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How Is Your Freight Brokerage Open to Risk? There are two primary ways that all freight brokerage firms are open to litigation risk. Understanding these risks is imperative for any freight broker business, given that so many cases involving motor carriers and freight brokers today have no caps on the size of judgments. One wayread more
The industry game is changing for freight brokers in the United States. If you’re a long-standing, experienced freight broker (and you’re lucky enough not to have been involved in any litigation yet), you may be unaware of the significant increase in legal fines and settlements being levied against freight brokers just in the past fewre
The freight broker industry is changing at a rapid pace. As more businesses moved to e-commerce, which was even more accelerated by the quarantines of COVID-19, the need for shipping services increased exponentially, and more motor carriers and freight brokers attempted to enter the market. With more freight broker competition, it may seem
The Freight Brokerage industry is in a period of rapid change. According to a 2021 report by Verified Market Research, the US freight broker market was valued at $1.164B USD in 2020. That number is expected to reach $13.78B by 2028, a CAGR of over 36%.1 US Freight Broker Market Valuation According to a Verifiedread more
Listen, we need to have an important talk. We hear what you’re saying. The insurance industry is fiercely competitive. Differentiating yourself with commoditized insurance products while catering to clients that are laser-focused on price can be tricky. But whether you’re new to the freight-broker insurance market or if you’ve always
The insurance industry is tough; many hardworking agents targeting the same clients, offering products with little room for negotiation on price or coverage. Differentiation from your competition can be a challenge, but a lack of differentiation will slow your business growth. Your available time is already at a premium, making it harder to
While insurance may not be the most exciting aspect of managing your business, it's a critical one. When it comes to third-party auto liability insurance, though it may not be required, there are undoubtedly significant risks associated with operating without it. How does that affect you in a third-party broker situation? It's not uncommon
Do freight brokers need insurance? While you don’t technically need insurance to operate as a freight broker, there are some pretty significant things going on in the industry that put you at a great disadvantage without it. For one, you can be sued for damages associated with death and injury if your motor carrier isread more
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