WorkCover Alternative for Self Employed Driver: Top Pitfalls To Avoid

Truck Insurance

Having trouble finding the right workcover alternative for self-employed driver? Self-employment is a lucrative business for many truck drivers in Australia. As the demand for short hauls over the years, many truckies go into the owner-driver route to rake in more revenues and enjoy more flexible time in going about their trucking jobs or business. Amid the upside of being your own boss, however, self-employment as driver is not without pitfalls.

Here are some of the most commonly committed mistakes by self-employed truckies and learn how to avoid them.

  1. Driving for the wrong reasons. Just because someone wants to hire your services doesn’t always mean you accept immediately. Some driver tend to take the adage “Strike while the iron is hot” strongly that they tend to say yes to most, if not all, driving deals being offered their way. As much as possible, try to assess the whole trucking job deals before accepting a deal. Feel free to say “no” to clients who spell trouble in the long run.

  1. Too much dependency on “signed” contracts. Assumption they say is the mother of all troubles– and the same can be said through to self-employed drivers. Contracts can be easily rescinded by a client with good legal backing compared to your fledgling self-employed trucking business. This is even more so when dealing with big corporations who can afford topnotch legal counsel. Instead of relying too much on signed contracts, focus instead on building meaningful and highly collaborative relationship with your clients. Try to deliver topnotch services while opening line of communication. Trucking businesses are often built on trust. So make sure to focus on relationship building instead of simply counting your eggs per contract.

  1. Failing to create core values for your self-employment. In the pursuit for greatness, many truckies tend to see money as the main goal. To make it big and far in this business, however, cultivating positive core values should take center stage. Focus on what you wish to offer to your clients and build your core values around them. Doing so will positively impact not just your relationship with clients but to other truck drivers as well.

  1. Inappropriately managing your time. While enjoying profits is one of the most important aspects in doing business as a self-employed driver, pushing yourself to the limits can easily backfire not just to you but also to your family. Do take note that you are not made of steel. So keep a healthy work-life balance to prevent burnout that can easily lead your driving projects to disaster.

5. Failure to monitor and implement known expenses. Unlike hauling or trucking companies which often have a separate department to handle cost analysis, self-employed drivers have to do everything on their own. Maintenance cost, fuel, travel outlays, repairs, and other notable costs can be quite tough to track especially when you’re busy managing driving projects.

6. Failure to set workcover alternative for self-employed driver as safety net. Some truck drivers think of themselves as invincible. Others also see insurance like income protection, critical illness and accident cover, mortgage protection, debt repayment, life insurance, or even the usual health insurance as a waste of money. They see it as nonsense expenses that can shave money off their bottom line. With sky high risks the moment a driver steps on his or her accelerator, these workcover alternative insurance policies are your best shot in ensuring something to lean on during tough times.

  1. Remember: taxes. Many truck drivers fail to get their taxes in order when they join the self-employed crowd. There are actually many ways for one to save on taxes. A quick check with a financial adviser may help at this point.

Without a doubt, being self-employed can be both an exciting and challenging endeavor. From taxes to time management, finding workcover alternative for self-employed driver, there is a lot to be learned. While committing mistakes may seem inevitable in handing your affairs finding the right advice and solution must always be on your priority list.

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Need help cultivating a worry-free trucking business? Check out how a workcover alternative for self employed driver can be of help. Call our office or enquire online.

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