The International Union of Marine Insurance (IUMI) reported that global cargo theft incidents have increased by 10% between 2022 and 2024, with an average loss of $300,000 per incident.
Shipping is the lifeblood of e-commerce and business logistics. But shipping high-value items internationally comes with significant risks, including theft, damage, and loss. To safeguard your business and maintain customer trust, shipping insurance is crucial.
And sadly, standard carrier liability often fails to cover these losses, leaving businesses vulnerable. In this guide, we’ll explore why international shipping insurance for high-value items is necessary and how ShipSimple provides the best coverage.
The Risks of Shipping Without Insurance
Imagine you’re an online retailer shipping a $5,000 designer handbag to a customer overseas. The package gets lost in transit, and the carrier’s basic liability only covers $100. That’s a huge financial hit to your business. Here are the main risks of shipping high-value items without insurance:
1. Financial Losses
Losing or damaging an uninsured shipment means you have to absorb the cost. When shipping high-value items internationally, this can mean thousands of dollars in losses per incident.
2. Customer Dissatisfaction
Delays, lost shipments, and damaged goods can lead to negative reviews and refund requests. A single bad experience can harm your reputation and affect future sales.
3. Business Downtime
Without insurance, resolving shipping issues can take weeks, delaying replacements and causing operational headaches.
Most couriers provide basic liability coverage, but it often covers only a small portion of your shipment’s worth. This means if something happens, you may not get back the full value of your goods. That’s why having high-value shipping insurance is crucial to protect against unexpected losses.
ShipSimple’s High-Value Shipping Insurance: Reliable and Affordable Protection
At ShipSimple, we know how important it is to protect valuable shipments. That’s why we provide insurance coverage for shipments worth up to $250,000—much higher than what most competitors offer.
Whether you’re sending delicate electronics, expensive jewelry, or other high-value goods, we have the best shipping insurance for luxury and high-value items, ensuring full protection from start to finish.
Benefits of ShipSimple’s High-Value Shipping Insurance
Here are the core benefits provided by ShipSimple:
1. Comprehensive Coverage
- Protects against damage, theft, or loss during transit.
- Coverage extends to both domestic and international shipments.
2. Competitive Pricing
- The cheapest shipping insurance for high-value items without compromising on protection.
- Affordable premiums tailored for high-value and frequent shipments.
3. Hassle-Free Claims Process
- A straightforward claims process that minimizes business disruptions.
- Faster resolutions so you can focus on growing your business.
4. Seamless Integration
- Easily add insurance while creating your shipping label.
- Manage claims directly through the ShipSimple platform.
Who Needs High-Value Shipping Insurance?
If you’re confused about who benefits from high-value shipping insurance, let us make it a bit more straightforward for you. For that, here’s the list of business types and people can be benefitted the most from such high-value shipments’ insurance.
E-commerce Businesses
Online stores often handle expensive products such as luxury goods, electronics, and collectibles. Losing or damaging these shipments can result in significant financial losses and unhappy customers.
Shipping insurance ensures that if something goes wrong, the business can recover the item’s value without major setbacks.
Wholesale Distributors
Wholesale businesses deal with large and expensive shipments, often worth thousands of dollars. If a shipment is lost or damaged in transit, it can disrupt supply chains and lead to revenue losses.
Insurance helps mitigate these risks, ensuring the business stays operational and financially secure.
International Shippers
Shipping high-value items internationally comes with additional challenges, including customs delays, higher chances of theft, and longer transit times.
Having insurance provides peace of mind, knowing that even if something happens during the journey, the shipment’s value is protected.
Seasonal Retailers
Businesses that experience seasonal demand spikes, such as holiday retailers, need to ship large volumes quickly. This increased activity raises the risk of lost, stolen, or damaged packages.
Insurance helps prevent financial losses during peak seasons, keeping operations running smoothly.
Real-Life Example: The Impact of Shipping Insurance
Consider a company selling premium watches online. A shipment of ten luxury watches worth $50,000 goes missing in transit. Without insurance, the business absorbs the entire loss.
However, with ShipSimple’s best shipping insurance for luxury goods, the loss is fully covered, ensuring customer trust and financial stability.
How to Add Insurance with ShipSimple
Well, adding insurance to your shipment is easy-peasy with ShipSimple:
- Select your courier and enter shipment details.
- Choose the insurance option and declare the shipment’s value.
- Complete your label purchase with coverage added.
Voila! With a few clicks, your high-value shipments are protected against unexpected losses.
Concluding Words
Shipping high-value items internationally comes with risks, but the right insurance can protect your business from major financial losses. So, you are now aware of the fact that shipping insurance is no longer just a necessity; it’s a business safeguard.
Moreover, ShipSimple’s high-value shipping insurance provides comprehensive coverage, competitive pricing, and a hassle-free claims process. So, what are you thinking about?
Don’t take unnecessary risks—secure your valuable shipments with the best shipping insurance for high-value items today.
FAQs
What types of items qualify as high-value for insurance?
High-value items typically include electronics, luxury fashion, jewelry, collectibles, and industrial equipment.
Is shipping insurance necessary for international shipments?
Yes, international shipments are exposed to additional risks such as customs delays and longer transit times, making insurance advisable.
How is the cost of shipping insurance calculated?
Insurance costs are usually a percentage of the declared value of the shipment, influenced by factors like destination, mode of transport, and item type.
