Insurance for shipping almost always comes from the carriers themselves, though there are third-party options as well. Always read the fine print to know what is and isn’t covered by a particular shipping company. Carriers also set coverage and payout caps, as well as requirements that you be able to demonstrate damage occurred while in transit. Once you go through the claims process and the carrier verifies the loss, you’ll be reimbursed for your claim.Ĭarriers base shipping insurance costs on the declared value of the package, with some minimum costs and coverage amounts. To receive coverage for a package that doesn’t arrive as expected, you need to file an insurance claim based on the declared value of the items. This insurance covers damaged, stolen, or lost packages. Shipping insurance is coverage offered by major carriers that protects against possible loss or damage to a specific shipment. This post was originally published October 30, 2020, and updated March 17, 2023. Filing claims for damaged or lost packages.In this post, we look in depth at shipping insurance to understand how reimbursement can keep your business from losing money on a lost or damaged package and when paying out of pocket is more economical than buying insurance coverage. Peace of mind and protecting your business are crucial, but you shouldn’t neglect a cost/benefit analysis of shipping insurance policies.
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