Freight broker bond cost is equal to a percentage of the bond’s total $75,000 amount. The cost is determined based on three factors:
- The business owner’s personal credit
- Business experience
- The financial strength of the company
While each bond application is underwritten individually, the following table offers a sample range for an estimated premium:
|Good Credit, Experience||Bad Credit, Lack of Experience|
Unlike with a Trust Fund Agreement (BMC-85) where full collateral may be required, a freight broker surety bond (BMC-84) allows freight brokers and forwarders to only pay a percentage of the total bond amount. This is paid in the form of the annual premium, without the need for any collateral.
Find out the exact amount your bond will cost, by filling our our quick and easy application form below!
Can I Get a Freight Broker Bond if I Have Bad Credit?
Even if you have a bad credit score (a FICO score of <650), you can still get this type of bond with us, thanks to your bad credit surety bonds program.
For applicants with bad credit, the cost of the freight broker surety bond is higher than for those with good credit. This is because of the increased risk presented to bond companies when bonding bad credit applicants.
How Can I Lower the Cost of My Freight Broker Bond?
Even if you must pay a higher premium initially, it is possible to lower your freight broker bond cost over time. Steps that you can take to tilt the scales in your favor include:
- Improve your personal credit score
- Provide strong financial or business statements
- Own strong liquid assets and provide cash verification
- Work with the right surety bond agency
Working with the right agency is a major determining factor of freight broker surety bond cost. You’ll want to find a bond agency with access to the best programs on the market, such as Lance Surety Bonds. Through strong relationships with A-rated and T-listed surety bond companies, we have access to exclusive programs not offered to most agencies.
A good agency will work with you to find ways to strengthen your application, such as requesting additional documentation that can work in your favor. Finding the right bond agent for your freight brokerage will help you reduce your overall bonding costs.
And since you have to renew your freight broker surety bond on an annual basis, you will always have a full year to improve your credit score and get an even lower premium next time around.
Apply For a Freight Broker Bond Today
To apply for a freight broker bond, complete the freight broker bond application. You will receive a free quote on your bond, along with more details about the bonding process.
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Kimberlee AblesQuick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew PoincotLong story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie MartinezWe decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!