The Florida Trucking Industry remains in high demand from our citrus produce to the Miami and Jacksonville ports. Florida commercial truck drivers are the back bone in the Florida trucking industry and also the future in the commercial trucking industry. Most truckers start in the industry leased on to larger trucking companies in order to gain the experience and to network in the trucking industry. Once the owner operator becomes confident in their trucking experience many decide to obtain their own authority and go into business for themselves. Starting your own business might seem like an easy task while in fact there are a lot of business decisions to consider regarding the Federal government and the State of Florida requirements.
You will need to get a business plan written out on paper so you can keep track of your starting and future expenses. Your first decision should be to decide what legal entity you are going to operate in and register your Florida commercial truck business with the State of Florida at https://sunbiz.org/. Another step will be to file for your authority and other federal requirements at https://safer.fmcsa.dot.gov. The exact requirements will depend on the details of your business in regards to if you are an intrastate or interstate hauler. You might want to consider hiring a permit office to handle your federal filings and they can also help you file for your IFTA (International Fuel Tax Agreement) stickers for taxes on your fuel.
Purchasing or leasing your commercial truck and trailer will be another decision that you should consider when reviewing your monthly expenses in your business plan. Keep in mind that the age of your unit will affect your future maintenance cost and your Florida commercial truck insurance policy. It is possible to control some of the critical factors which govern your commercial truck insurance pricing. Some items to take into consideration when you are setting up your business would be the age of your driver, driving record, radius of operation, age of truck. You will need to purchase your commercial truck insurance in order to obtain your Florida registration and tag. To find your local Florida Department of Highway Safety and Motor Vehicles office visit https://www.flhsmv.gov/. Your insurance agent will give you a certificate of insurance showing the correct wording for proof of insurance. The lowest public liability limit required by the FMCSA is $300,000 which is for vehicles that are less than 10,000 pounds GVW. The most common is $750,000 which is for vehicles that are 10,001 GVW or more pounds.
There’s a lot more work that goes into starting a trucking company. You will need to make sure you have the capital to start your operations. Market the services your company will offer to shippers and brokers. Starting a small trucking company often is a great way to bring you and your family financial security, if not wealth. Give J.E.B. Insurance Services a call today to see how we can assist you with your Florida owner operator and commercial truck insurance.
