Insurance for Brokers
Every day, companies are exposed to countless risks, from physical property damage to loss of freight or trucks, and more. Brokers probably take on more risk than most small businesses. Being informed about the types of coverage available for general business and trade-related liabilities is critical.
Types of Insurance Coverage
Contingent Cargo Insurance – covers you for loss or damage to your shipper’s property. It protects you in the event that your carrier’s insurance fails to pay a claim or if the carrier’s policy has been canceled without your knowledge.
Hired, Non-Owned Auto Insurance – protects you from damages caused by a vehicle that you have hired but do not own. This includes trucks that you hire to move freight. This type of policy pays for your legal defense and for damages that may be awarded against you as a direct result of an accident.
Business Owner’s Insurance – can protect your business income and business personal property from losses caused by property damage, an interruption in utility services, computer damage, fraud and more.
Errors and Omissions Insurance – protects you from losses resulting from improper or incomplete arranging of transportation by you or one of your employees.
There are several insurance providers with policies that are specifically designed to meet the needs of freight brokers. Be sure to ask the right questions and check references before you sign any contracts.
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