With businesses of all kinds “waiting for the ships to come in”—literally—there’s increased pressure and opportunity aplenty for logistics professionals, including freight brokers. Indeed, the skill of efficiently arranging for truckers to get the goods from shipyards onto highways is in high demand.
On Time and Priced Right?
The Bureau of Labor and Statistics expects that work in trucking and delivery will continue to grow by 9% every year through, and maybe even beyond, 2024. Relatedly, the logistics field is blossoming with tech investors and entrepreneurs eager to increase efficiencies between shippers, carriers and warehouses. Everyone wants smooth hand-offs, while hoping prices won’t continue to escalate. As the Wall Street Journal reports, “The Logistics Managers’ Index that tracks overall logistics prices, including transportation, warehousing and inventory prices, reached a record in November, up 3.4% from October and a 14% increase year-over-year.”
Current conditions put licensed frieght brokers, who are skilled in the critical “middle work” between shippers and truckers, in big demand. As Trucking Office explains: “A truck broker, also known as a freight broker, is the middle man. He’s in an agreement between a shipper who has goods to transport and a carrier who has the ability to move the load. While many shippers in the United States have direct contracts with trucking companies to transport their goods, using a freight broker can give shippers more flexibility. This can also help their shipments and help them save money…Besides making a good salary, truck brokers are indispensable when it comes to transporting goods and cargo.”
Given the important contractual responsibilities involved in being a truck broker, the Federal Motor Carrier Safety Administration (FMCSA) requires all freight brokers to have a current freight broker bond. In fact, securing a freight broker bond is a prerequisite to licensure. As a direct, national provider, Colonial Surety makes it quick and easy to obtain Freight Broker Bonds. Other companies promise you a quote in minutes—we promise your bond. You’ll save money too—because there’s no one in the middle—just you and Colonial.
It’s easy, and affordable to obtain your Freight Broker Bond from Colonial Surety. In just a few clicks you’ll:
- Get your quote online.
- Input your information.
- Enter your payment method.
- Print or e-file your bond, instantly, from anywhere.
Freight Broker Bonds Explained
Freight Broker Bonds are surety bonds—they serve as a guarantee that contractual agreements with shippers and carriers will be honored. The Federal Motor Carrier Safety Administration (FMCSA) requires all freight brokers to have a Freight Broker Bond of $75,000. The bond is a pre-requisite to receiving Motor Carrier Operating Authority. Sometimes Freight Broker Bonds are referred to as BMC-84 Surety Bonds, Trucking Surety Bonds or Transportation Broker Surety Bonds.
At Colonial, the premium for Freight Broker Bonds is a percentage of the amount of the bond, with no hidden fees. You may notice that with other bond sellers your premium rate will fluctuate and include hidden costs. Colonial offers our lowest possible rate, direct to you: Freight Broker (BMC-84) Bond.
Good To Know: Freight Tech?
Yes, just as technology has been disrupting business as usual in the finance, insurance and even estate planning sectors, entrepreneurial frieghting solutions are seizing the possibilities of tech too. Loadsmart, for example, is focused on making sure trucks are carrying full loads—and minimizing the inefficiency of “empty miles.”
Whatever innovations are on your path forward, don’t forget Colonial Surety is here to help, with direct, digital bonds. With a portfolio of over 4,000 license and permit bonds available instantly , Colonial arms workers and entrepreneurs in every trade and field, all across the country, with the specific bonds they are obligated to obtain. Whatever you are brokering, selling, building, or consulting on, Colonial’s got the bond you need—and we make it easy and affordable to obtain. You can even do it right now, from your mobile: License and Permit Bonds Here.
Colonial Surety Company is built on reliability, affordability and dependability. Founded in 1930, we have proven long-term financial stability; we’re licensed in every single state in the U.S.; we are listed by the U.S. Treasury as an approved surety; and, we’re rated “A” Excellent by A.M. Best.