A Freight Broker Bond is a type of license and permit surety bond that freight brokers and freight forwarders need to purchase before they can get licensed. This is a federal bond required by the Federal Motor Carrier Safety Administration. So how does the bond work? The bond protects your customers and other individuals you work with. The bond promises that you will follow all state and federal rules and regulations. If you fail to follow through on your regulations, someone can make a claim against your bond. You can find out how the bond claim process works in our other video. The cost to get a Freight Broker Bond is based largely on your personal credit score. The bond amount is set at $75,000. The price you pay for your bond, though, is just a small one-time portion of this amount. If you have good credit you might only need to pay $938 for your bond. If you have not-so-great credit, you’ll probably need to pay a higher rate. Another factor taken into consideration is how long you’ve been in the industry. If you are a new freight broker or freight forwarder, you’ll most likely have to pay more for your bond the first year.