November 24, 2020
While there are many things for Freight Brokers to consider when contracting with Motor Carriers, one important part of your due diligence is to ensure the carriers with whom you contract have the proper Federal Motor Carrier Safety Administration (FMCSA) authority. It’s also important that your Motor Carriers carry the appropriate lines of insurance coverage. Without question, this is one of the most basic and fundamental of priorities you may have for your Freight Brokerage business. Your Motor Carrier should be appropriately licensed, authorized and insured to protect the loads in question. It is essential to call the Motor Carrier’s insurance provider directly to verify the coverage that is listed on the Certificate of Insurance that you are provided. There are many unfortunate instances in the industry when Freight Brokers are provided with a fake certificate from a fraudulent source. The bottom line is that it is your responsibility as a […]
August 3, 2020
Why Commercial General Liability Coverage? The answer is simple: To satisfy contracts! General Liability Coverage This isn’t just insurance speak, but it’s an opportunity to have a quick reality check. And that reality is that shipping contracts are including General Liability in the insurance requirements with greater frequency. Landlords and affiliated businesses also require this in the agreements that you’ll encounter as your brokerage expands. The PFA Insurance Team can help you address the contractual terms and all those ‘odd’ insurance requirements. Don’t stress when asked about ‘additional insured, waiver of subrogation, primary non-contributory’ because we’ll help you get them added too. Cyber Coverage Requirements One more reality of today’s commerce and industry is that the thieves can’t always be seen. They are digital, electronic, and remote in their tactics. Due to this threat, some contracts now include cyber coverage requirements. The best coverage tends to be found in specialized […]
August 3, 2020
The One Stop Shop at PFA continues to expand with easier ways to obtain quotes and more insurance offerings. Freight Broker Insurance Coverage Whether you are a new Freight Broker in need of insurance coverage to protect your brokerage or a current client needing additional coverage to satisfy new requirements on your expanding operations, you can now access the PFA insurance application on our website. This application helps guide you through the information needed for the special freight broker coverage lines of Contingent Cargo, Contingent Auto Liability, General Liability, and Professional Liability (aka: Errors & Omissions). PFA Truck Insurance We are also pleased to announce that due to overwhelming demand, PFA has expanded into offering truck insurance! We have a program that is favorable to smaller and newer carrier operations and is currently available in seven states (AL, AZ, GA, IL, NC, SC, TX). While we await additional states to […]
June 30, 2020
Expanding your business opportunities is a keystone to business strength and independence. One of the surefire ways to increase your revenues from shippers is Shipper’s Interest. A small investment in Shipper’s Interest and other carefully selected transportation insurance products can help grow your business. Some things to think about as you map out a plan that will take you through the current disruption include: Shipper’s Interest, which can be an effective way to cover high-value cargo, protect key shipper relationships and provide insurance at the time it is needed without facing costs in advance; Contingent Cargo means “peace of mind” and it is frequently required under many shipper agreements; Auto, General, and Umbrella/Excess Liability may also arise in the insurance requirements of certain shippers. Shipper Insurance Requirements When a shipper provides you with their insurance requirements, be aware of three additional coverage requirements. Often called endorsements, these coverage requirements need […]
April 30, 2020
Cyber breaches happen when secure, private, and confidential information on your electronic devices is accessed by third parties and released in a way that can set you and your business back in unintended ways. Is My Computer at Risk for Fraud? You may believe your computer system is secure, but the fraudulent actions and targeted attacks upon computer systems – business and personal – only continues to increase. Often, unsuspecting people fall victim to a ploy that can put these systems and data into the hands of cyber thieves. Adopting an Everyday Cyber Security Mindset Cyber security should become part of your work culture, whether most of your systems are accessed at the office or – as in these challenging times – at home. Recurring training and constant self-assessment of you and your employees is an effective way to combat this problem. NXTsoft Cyber Education and Phising One of the […]
April 30, 2020