Freight brokers match truckers with empty space with manufacturers who need goods transported. A freight broker, also known as a property broker, never takes possession of the goods transported but arranges for its transportation. A licensed freight broker is able to operate his own business or work for a company that specializes in brokering transportation.
1.Consider enrolling in an educational program that teaches the ins and outs of being a freight broker. Both online and classroom programs are available.
2. Register with the Federal Motor Carrier Safety Administration as a freight broker. File the 0P-1 Application for Motor Property Carrier and Broker Authority form mandated by the FMCSA. Pay a $300 registration fee. Wait for a Motor Carrier Number to be assigned to you before you complete the rest of the freight broker application.
3. Obtain insurance or post a bond in the amount of $10,000. Contact an insurance agent or your local financial institution to arrange for a surety bond or policy in the required amount.
4. File proof of insurance coverage with FMCSA. Choose an agent in each state where you write business to serve as a Process Agent in case of legal action. Fill out a BOC-3 Form, Designation of Process Agent Form and file it with FMCSA.
5. Wait four to six weeks for your application to be processed. Obtain your FMCSA Authority and you are a licensed broker. Begin a freight broker business of your own or apply for employment with a freight brokerage firm.