A few years ago, cameras in trucks were viewed negatively by nearly everyone. That has started changing as more providers perfected the systems and word started getting out on how a camera could save a fleet from a million-dollar lawsuit, not to mention reducing risky driving behaviors.
Larger fleets sometimes control their insurance costs by self-insuring. Smaller fleets, though, often don’t have the financial resources to self-insure, so more of them are turning to “captive” insurance programs.
Fleets do not have to be stuck paying high insurance premiums as there are a number of choices they can make to lower their risk profile and cost. Here are 10 ways to help do that.
Like taxes, insurance can be confusing. Many carriers, especially smaller carriers without dedicated insurance experts on the payroll, are at the mercy of an insurance provider. But armed with a little knowledge, carriers can make more informed purchasing decisions.
Many commercial trucking companies will never be impacted by cargo theft, but that doesn’t mean they shouldn’t be prepared. Cargo theft is a multi-million-dollar problem, and like all problems, somebody is going to pay for it.
Using onboard video cameras can not only reduce risky driving behaviors, they can also lead to a significant decrease in insurance premiums, with one fleet reporting it saw its insurance premiums drop 55%.
There is no requirement for cargo insurance, but that doesn’t mean you shouldn’t have it. As you search for motor truck cargo insurance, you will find various plans at various price points. Like those homeowner’s policies, no two are the same. So how do you know what you should be looking for?
Fleets using ELDs say they reduce manual processes related to HOS compliance, reduce compliance violations, and improve driver and public safety. All of these benefits provide fleets another benefit: potentially lower insurance costs.
When you run a trucking business that has weekly and daily bills such as salaries and fuel, but shippers pay at 30, 60 or even 90 days, ensuring you have the proper cash flow to maintain operations can be tricky. That’s why many owner-operators and smaller fleets have turned to invoice factoring.
If your small trucking company seems like it is operating on a week-to-week basis, you are not alone. According to a new survey from Mercator Advisory Group, 75% of small businesses in the U.S. routinely delay purchases at least once or twice a year because of cash flow issues. You can minimize this impact, though, through proper planning.
There are times in every business owner’s life when you need cash. The business has hit a rough patch, an unexpected expense has arrived, or a new business opportunity has presented itself, but you don’t have the money to take advantage. So how do you get the money?
Filing your taxes can be confusing enough, try writing tax law. The complications in writing a tax law is one of the reasons the nation has not seen a major revamp of current law since the 1980s. Here are some of the key provisions in the draft bills.
As 2017 winds down, many carriers are taking a hard look at their tax situation. Is there anything they can do now that can reduce their tax liability? There is, and it comes in the form of equipment purchases.
Chances are pretty good you got into trucking to make money. Some carriers, though, continue to suffer through lean year. They are always running short of money, and can never seem to get ahead. Their problem may be their hauling rate.
Whether you own a car, pickup or tractor-trailer, it’s a decision that we all face at some point: Should I just buy a new vehicle or continue to repair my current one?
Managing any small business can be stressful. The fact is many small businesses fail. The number one reason for small business failure is the lack of proper cash flow management, according to U.S. Bank. That's why it's so important to learn how to manage your cash when times are good.
Rates are going up, but how can your carrier grab the largest increase possible? There are many things to consider when it comes to rates, but it all starts with knowing your own costs.
While the early days of fuel surcharges were straightforward to calculate – although wholly unfair to shippers in many cases – that is no longer true. Many carriers struggle with explaining their fuel surcharge program to shippers, and more importantly, struggle with the budgeting aspect of a program that is historical in nature.
Walmart has patented an 'unattended retail storefront' that would be located in customers' homes and stocked by autonomous vehicles, part of its quest to compress or eliminate delivery delays altogether.
South Africa's Heavyweight Group starts a digital load board and joins Blockchain in Transport Alliance (BiTA).
Warehousing employment surges as Amazon and Walmart are swamped by holiday online orders; UPS aircraft mechanics threaten to go on strike.
Last-minute efforts to delay or stop the electronic logging device rule (ELD) are continuing, but it may be too little, too late unless President Donald Trump throws a Hail Mary.
One of the questions many ask as the electric and autonomous vehicles are introduced to market is: What happens with the “last mile” delivery? It can be the most expensive leg of deliveries, especially in rural areas.
FedEx and UPS are squeezing e-commerce shippers with more expensive DIM pricing, accessorial fees, and tough rate negotiations.
Losses and debts can be a deadly combo for any shipping company to handle. In a report from the Wall Street Journal looking at so-called “zombie companies” in Europe, one logistics company stood out.
Supply Chain Dive has announced its list of awards for 2017 and one award that garnered some interesting attention is the Buzzword of the Year: blockchain.
The Internet of Things (IoT) has taken over the transportation industry. In a press release from Microsoft, the tech giant has officially confirmed the launch of Azure Location Based Services (LBS).
For millions of football fans, a trip to the Super Bowl is the ultimate bucket list item. For blue collar workers, though, attending the game is often out of reach with ticket prices reaching $5,000 and above on the secondary ticket market. For two lucky truck drivers that will change.
The out-of-control wildfires burning in California have had a dramatic impact on spot rates in the region.
Judge Collier has decided to let federal prosecutors play a "vile, despicable" tape of Mark Hazelwood's racist rant against black people, the Cleveland Browns, and the entire population of Cleveland, Ohio.
The Owner-Operator Independent Drivers Association (OOIDA) has issued a letter to state attorneys general in all states asking them to review potential problems surrounding upcoming enforcement of the electronic logging device mandate.
The cleverness of the plan resides in the kind of “under-21 truckers” they’re talking about: only those with military driving experience.
The process of sending bills-of-lading with cargo has changed little in generations, but the problems have remained: BOLs arrive at different times than the cargo, causing delays and added cost. But blockchain could eliminate these expenses and streamline the process.
Total accepted loads from LA to Seattle have dropped 60% in a week; spot rates in and out of Los Angeles are up by as much as 35% in seven days.
Let go of your fear-of-missing-out (FOMO): the blockchain revolution is just beginning.
Most carriers are currently coming to terms with the inevitability of the ELD mandate, and scrambling to get ready. Those carriers who are truly ELD-ready are in prime position to benefit.
Shipping hazardous materials is risky. Yet carriers are willing to shoulder the risk of moving them across states, but to do so requires understanding a number of regulations that must be followed.
Trucks drive everyday down the highways of America and no one really knows what's in those trailers. FreightWaves created this infographic to give you an idea of what could be inside that trailer.
Anheuser-Busch's private fleet is among the leaders in the country when it comes to efforts to cut carbon emissions through alternative fuel use. The company is taking another step, announcing it has reserved 40 Tesla Semi electric tractors.
The growth in cargo volumes at London's Heathrow Airport has created severe congestion across the region, which has the airport facing a dire situation due to long queues, which is increasing waiting times and thus delaying an already slow-moving air freight operation.
ZED Connect offers an ELD device that comes with a one-time purchase fee and no monthly charges. COO Chris Harlow offered up some last-minute thoughts as the deadline quickly to implement ELDs quickly approaches.
Tesla is losing investor support as losses continue to mount as competition from the Chevy Bolt stiffens and Model 3 production issues linger. This might impact their ability to compete in the commercial vehicle market
A Memorandum of Understanding has been signed between Alkane Truck Company, based in Myrtle Beach, SC, and evLaboratory Inc., to have the latter’s powertrain and battery management technology integrated into Alkane’s OEM chassis products.
TuSimple, a Chinese autonomous truck technology startup that is backed by Nvidia with offices in San Diego, has raised an additional $55 million in venture capital.
Following a Thanksgiving week that saw loads depressed, but not rates, the spot freight market was going full steam ahead last week with loads climbing 64% on the DAT network of load boards.
Blockchain is a foundational technology, said Jason Kerner, vice president of sales engineering for Project44, that will allow the building of transformational technologies in the future.
Like all of the companies at the first Blockchain in Transport Alliance (BiTA) meeting, held last month in Atlanta, TMW Systems sees blockchain technology playing a critical role in the freight transportation industry going forward.