If you’re relying on your goods to get to their destination on time and undamaged to keep your business afloat, then the standard Carrier Limited Liability coverage may not be enough for you. Here are Three Reasons You NEED All-Risk Shipping Insurance (that you may not have thought of).
You Ship High-Value Goods in High Quantities
If you ship high-value goods at LTL or FTL quantities, then you may want to consider All-Risk Shipping Insurance. The average customary maximum payout limit under Limited Liability coverage for an LTL shipment is just $0.50 per pound. The payout ranges from $0.10 to $25 per pound, but the average is low enough to make you want to take a second look.
With All-Risk Shipping Insurance, the “average customary maximum” will never be your concern. Why? Because your insurance will cover 100% of the value of the lost or damaged goods. That means you don’t have to worry about a professional evaluation of your goods before the claims payout process is started, and you can feel confident that you’re financially protected while your product is en route to your customers.
The Value of a Typical Shipment is Over $100,000
The maximum customary payout limit under Carrier Limited Liability for FTL is $100,000. This may seem like a fairly reasonable amount, but that’s the maximum, not the average. That means that if your product is worth more than that, you won’t be covered for the difference. The problem isn’t just that you’re now responsible for replacing that product, but now it will be late in getting to your customer, which could mean they don’t come back next time.
With All-Risk Shipping Insurance, you’re covered no matter how much your product is worth. Once your claim is submitted, you’ll get reimbursed for the full value of the lost or damaged foods. You’ll get paid regardless of whether the incident was caused by the carrier or it was an outside factor that damaged your shipment.
A High Dollar Loss/Damage Claim Could Sink Your Business
If one shipment goes missing, and you’re not reimbursed, will your business survive? How many sales would it take to make up for the lost shipment, and how will you recoup the loss while a claim settlement is being processed? These are questions you should seriously consider in determining whether Limited Liability is enough for you.
If you’re relying on a shipping company to get your product from the warehouse to the customer, then you need to make sure your product is covered 100% throughout the process. With All-Risk Shipping Insurance, your shipment is covered door-to-door, and if something goes wrong, you’ll get reimbursed for the loss or damage within 7 to 10 days of when the claim is received.
Eliminate the Risk with All-Risk Shipping Insurance
We’ve given you three reasons why you might need all-risk shipping insurance, but there are many more. With All-Risk Shipping Insurance, you can eliminate the risk of shipping your products. Contact the team at Amware to learn more.