- First things first, one of the easiest ways to save money on your insurance is by starting a corporation instead of a sole proprietor. It also provides a layer of protection from lawsuits if set up properly. Consult with your attorney for further details.
- Once you get your corporation set up, the IRS will send your something called an EIN number. You will need that in order to start your DOT number. This is a very important part to decide what exactly you are doing before you start to fill out your DOT number. One of the most common mistakes we see if truckers select that they are freight forwarders. Truckers are common carriers not freight forwarders. That is a question on the application. This is also a part of the process where you will decide if you are going to hauling intrastate or interstate. https://www.fmcsa.dot.gov/registration
- If you are just getting started we recommend that you start your business intrastate if you’re in Florida to get some history on your DOT number. Your insurance will be much cheaper as well.
- Be clear on what you’re hauling. The insurance carriers always rate your company on the most expensive commodity.
- The best way to insure you rates go lower every year is to do your part. What do I mean by that? When your getting started, you will be required to get DOT safety inspections. If you get a bunch of out of service violations, sometimes out of service inspections are just as bad as accidents. They will greatly affect your insurance renewal for the following year.
- Make sure your equipment is 20 years or newer.
- Payment History. If you have pending cancellation every month, it shows instability in your company. When it comes time for you to qualify for better insurance carriers in year 2&3, some insurance carriers will decline you because of bad payment history. I know sometimes people are late, what I’m referring to is being habitually late every month.
- Rapid Growth. If you’re planning on adding multiple trucks to your company please let us know up front. Some insurance companies do not like to see rapid growth. We want to make sure your insurance policy doesn’t get cancelled.
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Accounts Receivable Financing is:
- Also called factoring. The financing of your business-to-business invoices is the smartest answer to your cash flow problems.
- Simple and fast. Once you complete the application and submit the back-up items requested, we will submit a quote in 1 hour or less.
- The funding of your invoices in 4 hours or less. That’s right. As an established client, your invoices can be funded in as little as 4 hours!