June is National Safety Month, which makes it the perfect time to raise awareness about cargo theft in the transportation industry. Despite some previous dips in theft rates during the last 18 months, CargoNet is reporting that theft activity was more than 15 percent higher in the first quarter of 2022 than it was before the pandemic began.
With the July 4th holiday on the horizon, you can take proactive steps to protect your business from financial losses caused by cargo theft. One of the best ways to mitigate dollars lost to theft and pilferage is to make sure the loads you broker and/or transport for your customers are fully insured. Trucker Tools has partnered with insurance industry innovator Loadsure to bring you spot market freight insurance that can be added on a load-by-load basis. With a few clicks of your mouse in Trucker Tools’ Smart Capacity platform, you can instantly add cargo insurance to your loads and rest easy knowing that if something does go sideways, your freight is fully insured.
Check out these top four reasons to insure your spot market freight with Loadsure.
1. Add Freight
Insurance in 40 Seconds or Less
Time is everything in the transportation business and the ability to quickly get the information you need to make good business decisions is invaluable. Loadsure’s artificial intelligence technology underwrites the risk on each individual load in real-time. That means that when you’re considering adding Loadsure all-risk cargo insurance to a load in Smart Capacity, you receive a near-instant quote on the load in Smart Capacity’s interface. You can add insurance to the load in 40 seconds or less instead of spending hours on the phone with a traditional insurance broker negotiating premiums and coverage terms for blanket coverage for the entire year.
2. Insure High-Value
Loads at Higher Levels
With traditional cargo insurance coverage, you pay an annual premium for one set amount of coverage for all of your loads. You don’t have the option to change coverage levels according to the value of each individual load with traditional freight insurance. With Loadsure, you can increase or decrease the level of coverage on loads according to their value. With this approach, you’re only paying for what you truly need and that can help you reduce your annualized insurance costs. Loadsure’s cargo insurance coverage is door-to-door and covers inside theft, load/unload damage, unattended vehicles, illegal re-brokering, fraudulent pickups and Acts of God. Broad, domestic commodity coverage through Loadsure is available on produce and frozen food, flowers, livestock, over the counter drugs, fireworks, alcoholic beverages and more.
3. Quick Claims
Processing and Payments
One of the reasons that Trucker Tools has partnered with Loadsure is that when freight brokers and 3PLs like you need to submit claims, you can do so easily and in a matter of few minutes. Loadsure’s user-friendly digital claim submission process is fully automated and claims are settled in a matter of minutes, days or hours — not in weeks, as is often the case with traditional cargo insurance. Claims are settled up to the dollar limits of the policy based on the full invoice value of your customer’s freight, including import duties if applicable. Loadsure’s U.S.-based claims distribution network also helps you avoid any intermediary bank charges that might normally reduce the net reimbursement your business receives.
4. Offer Added
Assurance to Shippers, Broaden Your Capacity Network
While carriers carry liability coverage, that doesn’t offer the all-risk protection shippers need to protect against a broader range of risks. The partnership between Loadsure and Trucker Tools allows you to insure an individual load for up to $2 million. The ability to insure even the highest value freight at such a high dollar amount can give you a leg up on your competition, as not every freight broker or logistics provider can offer that much coverage on a single load. If shippers know you can add cargo insurance on a load by load basis according to the value of the freight, they’re likely to want to work with your business again in the future. During a capacity crunch, your ability to add coverage on a single trip basis also allows you to tap into a broader range of carrier capacity, helping you move more of your customers’ freight.
To learn more about Trucker Tools’ partnership with Loadsure, be sure to read “How Loadsure Can Help Brokers Reduce Financial Losses.” Schedule a free demo of Trucker Tools’ Smart Capacity.