buying my truck and running under my own authority

There is just a bit of difference between delivering small boats with a pick-up and an 18 wheeler set up..... Good grief.....

 

it's still a "for hire" company. The same rules would apply

 

Really ??? Say it ain't so....

 

Just read your policy to be sure....I know it is a boring read but they are typically that long because they spell out exactly what is covered and what isnt. The general rule is that if you have an MC number or DOT number or the name of the business on the side of the vehicle it would give your personal insurance company every right to decline the claim. It may be a grey area if the hypothetical accident / claim happened while you were running up to the grocery store for a gallon of milk with no trailer but it would be hard to explain with a trailer loaded with a new shrink wrapped boat that isnt going anywhere near your house nor is it your boat.

Take your chances but a small commercial policy for a 1 ton truck shouldnt be but about $1,000 more than if it were just personal use.

 

Could you explain your comment?

 

listen, striving to start your own and have your own authority, autonomy, and freedom from working for someone else is worth the gamble

dont let naysayers stop you

just try to do it the best you can

and if you fail, dont give up, learn from your mistakes and try again

do you think jbhunt, prime, etc listened to naysayers or took the gamble?

so far, i am doing ok, it hasnt been easy and i am one step away from disaster, but hey, its still fun

 

My 2cents. When you start another company and lease the truck to your actual company. You'll have a contract in your truck showing the lease. It allows you to depreciate your truck and equipment through the leasee company as well as your company its a tax thing. This is mainly done with abit bigger companies.

 

But it really has no protection for you. Any first year law student could pierce the corporate veil. And reason I was asking about S-Corp (I meant S and not C) was that with the S-Corp you have some tax advantage (or potential of), income tax filings are simpler and in most states it is cheaper to operate.

Now I ask about the LLC anytime I see someone saying they did this because of the 100's of times I have seen O/O's doing this and asked I have only seen a handful that had a solid reason.

On insurance, a good GL policy should cover you for just about anything related to your business. But make sure that it doesn't have a bunch of exclusions. Then it is worthless. When shopping insurance earlier this month it was interesting the long list of "won'ts" that many policies have. And funny when reading that mine even covers dog bites from guard dogs.

 

Very good advice. Corporations provide very little liability protection for O/O's, since you will be sued as the driver also. Buy the best insurance you can find, well rated company,get a GL policy,and go to trucking.

Many years ago I had a pistol accidentally fall out of my cab-over. It discharged, :smt072shot a man. No criminal charges against me, but I had a very good insurance carrier. Did not cost me a penny, they paid before I got sued . Lawyer told me most companies would not have covered me .Do not buy insurance on cost alone.