Table of contents
hide
Business isn’t all just about finding customers. Getting products from point A to point B quickly and securely is also vital. When products don’t arrive on time, business operations get interrupted. Also, sales might decrease because customers fail to avail the goods needed. Freight brokers exist to solve such problems.
Shipping takes time, and freight brokers are paid to do all of the tasks.
They;
An estimated 18,000 licensed freight brokers are in the United States , so you won’t run out of options. Still, it’s best to work with a freight broker having freight broker’s contingent cargo insurance
A freight broker acts as a middleman between clients and shipping companies. The work involves finding a shipping company, negotiating, preparing the goods for shipment, and tracking the goods so that the cargo doesn’t get damaged or lost and arrives on time.
A shipping company has a freight cargo insurance policy, which protects you from significant loss by providing reimbursement equal to the total value of your shipment if your cargo gets lost or damaged.
Contingent cargo insurance takes into effect when a shipping company won’t pay for your claim. What it does is put the responsibility of paying for damages on the shoulders of the freight broker you’re working with.
asking how long it will take for contingent cargo insurance to apply or take effect for lost or damaged cargo during shipment? it won’t pay immediately.
A general rule is that a shipping company’s carrier must deny the application to use coverage before a freight broker’s contingent cargo insurance kicks in.
If you don’t want to wait, coordinate with your freight broker to confirm if there’s a primary cargo insurance policy availed because, unlike contingent insurance policy, a primary cargo insurance policy can be used immediately.
. Aside from contingent cargo insurance, you also need other policies such as general liability insurance.
Let’s say the client’s shipment arrived as promised. However, it turned out that the goods were damaged.
But instead of the shipping company, a claim is filed against you. In this case, general liability insurance will be very useful as it will account for all the costs needed to settle the client’s claim for damaged goods.
General liability insurance only applies to property damage and bodily injuries. On the other hand, contingent cargo insurance accounts only for the loss of goods due to the actions of the shipping carrier.
Contingent cargo insurance doesn’t only apply to cargo delivered from point A to point B using a ship. It also applies to other modes of shipping, such as through trucks or planes .
Contingent cargo insurance cost is as affordable as other specialized insurance policies. Contingent cargo insurance for freight brokers cost $1,500 a year on average.
On the other hand, availing of liability policies general liability insurance policy, for example adds another $400. If we add these figures, the total contingent cargo insurance price is $1,900 annually.
Thimble is rated by Markel that has a rating of A- .Thimble’s contingent cargo insurance is very straightforward. After providing all the details, the company will then proceed to process your application.
If approved, you’ll enjoy up to $1 million to $2 million coverage which is already enough, provided that you only work with small businesses.
Average cost: $108.33
Our rating : 8/10
Get all the best quotes from leading providers in a click of a button!
AM Best rates Chubb with an A++ rating. Chubb’s contingent cargo insurance comes as an additional option to its worldwide ocean cargo insurance, which costs $1,500 maximum and provides up to a $60 million coverage limit.
Benefits you’ll enjoy if you choose Chubb for your contingent cargo insurance are broad protection to goods in transit, fast and flexible claims process, streamlined billing and transparent accounting, and an online certificate of insurance.
Average cost: $125 per month
Our rating : 10/10
State Farm offers insurance policies that are cheaper than the average pricing in the market.
You might avail of contingent cargo insurance from State Farm if you talk with an agent about the specifics of State Farm distributor insurance, which provides property, business liability, client property, employee, and equipment coverage.
Average cost: $140 per month
Our rating : 10/10
Mapfre is an insurance company providing policies in the US and other countries such as the Philippines and Puerto Rico.
Mapfre Puerto Rico offers contingent cargo insurance as part of its ocean marine and inland marine insurance. They have specialized service and loss control programs that will help to determine how much you’ve lost depending on the mode of transport, type of products, and the way they’re stored.
On the other hand, Mapfre Philippines offers contingent cargo insurance with its marine cargo insurance, providing coverage while cargo is being transported by land or sea.
Average cost: $161 per month
Our rating : 10/10
AmWins contingent cargo insurance comes in the form of freight broker’s liability and contingent coverage. The base coverage is $5 million. Also, additional options provide $100,000 up to $1 million coverage for professional liability insurance, general liability insurance, and freight broker’s auto insurance.
Average cost: $175 per month
Our rating : 6/10
Get all the best quotes from leading providers in a click of a button!
Transinsurers is an insurance company specializing in broker insurance, freight insurance, and trucking insurance.
Trans Insurers’ contingent cargo insurance is part of its freight brokers insurance policy that combines truck broker liability, contingent auto liability, and general liability coverage.
Average cost: $134 per month
Our rating : 10/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Not all those who wander are lost.
Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
