Insurance Built for
Freight Brokers

The bond itself is $75,000, but you pay a premium — typically 1%–10% of the bond value annually ($750–$7,500). Your credit score, financial history, and experience level determine your rate.

While not legally required, most shippers won't work with a broker who doesn't carry contingent cargo coverage. It protects the freight if the carrier's insurance doesn't respond to a claim.

E&O covers claims that you made a professional mistake — like booking the wrong carrier, giving incorrect delivery instructions, or failing to verify a carrier's authority or insurance.

We specialize in the insurance side — getting you bonded and covered. For the authority application itself, we can point you to trusted partners who handle the FMCSA filing process.

A BMC-84 is a $75,000 surety bond required by the FMCSA for all licensed freight brokers and freight forwarders. It guarantees that you'll pay carriers for their services. Without it, you cannot legally operate as a broker — your authority will be revoked. Nova Coverage can get you bonded quickly so you stay compliant.

Costs vary depending on your revenue, number of loads, and coverages selected. A BMC-84 surety bond typically runs $900–$3,000/year. A full insurance package — including contingent cargo, general liability, and E&O — can range from $3,000–$10,000+/year depending on your operation size. We shop dozens of carriers to find the most competitive rates.

Yes — contingent auto liability is one of the most important coverages for freight brokers. If a carrier you've dispatched causes an accident and their insurance is insufficient, lapsed, or denied, contingent auto liability steps in to protect your brokerage from being held financially responsible. Without it, one bad accident could put your entire business at risk.

Contingent cargo insurance acts as a safety net when the carrier's cargo policy doesn't pay out — whether due to a lapse, exclusion, or insufficient limits. If the freight you brokered is damaged, destroyed, or stolen and the carrier's insurance won't cover it, your contingent cargo policy protects you from having to pay the shipper out of pocket.

Freight brokerages handle massive amounts of sensitive data every day — shipper addresses, carrier payment info, load details, and financial records. A data breach, ransomware attack, or phishing scam can shut down your operation and expose you to lawsuits. Cyber insurance covers breach response costs, legal fees, regulatory fines, and lost income while you recover. In today's digital freight world, it's not optional — it's essential.