So you want to "own " your own company

hey BigBadBill, would you mind if i send you an email regarding this topic?

 

will a policy like that apply if it's for an employee? if i'm not insuring myself but rather a driver for my truck, will that type of insurance work? i'll jump over to OOIDA and start checking around for that topic. from what the guy told me friday, NV does not require me to cover myself but i am required to cover other employees.

 

Some states may not require workers comp unless you have a certain number of employees. An occupational accident policy is very similar to workers comp but less expensive. I have had drivers who have had the occupational policies and never had a problem. You can call OOIDA at 800-715-9369 and speak with Gary in their medical benefits department. His extension is 1429. I think that it is less of a hassle to collect on an occupational accident policy than workers comp.

 

THANX G/MAN!! i'll give him a buzz and see what he says.

 

Sir first off let me say that you have given the absolute perfect advice..I think it is wonderful that people tell exactly what lies ahead. And important if one has the desire to take to heart what you have written. I would like to share a little perspective. And also share with others a pit fall which I learned to late. Hopefully it will help. Going back 7 years ago my wife and I managed a small company .She did the paperwork dispatching and everything in between to keep us running. We both had years of trucking and office to go along. She was also great at selling and landed us a growing account with a slot machine maker. We basically were doing all the 7 mid west states for the slot manufacturer with out and return loads..Great money drivers happy things were looking up. I was on the road with my drivers an never that far off if there was a problem. Now what we as a small company failed to do and this is very important..We failed to have a CONTRACT. My wife became very close to the woman who was incharge of transportation. We had a great working relationsip never a service issue and she and the company were very pleased with us....Now the day come when the company offered the woman in transportation a oppurinity to move up to sales.. My wife was told the news and that the underling was chosen for her replacement. Remember... CONTRACT....or in our case the lack of haveing one . Simply took to much for granted.By the secound week our weekly load offerings dried up. And guess what..Yep that new trans coordinator and company gave a contract to ..Well I don't want to use names but they are all o/o...So what do you do ...you begin to scramble ..And shortly the drivers weren't happy . We tried and in the end were down to where we started..Me in the truck and my wife taking care of the rest. Now I am not crying . I want others to be smarter. There are opportunities sometimes that only come up once that will make you successful..Be smart get a contract..By the way the company that got the business was paying their o/o about 45% less then we were getting at the time for the loads. Think about what they call high paying freight...But truly don't make that same mistake...

 

Ran Bridgestones for years, switching over to Continental and my trailer came from the factory with Yokohamas.

 

let's just say for grins, that my employer would be willing to let me put a truck on with our fleet and run under the companies authority. how would i structure a situation like that? i would want to keep full control of the truck of course in determining the hows/whens/wheres/whos. would going this route benefit me in any way?

i guess basically what i'm asking is, what benefits are there to running under someone else's authority? what kind of money does it save me to do that vs me going completely on my own?

 

I have a question about the all the fees, mainly the insurance required. Are they tied to a company exclusively, as in that its a set fee regardless of how many trucks are running under an authority or do the fees increase with each truck that is running under that MC number. for example the estimate of 8-12k downpayment for insurance is that per truck?

 

yes, I was told by my agent that is PER TRUCK.

 

$8-12K DOWN? How much is your insurance quoted at?

It's dependent as much on a per truck basis, as a PER DRIVER BASIS.

EVERY truck needs to be insured - but every DRIVER is how you get rated...

Rick