Your Moving Company, Insurance & Obtaining a Commercial Drivers License

When you own and operate a company, which requires the use of commercial trucks, there are a few key considerations to keep in mind: it takes obtaining a CDL license, training and specialized insurance to get things started.

The most important requirement for truckers is to obtain a Commercial Drivers License (CDL). Without it, you are not eligible to drive any trucks that are more than 26,000 pounds hauling capacity. You are required to take this test which is composed of two sections:

  • General knowledge test
  • Road driving test

Depending on the type of commercial vehicle you will be operating, applicants are required to pass various tests, both on paper and on the road. After receiving your CDL, you are qualified to start working.

It’s also important to remember that as an independent trucker, you are entirely responsible for your truck, with or without the trailer. So the first thing is to decide in what form you will own your vehicle. But should you buy it in a corporation, LLC (Limited Liability Corporation) or as a DBA? And what protection does each afford? As an owner and operator of a commercial truck, it is advisable to review with your attorney and your CPA the best form of ownership for you. However, as a general rule, having the vehicle owned by a corporation will generally limit your personal liability helping to protect your personal assets such as your home, savings, retirement funds, and paycheck.

The form of your business will also impact how you qualify and by the first compensation coverage. Each form of ownership has its unique characteristics in this respect and you want to export each of them before deciding on what’s best for you. You also will be required to review the lease agreement with your carrier to determine which type of coverage you are required to maintain.

Keep in mind that insurance for moving companies differs from the standard trucking coverage. What many commercial trucking operators fail to acknowledge is that when you own and operate a moving company your trucks stay stagnant for periods of time. Your average commercial truck is constantly on the road, moving from one destination to the next, while your moving truck stays parked for extended period of time during the loading and unloading phases – this makes you vulnerable to different risks. Aside from taking the first step, and ensuring you have obtained your CDL, be sure to look into the unique coverage options offered to moving and storage companies.

Interested in learning more about the specialized commercial trucking options we can offer you? Contact the coverage experts at Wolpert Insurance to discover your specialized commercial insurance options today!