Surety Bonds

Supply Chain: Freight Brokers Please!

01.25.2022

 

When ships finally get their turn at the dock, trucks have to be ready to take the supplies to their destination. Who coordinates this critical step in keeping the supplies moving? Freight brokers. This sure seems like an important time for more freight brokers to get bonded and get to work, right?

 

Plenty of Work To Do!

Freight brokers do important work “in the middle” of shippers and truckers—coordinating smooth, speedy and successful handoffs of the supplies everyone’s waiting for. Great freight brokers can improve delivery times and contribute to supply chain efficiencies. Flock Freight points out that in addition to helping keep “normal” operations moving, freight brokers can be critical in moving large influxes of supplies, based on seasonal demand. As Truckstop reports:

 

Due to increased demand in the logistics industry, the Bureau of Labor and Statistics predicts this career will continue to grow by 9% every year through at least 2024. The rise of e-commerce has made trucking and delivery one of the fastest-growing fields.

Shippers will continue to need trucks to deliver goods. Drivers will continue needing to keep their trucks full and avoid deadhead runs. Reliable brokers bridge the gap between these two things, using load boards and other tools to make sure everything ships on time.

 

The average freight broker salary varies a good deal by state. For example, in 2020, top freight broker salaries in Kansas exceeded $75,000, while in West Virginia, they were about $37,750. Truckstop recommends that those interested in becoming freight brokers will find the most lucrative path in becoming a licensed broker and recommends these steps:

 

  • Take a course from a private company that teaches you to become a business broker.
  • Work with a company for a while to get the on-the-job experience you need to become certified.
  • Once youve reached a level of five points according to the industry certification standard from a combination of work experience and education, you can apply to become a certified freight broker.
  • Invest in a computer, an internet connection, a dedicated phone line, and good freight broker software (often provided by your employer).

 

Importantly, the federal government mandates all freight brokers to have a Freight Broker bond. The Federal Motor Carrier Safety Administration (FMCSA) requires the bond to be filed before licensing freight brokers for business. 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, quick 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 (BMC-84) Bond Here.

 

Understanding Freight Broker Bonds

A Freight Broker Bond serves as a guarantee that you’ll keep your contractual agreements with shippers and carriers. 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 agents and middlemen companies, your premium rate will fluctuate and include hidden costs. Colonial offers our lowest possible rate, direct to you: Freight Broker (BMC-84) Bond.

 

Pursuing New Opportunities?

With a portfolio of over 4,000 license and permit bonds available instantly , Colonial Surety’s here to help workers in every trade and field. 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.