An operating authority permits owner-operators to haul freight as a registered trucking company. However, before hitting the road, you’ll have to prepare your insurance policy, USDOT and MC number, employer identification number (EIN), Heavy Vehicle Use Taxes, International Fuel Tax Agreement (IFTA) account, and Unified Carrier Registration (UCR).
Getting approved for an operating authority feels exciting, but prematurely starting operations will only compromise your business. Do the necessary preparations first. Here are some of the documents and paperwork truckers need to prepare before hauling under their own authority:
After fulfilling the requirements set by the FMCSA, focus on the business aspects of your new trucking company. Owner-operators are responsible for all operations. Apart from hauling freight, you’ll also have to calculate profit margins, file taxes, manage funding, maintain commercial trucks, and address business emergencies.
Are you having trouble finding an insurer that accepts new trucking companies? Assured Standard has you covered. Check out our brief piece on insurance providers that accommodate new owner-operators.
Arthur Williamson graduated with a degree in Business and Management at the University of California, Berkeley. He is knowledgeable about what small and big businesses require to keep operations moving.