Most of Class 8 trucks bankrupt within firs 24 months, some of them within 36 months but if you are in business for more that 36 months you have a good chance to be there for the next 10 years and insurance companies like that.
Unfortunately there has been a weird trend noticed that trucking company owners are opening multiple companies from the day 1 and keep one of them as a plan B in case they bankrupt with the first one. However insurance companies are realizing this and they will probably increase the limit to 4 years over the next period of time.
9. Have driver with great MVR Records
Besides the requirement to find and attract drivers with more driving experience it is also important to find the good ones. Some people like to say quality ahead of quantity and that saying is the best one describing this situation.
Insurance companies like to go to this kind of details when providing you with the quote for your trucking company and be aware of this information. This is probably the hardest part of running the company – finding good drivers especially since those are attracted by top 20 trucking companies offering them some amazing terms that they can offer since they have a direct contract with client and are avoiding brokers.
