A lot of commercial drivers become an owner-operator in the industry. To be an owner-operator provides you with more freedom. However, to achieve this goal, there are three things that you need to consider.
To become an owner-operator, you have to register with the Federal Motor Carrier Safety Administration. When you register, you will obtain your USDOT number. This will be used to collect your information. You will need to send the FMCSA proof that you have insurance.
When it comes to insurance, you need to ensure that you have adequate coverage. Keep in mind that your insurance needs extend behind coverage for accidents. Insurance has to cover a variety of risks, such as:
- Lost loads
- Hazmat loads
- Owner liability
As a new owner operator, insurance agents and brokers can assist you in finding the right options.
As an owner operator, it’s up to you to find your own loads. In the past, owner operators had to call companies in search of loads. Nowadays, there are websites called load boards. These websites can assist you in finding loads. Some of these websites cost money for the brokers and carriers, while others are free.
If you want to become a truck owner-operator, your first step will be to register. Then, you can focus on insuring your business and finding loads.