Investments you should make as an owner driver

When it comes to flexible work that can work around your lifestyle, setting up a business as an owner-driver can be one of the best choices.

However, aside from the information that you need to get everything set up, there are a few additional investments you should consider making for the sake of your business. In this article we discuss some of the most important.

Make sure that you’re protected with haulage insurance

Anyone who drives a vehicle on the road is going to need auto insurance to cover the costs of any collisions and accidents, of course. However, while your average insurance might cover your vehicle and person, as well as any damage to other vehicles or persons that you’re responsible for, what about your cargo?

Haulage insurance makes sure that you protect the items that you’re hauling from A to B. Without it, you can end up having to pay the costs of any damaged goods, even when the damage isn’t your fault.

Stay within the regulations

As a driver, you have to adhere to certain regulations in how you drive, with the number of driving hours you do per day being the most relevant statistic that comes to mind.

Not only do you have to make sure you don’t go over the limit, but you also have to prove that you’re driving within the regulations. To that end, investing in a high-quality digital tachograph can be just what you need.

Many vehicles will have a tachograph ready-fitted in the cab, but the better ones include ongoing analyses and alerts as to when you’re approaching your legal limits.

Have a stock of essential parts

Spare parts are another aspect you should consider when making investments as an owner-driver. Ensuring your vehicle’s reliability and minimizing downtime is crucial for your business’s success. Having a stock of essential HGV spare parts, such as belts, hoses, bulbs, and fuses, can help you quickly address minor mechanical issues on the road, reducing the need for expensive emergency repairs or towing services.

Additionally, keeping spare tires and a basic toolkit can be a lifesaver in case of unexpected breakdowns. These spare parts and tools not only enhance your self-sufficiency but also contribute to your reputation as a reliable and efficient owner-driver in the competitive world of haulage and courier services.

Know the most efficient route

A big part of profitability in owner-driver business is being able to make your trips as efficiently as possible. Choosing the best routes means you can accomplish more, per day, which means more deliveries and more money.

As such, equipping your vehicles with high-quality HGV sat navs and telemetric systems that track them over time can be crucial. Not only can you identify potential roadblocks ahead, but you can analyse your routes after the fact to determine if there are any more efficient ways you could take in the future.

Have the work come to you

A lot of owner-drivers are going to be working with the top courier companies within the UK, which only makes sense. In a lot of cases, they will provide the bulk of your work and they are reliable.

However, if you’re looking to learn more money, then advertising locally, whether it’s in the local paper, in online business directories, or online through social media, can be a huge benefit. There are a lot of small businesses who may rely on couriers as well and often they can pay better than the large corporations who have literal fleets of freelancers at their disposal.

The above investments are not necessarily mandatory if you’re working as an owner-driver, but they can offer real benefits that you should consider seriously. Protecting yourself in terms of both your regulatory compliance and financial liability can offer you some real peace of mind.

Photo by Seb Creativo