5 Reasons Why It Is Important to Take Out Specialized Shipping Insurance for High-Value Items

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Some items are worth more than others. Due to their expensive nature, they are prone to breakage and hazards. Worst of all, if you fail to deliver the shipment, your company faces damage to its reputation. 

Therefore, you want to partner up with a company that offers specialized insurance. They can provide insurance for high-value items, keeping the shipments and products safe, and your reputation intact. Ensuring your company has insurance for high-value items is investing in customer care. 

5 Reasons Why It Is Important to Take Out Specialized Shipping Insurance for High Value Items

Shipping High-Value Items

High-value items are those items that are worth more money than average and are harder to ship. The common misunderstanding about high-value items is their physical nature. Often, companies approach this matter as they are shipping immense physical items.

On the contrary, high-value items are often small in size. For example, rare coins and jewelry are high-value items. There are fewer chances of a coin suffering damage.

However, there are more chances of coins getting lost during transit. You can find specialized shipping companies, like Unival Logistics, that offer full value insurance for all high-value parcels. 

So, a company uses insurance to protect the customer and their business interests and reputation. Also, you want to consider other benefits of specialized business insurance. 

1. Insurance Coverage 

Insurance coverage is a perk you want for yourself and your customers. Usually, insurance coverage works for smaller and cheaper shipments. Most shipping companies allow maximum insurance for a shipment up to 5.000$. 

Whether you are a seller, brand, or e-commerce business, you want the customers to purchase more from you. Thus, allowing them to have insurance worth more than 5.000$ should be your goal.

For example, some specialized companies offer up to 150.000$ for all shipments. With their insurance, you can protect all parties involved in the case of failed shipment.

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2. Protect Company Resources 

Now, another problem with botched shipment is the loss of money for your company. The loss may come from lost shipments, or even lawsuits, complaints, and bad reviews. Depending on your company’s business model, your practices may fall under specific laws. 

Therefore, you may have to reimburse the customers for the failed shipment. Then, think about complaints and other legal actions against the business.

Even if the customer can’t take you to court, you still have to pay for lawyers for legal protection. Finally, you have to be wary of your company’s reputation since bad word-of-mouth may ruin your business. 

3. Protect Your Customers 

You want to protect your customers. With insurance coverage, they get reimbursement if something is wrong with their shipment. Insurance coverage helps them avoid losing money with the purchase. 

Thus, customers may shop for items with a higher total value, knowing they have protections in place. Insurance helps to build trust between customers and the company and enhance your brand.

Aside from the money-guarantee part, specialized shipping insurance helps your company to track its shipments. Specialized shipping insurance should use systems to protect the customer from the moment of purchase to the moment of delivery. 

4. The Claims Process 

So, having access to a straightforward claims process can help your company a lot. The claim process is a system of actions your company may use to track the shipment and reimburse the customer. 

In theory, the claim process works as a simple system. The customers sign a set of documents to verify their purchase.

In the case of breakage or hazard exposure, a customer may petition for a claim. Then, the customers send the necessary documents and wait for a week or two before getting reimbursed. 

Having a claim process in place helps all aspects of the customer experience. But, it also does an excellent job for the reputation of your company.

5. Protect Your Company Reputation 

It all comes down to the final thing a company has to protect – its reputation. Without a good reputation, your company may lose stability and significant chances for business growth. But, an excellent reputation may help you to grow and enhance your company a lot. 

Aside from products and customer service, you have to build trust with your customers. Customers have a higher desire to purchase when they have some protection.

Insurance is that final layer of protection your company needs to provide. With a stable reputation, your customers may purchase more regardless of potential delivery issues. 

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Find a Shipment Company That Offers Insurance 

A company owner needs to invest a lot of time in the development of business operations. While that is crucial for the company, protecting the customer is even more so.

Ensure that you have insurance for high-value items in place. That way, you open a path for customers to rely on you for their more valuable purchases.

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