Freight Broker Industry Training Guide

Published October 10, 2010 | By Bman

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with good enough credit, it can be paid in payments. Now, if you decide to go as an agent from an established brokerage they carry the authorities, bonds, and insurances, which is the reason you would have a commission split with them.

C) Insurances: Most carriers will carry and need to carry a minimum of 1 million dollar liability insurance and a minimum of 0,000 cargo liability. But now and days, it is best that they have, and most do, 0,000 in cargo liability. A broker must carry contingent cargo liability to back up the carrier’s cargo insurance in case they have lapsed. If you open your own brokerage, you will have to carry this along with the bond, authority, and MC number. There again, the benefit of being an independent agent for an established brokerage is that they carry those.

14. Being an Independent Agent or Owning a

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