Inxeption’s Value Protection Plan makes insuring your business shipments easy and affordable.
Gain peace of mind when it comes to shipping. Stop worrying about mix-ups, late shipments, damages, or other shipping mishaps with Inxeption's Value Protection Plan. The Value Protection Plan covers all costs associated with your business’s shipments. If the products you are shipping do not arrive as expected to your buyer, you will be refunded the value of what was shipped.
Even choose date-certain delivery for express shipments. Ensure that product arrives on a specific date, at a specific time. Shipping furniture or other large items that require more care? Choose Inxeption’s last-mile white-glove delivery service. Inxeption saves you time, money, and headaches when it comes to managing your shipping processes.
Frequently Asked Questions
What is the cost to insure my shipments?
You get full protection for consequential damage to your shipments for a low percentage of the order value of your shipment. Contact our experts to find the best rate for your business.
What is unique about Inxeption's logistics and shipping insurance compared to other solutions?
The Value Protection Plan is integrated directly into the Inxeption platform’s streamlined logistics flow, making it easier than ever to manage your ecommerce orders, shipments, insurance, analytics, and more from a single dashboard.
Unlike other insurance providers, we cover the value of the shipment even if it has been accepted prior to damage being discovered. Benefit from quick refunds, with a turnaround time of 30 days or less.
Everything You Need to Know about Shipping Insurance for Business
Inxeption Editorial Team
Whether you’re a consumer or a business, it’s likely you’ve experienced some kind of shipping mishap in the past. The most common “last mile” shipping issues tend to include stolen, lost, or damaged in transit packages.
A 2019 study by Convey determined that when ecommerce shipments get delayed, over 50% of shoppers expect replace products to be expedited and just under 50% expect to be refunded for their cost of shipping or for discounted shipping costs.
In this article, we will cover the main things you need to know about protecting your shipments as a business in order to mitigate risk.
Table of Contents
What is shipping insurance?
Shipping insurance, also sometimes referred to as "parcel insurance" or “declared value”, refers to the service of protecting against lost items, damaged items, or other last mile mishaps through a carrier. If a shipment doesn’t reach the buyer in the shape it should be in, the shipper (or merchant) will be reimbursed the declared value of products that were shipped via the insurance company or provider.
What is the difference between shipping insurance and cargo insurance?
To benefit from shipping insurance, the shipper must prove the negligence of the carrier when it comes to the damage of the product or loss of the product. Cargo insurance attaches to the cargo (product) while in transit, and is generally extended from warehouse to warehouse.
Why should I purchase shipping insurance for my business?
Damaged packages can ruin your brand’s reputation, diminish customer loyalty, and increase switching potential among customers. Not to mention, as a business, the costs of shipping mishaps can be significant both in terms of time and money.
Whether shipping insurance is worth it depends on the volume of your shipments and the value of the products being shipped.
How much does shipping insurance cost?
Each carrier prices shipping insurance a bit differently. It might depend on the zip code you are shipping to and what their specific insurance premiums are for the types of coverage they offer through the post office or other shipper.
If you use an integrated logistics software, like Inxeption, value protection for your packages can be built in to your shipment for a small percentage as opposed to a flat fee.
What shipping insurance add-on options are there?
Shipping insurance programs generally offer specific service options that you can add on as needed. These include signature confirmation, collect on delivery, and return receipt.
Where should I buy shipping insurance?
Using a system or software for your business that helps you to manage logistics and supply chain operations, like Inxeption, might mitigate confusion around what carriers to use and for what. It will help you select the best carrier for your specific needs. If you use a software that automatically helps you ship with an integrated carrier or multitude of carriers, shipping insurance might be an add on service that you can purchase directly.
If you purchase shipping insurance externally or even directly through your shipping carrier, it is important to review the terms and conditions.
How do I file an insurance claim?
Depending on what carrier or type of insurance you are using, the claims process might vary. If you use a software provider or a third party insurance provider, you might submit the claim directly to their accounting or claims department as opposed to the carrier directly. If you ship through a carrier, you will submit the claim directly to their claims department.
Generally, regardless of the process for submitting and filing a claim on insured packages, you will need information about the shipment on hand including shipment details, claim reasoning, proof of value, and evidence of insurance.
Best practices when shipping for business with insurance
Consider the size of your business and the volume you are shipping
If you are a large business doing many shipments, or very large shipments to other businesses, you might consider investing in a logistics software provider like Inxeption that will help you ship smarter and mitigate risk with the added value of shipping insurance from trusted providers.
Always package appropriately whether that be by determining if parcel or freight (LTL or FTL) is the best way to ship, or if you need last mile or white glove service. Always know where your insurance is coming from and vett the provider.
Make claims quickly
Regardless of your provider or how you are insuring, always submit claims as quickly as possible. Carriers generally have a set number of days to respond to claims, but these could range from one week to 30 or 60 days or more.
Know what might be excluded
Though this might vary between providers, keep an eye out for fragile items. With some carriers, when the shipment is signed for, it is accepted as being in satisfactory condition.
How does shipping insurance work at Inxeption?
At Inxeption, shipping insurance or value protection can be easily integrated into shipping capabilities in the platform for a small percentage of the order value. It can protect against economic losses and provide recourse similar to liability insurance. When you have a claim, you submit it directly to us for faster processing than going directly to the provider, so we can help to handle any hiccups.
Request a quote from one of our experts. Or Call 888.852.4783