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Freight Broker Insurance???

Discussion in 'Freight Broker Forum' started by Kings Head Trucking, Feb 11, 2019.

  1. Feb 11, 2019 #1
    Kings Head Trucking

    Kings Head Trucking Bobtail Member

    14
    8
    Feb 11, 2019
    0
    Hey all,

    Just wanted to get some opinions on what types of insurances you feel are necessary as a broker. It seems that some of these insurance companies really know how to milk the tit if you know what I mean. Would love to hear a discussion on what types of insurances you guys have had; whether you had good experiences (bailed you out of a hairy situation) or bad experiences (the insurance didn't cover anything valuable and you got messed over).

    Didn't see a post on this so felt it would be nice for some of us to hear y'alls opinions
     
    Kings Head Trucking, Feb 11, 2019
    Kings Head Trucking, Feb 11, 2019
    #1
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  3. Feb 11, 2019 #2
    Midwest Trucker

    Midwest Trucker Road Train Member

    5,771
    20,598
    Aug 31, 2018
    0
    Contingent Cargo
    Contingent Auto Liability
    General Liability
    Truck Brokers Professional Liability

    Runs around $9000/yr for up to 1 million per year in revenue.

    Plus of course your $75,000 surety bond.

    Pulled that from my post in this thread: Methods of convincing Direct Shippers

    Edit: There is also errors and omission insurance I believed it’s called but I don’t carry it. Probably should.
     
    Midwest Trucker, Feb 11, 2019
    Midwest Trucker, Feb 11, 2019
    #2
    zmster2033 and PPDCT Thank this.
  4. Feb 14, 2019 #3
    zmster2033

    zmster2033 Light Load Member

    181
    225
    Apr 28, 2011
    Charlotte, NC
    0
    That is a significantly higher cost that I had anticipated for brokerages. I made a post on FB about this, asking what brokerages pay per year in insurance and got numbers of $3-4K. What limits do you have for each policy at that cost?
     
    zmster2033, Feb 14, 2019
    zmster2033, Feb 14, 2019
    #3
  5. Feb 15, 2019 #4
    truckholic

    truckholic Bobtail Member

    15
    18
    Jan 31, 2019
    0
    We pay $3165 for ours as a broker
    1 million
    Cargo 100 k
    Deduct 5 k.
    Carrier would place our name as a cert holder during Haul.
     
    truckholic, Feb 15, 2019
    truckholic, Feb 15, 2019
    #4
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