Contingent cargo insurance – is a type of insurance that provides coverage for losses or damages to cargo that are not covered by the carrier’s insurance policy. Contingent cargo insurance is typically purchased by shippers or freight brokers as an additional layer of protection for their cargo.

Contingent cargo insurance typically covers a wide range of potential losses or damages, including accidents, natural disasters, theft, and other perils. The coverage provided by contingent cargo insurance may be triggered when the carrier’s insurance policy does not provide sufficient coverage or when the carrier’s insurance policy is exhausted.

Contingent cargo insurance may be purchased on a per-shipment basis or as an annual policy. The cost of the insurance will depend on the value of the cargo being shipped, the mode of transportation, and the type of coverage being purchased.

It’s worth noting that contingent cargo insurance is not required by law, but it can provide valuable protection for shippers and freight brokers in the event of a loss or damage to their cargo. Typically, it is paid as a percentage of revenue generated by brokers during the policy period.

General liability insurance – is a type of insurance that provides protection for businesses against claims of bodily injury, property damage, and other types of losses that may arise in the course of their operations, excluding auto liability and worker’s compensation losses. This type of insurance is often referred to as “commercial general liability” (CGL) insurance.

General liability coverage typically covers a wide range of potential losses that may arise from the business’s operations, including accidents, injuries, and damage to property. The coverage may also include personal and advertising injury, such as defamation or false advertising.

General liability coverage is an important type of insurance for businesses of all sizes, as it can help to protect against financial losses that may result from claims made by third parties. The cost of general liability coverage will vary depending on the specific circumstances of the business, including the type of industry, the size of the business, and the level of risk involved. Policies typically start from $500 a year and higher depending on the exposure, such as square footage and location of facilities, type of operations, type and amount of property and business equipment insured.

Worker’s compensation insurance – is a type of insurance that provides financial benefits to employees who are injured on the job or become sick as a result of their work. It is required by law in most states, and it covers a wide range of expenses related to work-related injuries or illnesses, including medical treatment, lost wages, and rehabilitation.

Workers’ compensation insurance is typically provided by employers and is paid for through premiums that are based on the size and type of the business and the industry in which it operates. In general, the larger and more hazardous the business, the higher the workers’ compensation insurance premiums will be.

The purpose of workers’ compensation insurance is to provide financial support to employees who are unable to work due to a work-related injury or illness, and to help them get back to work as quickly as possible. It also protects employers from being sued by employees who are injured on the job.

Contingent Auto Liability policy – is a type of insurance that is specifically designed to protect transportation brokers and freight forwarders from the liability they may be exposed to when the truckers they have under contract are involved in accidents that result in bodily injury, death, or property damage. In such cases, the policy provides defense coverage, which means that an attorney will be assigned by the insurance company to defend the transportation broker or freight forwarder. This coverage includes the cost of the attorney’s fees, and if the transportation broker or freight forwarder is found to be liable, the policy will pay the agreed settlement amount up to the policy limits. While this type of policy is not required by law, it is essential for those who work in the transportation industry and want to protect themselves from the risks associated with accidents that may occur on the road.

Contingent auto liability insurance is calculated based on a percentage of the revenue generated by the transportation broker within the duration of the policy. A minimum premium of $2,500 is generally mandatory.