Blog

Power Only Trucking as an Alternative to Semi Trailer Leasing

Driver participating in Power Only instead of leasing a trailer

You’ve got your authority. You’ve got a truck. Now you’re ready to haul some loads.

But before you can hit the road, you need a trailer to hold all that cargo.

Find Truck Loads for New DOT Authority with Power Only Trucking

Power Only Trucking headquarters

There are many challenges you’ll encounter when starting out as an owner operator.

There’s getting your authority. Buying or leasing semi trucks. Hiring and insuring qualified drivers.

How To Get Your Own Trucking Authority & Become An Owner Operator

Semi truck at sunset

If you’ve been working as a company or lease driver for the past few years, you may have decided it’s time to realize your dream of owning your own trucking business as an owner-operator.

There are many steps to check-off your to-do list on the way to making that dream a reality.

One of those steps you’ll be hearing a lot about is something called “getting your authority.” But what does this mean and why is it important?

Tips for Commercial Trucking Liability Insurance for New Drivers

Orange traffic cones

If you are an owner-operator or small carrier, insuring and qualifying new drivers on your trucking liability insurance policy is many times an inhibitor to growth.

The bottom line is that insurance for new drivers is both hard to find and expensive:

  • Hard to find because most policies start with a 2-year experience requirement — and many small carriers struggle to hire replacement and growth drivers with the needed experience.
  • Expensive because those who will write a policy consider new drivers to be a bigger risk. In fact, a policy for new drivers may cost 2-3 times what you’d pay for experienced drivers.

The population of qualified drivers with 2 or more years of experience is overplowed ground — the good ones have found a home while the bad ones bounce from carrier to carrier leaving a wake of cost and frustration.

So how can you tap into the new driver market while maintaining proper commercial truck liability insurance at an affordable rate?

How Can You Manage The Cost Of Semi Truck Insurance?

Open road in the mountains

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 semi truck 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 required 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?

Two men using electronic logs for trucking

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.

Pedigree

You can't spell PEDIGREE without PRIDE