March 31, 2020
With a supply chain in flux, those of you who think outside of the box and expand your horizons will come out of this period stronger than before. That calls for new specialties. In the same way that General Motors is manufacturing respirators and shoe companies such as New Balance are producing masks, there will be opportunities for you to move beyond your comfort zone in the immediate near future. When one door closes, others could open. It means taking advantage of opportunities that have arisen such as shippers with high demand. It also means considering specific regional freight needs. Do you need to shift some of your resources to other parts of the country? This kind of thinking is not only important for you in protecting your business and ensuring your success – to put it in PFA language – it is important for entire sectors and for the […]
March 31, 2020
Adversity brings out the best in many of us. That will be counted on in the coming months as we adapt to the challenges of the COVID-19 crisis. Those of you focused on the restaurant industry, for example, may need to shift gears to supporting the demand being faced by grocery stores, pharmacies and health food stores. There will be a slowdown – at least for the short term – in many products and services considered non-essential and a huge spike in those more essential to public health and safety. Are there competitors who could become collaborators? Could you team up on some opportunities with companies that are rivals? Or, are there trade-offs that you could make with other Freight Brokers or Motor Carriers? Are you built to be part of the solution in working with various levels of government and the health care sector? Are there ways in which […]
January 3, 2020
Failing to plan is planning to fail. And that applies to planning to do some new things in 2020. Now’s the time to consider those new twists for the new year. 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?” Cargo Coverage Services 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 […]
December 5, 2019
Tommy Ruke – aka The King Pin — of the Motor Carrier Insurance Education Foundation knows his stuff and loves the opportunity to share information with trucking companies that want to make a difference, for their customers in particular and for the transportation industry in general. Here’s the lowdown on the ATRI Report on Operational Costs for Truckers from one of the consummate leading experts in truck insurance. https://truckingresearch.org/ The ATRI analysis of the operational costs of trucking is a 2019 update that reflects 2018 operating costs. To download the full report at no cost, go to truckingresearch.org. Each year, ATRI reports on a survey they conduct. You need to understand who responds and how their information is used. First, ATRI is an affiliate of the American Trucking Association, so their research is for large interstate fleets (private and for-hire). Sector Respondents Truckload (TL) 37% Less-than-Truckload (LTL) 42% Specialized/Other […]
December 5, 2019
Recognizing that your customers are what ultimately drive your business, one of the key questions for many Freight Brokers is “how can you make yourself more marketable to Shippers?” The basics of self-marketing 101 in the transportation industry include Cargo protection, General Liability protection and Auto protection. How about ensuring that you have a supplementary indemnity in place (at least $25K)? It’s worth considering. These small investments can yield significant increased opportunities. Insurance Grows Revenue Most people believe insurance is about protection. And at its very core, it certainly is. Yet, have you considered how it can grow your revenues? We have seen insurance coverage increase revenues by making Freight Brokerages more marketable to Shippers, as just one example. Shipper’s Interest Cargo Time and time again, it seems to come back to the basics of 1. Cargo protection 2. CGL protection 3. Auto Protection. We see contractual demands. We see […]
December 5, 2019
Prepare for the holiday season and winter weather challenges with our comprehensive guide. From icy conditions to seasonal hazards, learn how to stay safe and secure.