What Makes a Good Freight Broker Bond Company?
Your Bond is Worthless Without Strong Financial Backing
When you get a surety bond, a surety company is providing you a form of credit by guaranteeing that any potential claims caused by your freight brokerage will be paid. If you do cause bond claims, the surety will step in to pay them. However, you'll ultimately be responsible to pay the surety back. With a freight broker bond, the surety company is guaranteeing your performance by backing you financially.
If the surety company who writes your bond is financially weak, this is a red flag that they may not have the cash to pay claims on their customers' bonds. The FMCSA will reject your bond, forcing you to buy another, and you will likely receive no refund for your rejected bond. Don't run the risk of purchasing a worthless bond. Our agency's freight broker bonds are backed by one of the strongest (A+ rated by A.M. Best) and largest surety companies in the nation.
Dedicated Team to Help You Fight False Claims
The freight broker industry is filled with bond claims, and many of them are false. The high amount of false bond claims are due to delayed payment to shippers and motor carriers who believe they are getting ripped off, while in reality the payment is often just delayed. If you don't have support to refute false claims, money will be coming out of your pocket to pay them. Our agency has a team of claim specialists that will help you dispute and provide proof for bogus claims so you can avoid spending hundreds of your hard earned money needlessly. Read our article to find out how not paying claims can prevent you from ever getting bonded again.
Simple Bonding Process and Good Pricing
Getting your freight broker bond isn't always as painful as it sounds. While most bond agencies don't allow online bond approvals, a good agency won't make getting your bond more difficult than it has to be. There are agencies out there that allow you to apply for your bond, get approved and pay online. Also, surety companies see safety in numbers, and since we write the most freight broker bonds in the U.S., our bond agency can negotiate the lowest price for your bond. Find out why our agency writes more freight brokers bonds than any other agency.
Author: Eric Weisbrot
Eric is an industry expert that specializes in taking complex surety concepts and explaining them in terms that make sense to the general public. He also manages the JW Surety Bonds website and works with various partners to help further educate the public on suretyship using various mediums.
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