Know facts about shipping insurance
- It is an essential service that protects shippers against any stolen, lost, or accidentally damaged packages.
- In case the package does not reach its final destination or is damaged when it is finally delivered due to any reason then the shipper has to reimburse the value that is declared on the items in the package.A major chunk of shipments arrives at their destinations without delays and intact. However, there are numerous inherent risks associated with shipping goods. In this era of the internet, millions of consumers opt to buy high-value products through eCommerce. Thus the potential loss of any package due to an accident becomes an unpleasant experience and can damage the reputation of your business.
- The cost of Transit insurance varies. It depends on the value of shipped items for all carriers. The more valuable the products in the package the more expensive is the insurance
- Insure the items that you cannot afford to replace in case of accidental damage.
- Shipping insurance can be bought through couriers or third-party vendors at the time of shipment,
- Delegating the responsibility of protecting your shipment to the insurer relieves mental stress and financial hazards.
- Many third-party insurers will require some basic level of trackability to insure your package.
Is shipping insurance worth the cost?
- This depends on the shipping volume. High order volume implies that there are more chances that some packages can get lost or damaged.
- Also depends on the value of the shipped items
- Valuable items justify the shipping insurance cost
- If a person is sending a letter or a cheap item then he does not need shipping insurance
- Business shippers that are constantly engaged in shipping valuable packages need to secure shipping insurance
- However, this investment of getting shipping insurance done is worth the money in case of accidental damage.
- Shippers do not have to face business loss in case of accidental damage. They can win clients back if they quickly reimburse.
Get shipping insurance to mitigate the risk of accidental damage
- Since there is a perpetual risk that the packages will be damaged or lost it is best to get shipping insurance done benefits include ;
- You will get compensation for any accidental damage or loss of the package if it is properly packed.
- You are entitled to get the purchase value of the order.
- You will recover shipping costs. You can send a replacement to your client without having to bear any additional cost
- It provides complete security and thus you can offer swift service to clients in case of accidental damage.
- It offers peace of mind. You need not bear the additional stress of warranting the safety of every shipment you send out,
How to get a shipping insurance claim
- When a packet is accidentally damaged file a claim with the insurer or carrier.
- Submit important documentation proving the value of the damaged packet without any delay.
- Dedicated shipping insurance companies take only a few days to process the claim and disburse the claim
Generally, shipping carriers are reliable and consistent in their work operations. But still, packages are misplaced and get damaged. Lost and accidentally damaged shipping is unavoidable. It is imperative for business enterprises to be prepared for any such eventuality so that they do not have to pay for losses from their pocket. They need to get proper shipping insurance of the freight in combination with appropriate physical risk management to manage the financial disruption of accidental damage or loss. Dedicated cargo and freight insurance companies offer carrier liability and insurance policies. Knowing you have coverage through insurance relieves your anxiety about your shipment