Insurance has become a common term these days. Most people get their cars and home insured. There are life and health insurance. Moreover, today, you can even get your phone insured.
Well, they’re all valuable materials so, why not? Similarly, the products you ship are also equally useful assets for your business. Their security shouldn’t be kept in the background.
Let’s have a closer look at eCommerce shipping insurance and why it is absolutely necessary for your business.
What is shipping insurance?
Shipping any object from one location to another is a risk. You need to be sure of the end-to-end channel and the courier partner before taking on the task.
But still, to run your eCommerce business, you can’t refrain from shipping valuable items. That is when shipping insurance comes into play.
It is a protective cover for your shipments against damage, loss, or theft when you ship them from your warehouse to the customer’s delivery location.
Shipping insurance enables you to ship without any hassle. You can ship valuable items quickly with a cover to safeguard your money.
Why Do Your Shipments Require Insurance?
Shipment Coverage
With a shipment coverage, you can breathe easy as you will get some amount of money if your shipment is lost, stolen, or damaged. An uncomplicated shipping coverage, like that of Shiprocket, allows you to ship far and wide without any hassle. Shiprocket’s insurance offers you a cover of Rs. 5000 for damaged, lost, or stolen goods. So, you can ship, even the most expensive and high-risk items.
Security
There is no doubt that with an insurance cover, your tensions reduce drastically. You can process a higher number of shipments to far off pin codes without the stress of loss. This gives you space to work and invest in other aspects of your business.
Saves you additional costs
If any of your packages are stolen or damaged during shipping, you hit a direct loss. This loss won’t just include the amount of the package; it will be inclusive of the shipping, packaging, inventory management, and the product cost. Furthermore, you will be solely responsible for paying for this loss. Whereas if you have insurance, you can recover most of this money and avoid any additional loss you will have to bear.
Things to keep in mind
Terms and conditions
Even if your eCommerce shipping solution has an insurance plan in place, make it a point to know all the terms and conditions. These terms govern your insurance cover. Make you are aware of the clauses which surround the claim, the process you need to follow, and the other minute details that are relevant to your shipment. When you proceed to claim your insurance, these terms and conditions will be useful in putting up a strong case.
File a claim soon
Once you get to know that your goods have been lost, stolen, or damaged, don’t waste a lot of time contemplating. Get down to business and take up the claim with your insurance provider as soon as possible. The more you delay, more are the chances that you might not receive your insurance money. Know your insurance provider’s cut off time and don’t wait till the last day. Get on track with all the clauses, and file your claim at the earliest.
Proper documentation
Without complete documents, the courier or company won’t be able to process your claim. Documents and proof form an essential aspect of insurance claims as it is no less than a legal battle. You will be required to show receipts, videos of what you shipped, how you shipped it, etc. Documents like the claim form, origin and destination documents of goods, evidence of product value, etc. are a must.
Patience is key
Remember, even though you are claiming your right, there is a due process that goes on around these things. Once you file your claim, be patient, and follow up from time to time. Impatience will only make things ugly with the provider, and little to no good will come out of it. Cooperate with the provider and be assured that you will receive your money.
Conclusion
Shipping insurance is an essential component of your eCommerce shipping strategy today. Without it, you might have to face the wrath of losses. Look for shipping solutions that offer you an insurance cover for your goods or try to look to third-party insurers. But, don’t ignore this aspect if you ship high-value products!
