{"id":2426,"date":"2020-07-15T17:40:05","date_gmt":"2020-07-15T17:40:05","guid":{"rendered":"https:\/\/quicktransportsolutions.com\/blog\/?p=2426"},"modified":"2020-07-15T17:40:06","modified_gmt":"2020-07-15T17:40:06","slug":"risks-associated-with-becoming-an-owner-operator-in-trucking","status":"publish","type":"post","link":"https:\/\/quicktransportsolutions.com\/blog\/risks-associated-with-becoming-an-owner-operator-in-trucking\/","title":{"rendered":"Risks Associated with Becoming an Owner-Operator in Trucking"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">There is a lot of appeal to becoming an owner-operator. Not only do you control your own company and set your own time, but you have the freedom of choice that others who work for companies do not have. Certainly, there is a lot involved to becoming an owner-operator. Whether it be incorporating the business, coming up with a business name, or getting all your paperwork together, it isn\u2019t a fast process.<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">      <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And now there is a new consideration: COVID-19. There were\nplenty of people getting ready to invest in their own trucking company when the\npandemic hit. What do they do now? And if you are someone considering entering\nthe trucking business, what considerations should you make to account for the\ncurrent situation?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Believe it or not, now is not a bad time to buy a truck.\nMost OEMs are in the midst of offering attractive incentives to boost sales.\nFrom deferred initial payments, to reduced costs on extended warranty packages,\nto relaxed down payment requirements, they are pulling out all the stops. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dealers are also sitting on a huge backlog of 2020 model\nyear trucks. Meanwhile, they must make way for 2021 models. This presents a\ndilemma and an opportunity for those looking to make a purchase. With interest\nrates low on loans, now is also not a bad time to investigate financing a\nvehicle purchase or beginning a trucking operation. Still, that does not mean\nthere are no pitfalls. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Keep an Eye on Insurance<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If someone wants to start a trucking company, they need to\nbe an owner-operator contracted to a fleet to get insurance. The problem there\nis that most of the insurance companies that will write a policy for a new\nowner-operator, they want to see that the business been incorporated for three\nyears, have had their CVOR for a few years, that they had some kind of fleet\nexperience with the same equipment configuration and air-mile radius. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, what can you do? First, investigate a lease with a fleet\nthat runs the same lanes and commodities. Premiums are simply too high for many\nto afford when entering the market. But how do you discern between policies?\nConsider the following questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Is the fleet policy deductible?<\/li><li>Is the premium contributory by the fleet, or\nborne solely by the owner-op?<\/li><li>Is deductible buy-down available? Does the fleet\nhave an alternative insurance program?<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Another benefit of signing on with a fleet is the insurance\nis bundled with other fees and perks. This could include streamlined\npermitting; plates; fuel cards, and more. What do you get out of this? Also,\nsigning with a safe fleet ensures the owner-operator gets the benefit of the\nlower premiums they\u2019ve earned through their overall fleet safety performance.\nStill, insurance is not the only thing fledgling trucking companies need to\nworry about. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Legal Settlements and Nuclear Verdicts<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Have you heard of \u201cnuclear verdicts?\u201d A nuclear verdict is\ndefined as a jury award in which the penalty exceeds $10 million, though this\nis the base definition. In reality, there are several alternate definitions\nthat are a bit more complex, depending on the circumstances. Nuclear verdicts\nhave an appropriate name, as their effect can be akin to a nuclear bomb going\noff. In business terms, they can be catastrophic. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What makes nuclear verdicts totally unique? Well, nuclear\nverdicts are disproportionate in terms of having little to no relation to a\nplaintiff\u2019s actual economic damages. This opens the window to huge verdicts\nthat cripple companies. In a nuclear verdict, most of the award is due to\npunitive and compensatory damages. This results in particularly high jury awards,\nwhich can cripple companies. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nuclear verdicts have not gone away. If anything, they have\nbecome an even more persistent theme in trucking over the past several years.\nBecause of it, the pressure is now on motor carriers from rising insurance\npremiums. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Skyrocketing insurance premiums and nuclear verdicts are\noften cited in when a fleet goes bankrupt. In many cases, they are listed as\nthe primary cause. In addition, the growing trend of juries awarding nuclear\nverdicts have forced some insurance providers to exit the trucking industry\naltogether. As insurance companies leave the marketplace, their competitors\ntighten the belts and shift strategies. Many times, this results in higher\nrates across the board for trucking companies.&nbsp;\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Legal settlements and nuclear verdicts make it much harder\nfor trucking companies to obtain affordable insurance. This is a big problem\nfor small motor carriers and new entrants trying to make being an\nowner-operator work. Fortunately, trucking companies that operate with <a href=\"https:\/\/quicktransportsolutions.com\/blog\/how-video-and-telematics-can-change-your-fleet-safety-game\/\">extensive\nsafety programs<\/a>, utilize technology, and invest in risk financing avoid\nhigh insurance costs. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even more, premiums have been rising consistently for the\npast several years and it is hard to see where the ceiling is. This is the case\neven though the number of deaths and injuries from accidents involving large\ntrucks have been declining. Today, they are down double digits from year-over-year,\nand we have seen this trend consistently in the data. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tighten Up Your Operation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is easy to get down with all the red tape involved. But\nrather than get upset about how unfair it seems, as yourself the following\nquestions: How do I outsmart this market? How can I do something different so I\ncan have a lower cost of risk than my competitor? <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You need to differentiate yourself. And the big reason is nuclear verdicts. The insurance industry is grappling with the fallout of nuclear verdicts and trucking companies are in the crosshairs for big rate increases. Fortunately, there are absolutely things trucking companies can do here to take control of the situation in an uncertain environment. <\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">        <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trucking companies need to look at the data and all the variables that could impact insurance rates and deductibles. In many cases, insurance companies want you to load them up with all the risk. The thing is, you\u2019ll be paying for it when the premium comes due. This is especially true for large motor carriers, but there is often a point where you should take on some small level of risk. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to partnering in lease arrangements with large\ncarriers, small trucking companies can also use group captives or just deal\nwith higher deductibles.&nbsp; If you\u2019re\nmanaging risk the right way but have a low-deductible policy, you could get\neaten up by the market. It is difficult to compete in those situations. But if\nyou are buying a large deductible policy or self-insured but cutting corners on\nrisk management, you\u2019re going to pay more over the long term. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That is why it is important to ensure you are properly\nmanaging risk. As a new trucking company, even the smallest incident could put\nyou out of business. Safety culture at any motor carrier must start at the top.\nAnd if you are an owner-operator, you are at the top. Stay on top of safety\ntrends, know your vehicle(s) inside and out, and ensure you are complying with\nstate laws and regulations, especially if you operate over state lines. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Consider the Fundamentals<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like starting any busines, becoming an owner-operator and\nworking in the transportation sector requires careful planning. You need to do\neverything from writing a business plan to legally establishing your company\nand obtaining the necessary business licenses and permits. This requires quite\na bit of initial setup and capital expense. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We would never advise anyone to set out creating their own\ntrucking company until they\u2019ve had a couple of years out on the road as a\ncompany truck driver with time under their belt. You should have a good\nunderstanding of how trucking works behind the wheel on an every-day basis. You\nalso need to have good overall knowledge of the trucking industry and how it\nworks. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Everything from rates to capacity should be on the table, especially in the time of COVID. The rules of the trucking industry are shifting as we move increasingly into the direction of e-commerce and virtual living. There are new protocols to follow and safety and hygiene recommendations to keep in mind. Staying safe out on the road has become more important than ever. The very future of your business could be at stake if you do not properly manage risk.<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">        <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, a good knowledge of the economy in general and how\ntrucking fits in is especially important as you get your business off the\nground. Keep your finger in the wind to stay on top of trends, technologies,\nand new regulations. Starting a new trucking company is rewarding, even in the\nage of COVID-19. Manage risk well and keep an eye on costs to get a good start.\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a lot of appeal to becoming an owner-operator. Not only do you control your own company and set your own time, but you have the freedom of choice that others who work for companies do not have. Certainly, there is a lot involved to becoming an owner-operator. Whether it be incorporating the business, &#8230; <a title=\"Risks Associated with Becoming an Owner-Operator in Trucking\" class=\"read-more\" href=\"https:\/\/quicktransportsolutions.com\/blog\/risks-associated-with-becoming-an-owner-operator-in-trucking\/\" aria-label=\"Read more about Risks Associated with Becoming an Owner-Operator in Trucking\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2145,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trucking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Risks Associated with Becoming an Owner-Operator in Trucking - Quick Transport Solutions Trucking Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quicktransportsolutions.com\/blog\/risks-associated-with-becoming-an-owner-operator-in-trucking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risks Associated with Becoming an Owner-Operator in Trucking - Quick Transport Solutions Trucking Blog\" \/>\n<meta property=\"og:description\" content=\"There is a lot of appeal to becoming an owner-operator. 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Not only do you control your own company and set your own time, but you have the freedom of choice that others who work for companies do not have. Certainly, there is a lot involved to becoming an owner-operator. Whether it be incorporating the business, ... 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