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Every year, freight brokers across the country get pulled into litigation and go out of business when they lose a major judgment. All of this could have been avoided if they had the protection of solid freight broker insurance.
Large shippers are sending hundreds of millions of dollars of freight across the land, and they want freight brokers who can protect those shipments. New freight brokers trying to get into the market often disqualify themselves from larger contracts because they lack the proper insurance coverage.
That’s why Assurance Total Protection, a local agent for Progressive Commercial, offers the best specialty insurance freight coverage options on the market.
Here’s a listing of the major freight broker options:
- BMC- 84 Surety Bond: This bond guarantees payment if the broker fails to comply or remit payment for services rendered, per contractual agreements.
- BMC-85 Trust: A minimum $75,000 in funds are placed in trust and must remain on deposit if you maintain a valid broker license. FMCSA can access those funds in the case of a claim against you or your company.
- Contingent Insurance for Freight Brokers: This insurance protects the for-hire trucker from liability for cargo damage or loss. The coverage can include the removal of debris or environmental spills caused by an accident. Depending on the service area and interstate travel, this coverage may only apply in specific states. This insurance only applies while the cargo is being transported.
- Contingent Auto Liability Insurance: When freight brokers hire a motor carrier, they can have legal liability associated with accidents or incidents caused by that carrier. This insurance protects the freight broker from that liability.
Backed by the top commercial insurer in the country, Progressive, Assurance Total Protection offers freight brokerages the optimal insurance coverage in the nation.
Our partnership with Progressive and other specialty carriers enables us to offer the following:
- Insurance for both freight brokers and truckers
- Coverages that cover loss or damage to client’s cargo due to theft, collisions, and fire
- Customizable policy limits and deductibles
- Additional agency discounts
Call the Assurance Total Protection team today and find out how your freight brokerage can be protected against theft, collisions, fire, and any other unforeseen hazard.
