Be Prepared to Pivot in 2021

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Be Prepared to Pivot in 2021

As we said last year at that this time, failing to plan is planning to fail. Very few businesses can grow – let alone sustain themselves – without being well-organized and well-structured to achieve your priorities in any given year. Strategic and tactical planning have never been as important as they are going into 2021, where having some security in the face of continued uncertainty on several fronts is something to build on for Freight Brokers, Motor Carriers and others in the transportation sector.

Being organized is the key to planning to do some new things in 2021. Sometimes, even a small shift can mean new business. You’ve probably been thinking about a few new opportunities over the last few months; now is the time to get serious and make them happen.

A prominent question on the minds of many Freight Brokers is a simple one: What can increase business?

PFA Transportation Insurance & Surety Services is always exploring this key question for many Freight Brokers: “How can I make my company more desirable to Shippers?”

One of the primary protections for you – and one commonly desired by Shippers – is some form of cargo coverage. It’s worth considering and several options exist. Most Freight Brokers have heard of and consider Contingent Cargo insurance. That is a great protection for most. Yet, have you considered how other options may increase your revenues? Shipper’s Interest and Excess Limits for Cargo are two additional coverage options that make Freight Brokerage companies more marketable to Shippers. It seems to come back to the basics, with cargo protection being a key in many contracts. We often see companies realizing they want protection and others realizing they want to be more ‘marketable’.

We have been suggesting more of the Shipper’s Interest Cargo coverage to help address concerns of how a trucker’s policy may fail to pay, fail to pay timely, or fail to pay all of the value for the loss incurred. Shipper’s Interest can be used to overcome these problems. If you have opportunities to move a load but the cargo requires a limit over the amount carried by your Trucker, Excess Limits can be obtained for this higher valued cargo to ensure you have adequate limits for that specific load.

Our Commercial Insurance Advisors at PFA can guide you on these insurance options and the related coverage provisions. Perhaps you can start considering higher cargo limit exposures, implement some new ‘Broker Carrier Agreement’ options, and test out these additional ways to garner additional freight for your business?

It’s a new year. Make it one of new opportunities by considering Contingent Cargo Insurance as a way to connect you to more Shippers in 2021.

Give us a call to discuss these ideas and talk about your specific situation. Once we’ve asked a few questions, we’ll work with you to find ways to help grow your business. As always, we’re not only here to Protect Your Business, but to Ensure Your Success.