How much does a Freight Broker Bond cost?

The cost of the freight broker bond is only a percentage of the $75,000 bond amount, called the premium, and it is determined by the surety bond company issuing the bond.

That percentage is often largely based on the freight broker’s credit score. However, providing additional information that shows financial strength and experience can help lower the cost. Sureties will then assess all the risks involved in bonding, will formulate a quote based on all the provided information.

Below are some of the main factors that have an impact on your freight broker bond cost:

  • Personal credit score
  • Years of industry experience
  • Current or previous bond claims
  • Business financials
  • Fixed and liquid asset

Freight broker bond rates can be as low as 1.25% ($938) for experienced brokers with excellent credit score and financial records. Applicants with an average credit score and financials can expect their rates to be anywhere between 3% and 5%.

Can I get a Freight Broker Bond with Bad Credit?

Yes, freight brokers with poor credit score can still get bonded. However, you should expect the bond premium to be a bit higher.

Freight brokers with credit score of 650 or lower, or with no credit history, are considered high-risk applicants. This is why bad credit bond rates typically start at 5% of the bond amount and can go up to 12%.

Bryant Surety Bonds has a special Bad Credit Program that will help you get bonded at the lowest possible price. To understand how much your freight broker bond will cost you, fill out our Freight Broker Bond Form (it takes 5min).

How to Get a Freight Broker Bond?

In order to get your freight broker bond, and have it automatically sent over to the FMCSA on your behalf, you must complete the following easy steps:

  1. Apply Online - fill out our easy online application, and let us do the rest.

  2. Get your FREE quote - receive your no-obligation online quote.

  3. Get your Bond - once paid for, you will quickly receive a digital copy of your bond.

Freight Broker Bond Requirements

When applying for a freight broker bond, you will need to provide the following information:

  • MC Number (optional) - this number is provided by the FMCSA, and is separate from a US DOT number.

  • Contact Information - email and physical addresses are used for communication, and to send over bonds once they have been paid for.

  • Company Name - although you can apply for a quote without providing a company name, it will be required to have one in order for your bond to be issued.

  • SSN - social security numbers are used to pull soft credit checks.

  • Residency Status - all applicants need to have legal status in the US, green card holders, and naturalized citizens are accepted.

  • Years in Business - years of industry experience are another important factor in calculating the bond premium; the more experience, the lower the rate.

  • Active Claims - you will need to let us know if there are any active claims against you or your business, and if so, they will need to be resolved first before receiving a new quote.

  • Ownership - we will need to know if there is more than one owner, and what percentage each owner has of the brokerage when applying.

About
Bryant Surety Bonds
Bryant Surety Bonds is one of the top surety bond providers in the U.S. offering all types of surety bonds in all 50 states. Through solid relationships with over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service, needed to provide you with a hassle free experience, all while offering competitive rates for your surety bond needs. We offer an extensive list of surety bonds (both commercial and construction) to fill the needs of your business or its next big project. We are excited to put our expertise to work for you, please apply for a surety bond today. As always, it is free to apply and there are no obligations.