What Does Insurance Include When It Comes To Freight Brokering? 

There are certain things that your insurance will cover when it comes to freight brokers, not only in Melbourne but around the globe as well. Please keep in mind each insurance is different and so your coverage will vary significantly which is why it is best to talk to your insurance representative and get the low down on what is included and not included in your freight broker insurance. 

Below you will find a list of things that are commonly covered as well as things that are commonly not covered, again this may be different for each insurance company, so be sure to ask first. Keep in mind also that freight broker insurance is a very complex topic because there are so many variations to choose from.

• Broker Bond – Each freight broker must carry a surety bond that ensures that transportation drivers are paid even if the broker themselves refuses or is unable to pay themselves.
• Broker Auto Cover – This protects against third-party claims.
• Broker Cargo Cover – This pays claims that the carrier will not pay.
• General Liability and Property Insurance – This covers things that go beyond issues which involve the cargo or driving.
• Workers’ Compensation – We have all heard this term before. This coverage is for those who have been accidentally hurt on the job for one reason or another.

One of the best ideas for you to do is to contact your local insurance company who will be handling you freight broker insurance and talk to them directly, ask what the premiums are, what is the extent of coverage needed and what everything includes. Don’t be afraid to get this in writing in the form of an estimate.

It is very easy to be over insured so be careful not to get pulled into purchasing the most expensive plans that claim to have the best coverage because chances are you won’t even use all the benefits to that policy anyways.