This small-scale example alone could save you $90, so just imagine how much money you could save if you ship hundreds of packages on a regular basis!īefore determining if shipping insurance is worth it, you also need to make sure that your contents meet the qualifications for reimbursement. So instead of covering $100 for every 10 shipments, it definitely makes more sense to pay about $2.00 for shipping insurance on those 10 shipments for a grand total of $10.00. After all, if the statistics for lost, stolen, and damaged items show that you could expect to replace one out of every 10 shipments, that would be a lot of money wasted on your part. This is especially true for items over $100. On the other hand, if you are constantly shipping high-value items, then it’s definitely worth it for you to purchase shipping insurance. Instead, it would actually end up costing you more and cutting into your profits more than simply replacing the items would. For example, if you’re shipping a small number of products with a low value (well under $100), then it probably doesn’t make sense for you to pay the extra fees to purchase shipping insurance. So clearly, shipping insurance is valuable, but is it really worth the extra cost? It really depends. One thing that you can control, however, is shipping insurance that’s able to protect you and your package. Although the likelihood of damage usually corresponds to how far the package has to travel, it can happen at any time during the journey due to circumstances beyond your control. In addition to being lost or stolen, damaged packages are also a huge problem in the United States - with one out of every 10 shipments arriving at its destination damaged. Do you really want your products to be part of these statistics? If the answer is no (which it should be), then you need to purchase shipping insurance to ensure that you’re not on the hook for replacing the cost of your package contents. As a result, one in every three Americans reported having at least one package stolen - leading to $25 million of lost goods and services every day. According to recent research from Rensselaer Polytechnic Institute, 1.7 million packages are stolen or lost every single day in the United States. Shipping insurance is particularly valuable these days when package theft is at an all-time high. This offers you an extra layer of protection during the shipping process and ensures that you won’t be out the total cost of the package should something happen.
Shipping insurance allows a shipper to get reimbursed for the value of a package if it is lost, stolen, or damaged in transit.
Shipping insurance is perhaps the best solution out there to this commonplace issue. However, there are things you can do to protect your packages and your business in the process. This is an annoying issue that online retailers deal with on a regular basis. There’s nothing worse than dealing with a lost, damaged, or stolen package - but somehow, it’s even worse when it happens to your customers.
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