Shipping Insurance

Shipping insurance helps to protect items that you sell and ship to customers. If you own a business that ships goods or products to your customers, shipping insurance will help you to protect yourself from having to replace those items from your inventory or offer a refund should the items become lost or damaged during shipment. Most shipping providers offer the option of purchasing shipping insurance. If your specific shipping provider does not offer shipping insurance you can find many online sites that provide it or you can simply choose to use another shipping company.

It is important that you purchase sufficient insurance when shipping products. You want to be certain that you purchase enough to cover your claim should you have to file one. Whether you are selling eBay items, shipping products from your company or sending a gift to a family member, the amount of insurance that you purchase is crucial. You want to be certain that you have purchased enough insurance to fully compensate you in the event the item is lost or damaged. It is recommended that items be insured for their retail value. If you are unsure of the retail value of the item you can do some research and find an average figure. Keep in mind that most shipping companies will not give you more compensation than what the item is actually worth so there is no sense in paying a higher premium if it is not necessary. Only purchase enough shipping insurance to cover the specific item or items that you are shipping, no more and no less.

You should also choose a shipment method that you can track easily. Most shipping companies offer free online tracking for packages. UPS, Federal Express and other companies provide specific tracking numbers for packages. Use these numbers to track your shipped packages so that you know for certain if they are really stolen or lost. This will help you to know when you should actually file a claim on a package. You should keep all of the documentation for shipped items including the tracking numbers, receipts and insurance numbers until you have confirmation that the item has been received. Most shipping companies have signature requirements or will at the very least post that the item has been delivered. Keep your shipping documentation until you receive notification that your package has been properly delivered. You will need this information should you need to make a claim.

If you do need to file a claim on your shipping insurance you will need to take your shipping documentation with you to the shipment company. You can go online and find the nearest location to you and take your documentation to that location.

Different companies will offer different premiums as well as coverage specifics. You should take your time when choosing shipping insurance particularly if you are not purchasing it through your specific shipment company. If you are buying shipping insurance online, take your time and read the policy carefully before you purchase. Again, companies are all different and some companies may simply not provide you with the coverage that you need to protect yourself in the event your packages become lost or damaged. You will want to ensure that you receive some sort of receipt or documentation for the shipping insurance that you purchase just in case you ever do need to file a claim on a package.

There are many highly reputable shipping insurance providers online. Take some time and compare the different companies as well as the various policies that each company offers and choose the one that offers you the most benefit regarding coverage as well as the lowest rate. You may find that some companies provide discounts for regularly purchasing shipping insurance. If you have a company that ships products on a regular basis you could potentially save on your insurance fees if you ship several packages over a specific amount of time. Check with the specific company about discounts.

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