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How Can You Manage the Cost of Commercial Truck Insurance?

Proper commercial vehicle insurance is both legally required and essential for managing the risks that come with being an owner operator or small carrier.

But it can also bring a lot of headaches. Ever-rising insurance costs create barriers to entry for obtaining new authorities and can inhibit the growth of your business.

The fact is, you must present proof of insurance before the Federal Motor Carrier Safety Administration will issue your motor carrier, freight forwarder or broker authority.

Failure to maintain proof of insurance can have a number of other negative consequences:

  • State and federal fines
  • Intrusive government inspections
  • Loss of your commercial drivers license
  • Criminal charges in the event of a traffic accident

To help you sort through all of this, let’s take a look at the insurance you’ll need to participate in Prime Inc.’s power only program, along with some ways to manage your insurance costs.

How Will You Adapt to the New ELD Mandate?

Starting on December 18, 2017, trucking companies and their drivers are now required to use electronic logging devices to record hours of service (HOS), in compliance with a new Federal rule. This rule is often referred to as the ELD mandate.

The ELD mandate is intended to improve accuracy in reporting driving time, location and other key metrics.

For carriers and owner operators already using e-logs, compliance will be fairly simple. But for the many carriers who still rely on traditional paper logs, the transition will be more difficult.

Keep reading to learn more about the challenges posed by the ELD mandate and the opportunity to gain a competitive advantage while implementing e-logs in compliance with this new regulation.

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