by attendance in a truck driving school. In some respects, spending significant time on the road is the best way to determine if the industry is the right one for you.
2. Make a Plan for Your Business
Getting starting in the trucking business is expensive; the cost of even one tractor-trailer can be well over $100,000. Saving money prior to starting your business is essential, and creating a detailed and realistic business plan is an absolute necessity, both for securing necessary early funding, and for bringing your plans to fruition.
3. Purchase Truckers Insurance
Carrying comprehensive truckers insurance is another important upfront cost to consider. Required coverage may include:
- General liability
- Cargo insurance
- Breakdown coverage
- Physical damage coverage
- Workers compensation, and/or health insurance for employees
Other types of policies may be necessary, depending on the specifics of your business.
Rev Insurance can work with you, in any location, to develop a comprehensive truckers insurance policy. Contact us now to get started and ensure your assets and employees are well-protected in the event of any accidents or damages. Get your free quote today.