Shipping Insurance Innovation: Protecting Your Supply Chain’s Future Today
by Marco Raye
July 11, 2019
Did you know one in ten packages are damaged in transit, leading to hundreds of millions in lost revenue? Your products being lost, stolen or damaged during transit is bad enough, but what’s even worse is not having the right insurance to cover the costs required to replace what went awry. This can quickly escalate into an even bigger issue during times like holidays and during other big sale periods.
Our suite of shipping solutions includes an innovative Shipping Insurance API designed to consolidate the total time required to receive, process and pay out claims. This article provides more insight on the importance of including shipping insurance in your supply chain and how EasyPost can help you streamline our next-gen insurance technology with your business.
What is Shipping Insurance?
Before taking a deeper dive into our insurance solution, let’s first answer the question: “What is shipping insurance and why do I need it for my business?” Put simply, this type of service works with businesses to issue reimbursements for lost, stolen or damaged parcels during the transportation phase of delivery.
Shipping is a main ingredient of any eCommerce customer experience. An issue with the safe delivery of a parcel to one of your customers requires a significant amount of time, attention and resources in order to preserve your brand image and avoid negative ratings, being singled out on social media and/or losing potential repeat customers. Shipping insurance as a tool helps prevent these and other costly pitfalls from occurring.
Top Benefits of EasyPost Shipping Insurance API
Our cutting-edge Shipping Insurance API is designed for accuracy and speed, because we understand how time-sensitive the claim process can be when you need to quickly recover costs from a delivery mishap. Below are the top three benefits awaiting your business when you use EasyPost’s API:
- Affordable, Fixed Rates: Take advantage of full coverage for your shipment for just 1% of insured value, whether that's $100 or $5,000 in coverage. For example, $100 in coverage costs $1. $500 in coverage costs $5, and so on.
- Quick Payments: We pride ourselves on the quick processing times for payments issued to shipping insurance customers. Claims are guaranteed to be paid within 30 days, though we typically complete claims within a week, and some of our most experienced claimants see reimbursements by the very next business day.
- Ease of Use: Our claims process is quick and easy. Customers appreciate completing new claims through a simple single-page form supplied by our Shipping Insurance API. We remove the need to reach out to the carrier or other 3rd parties, also helping to reduce the amount of time required to process claims.
EasyPost Shipping Insurance vs. Carrier Insurance
It’s important that we note the difference between our insurance offering and that of other, more traditional carriers. We operate as a single-standing insurance provider, separate from all other carrier organizations. Carrier insurance typically requires a lengthy, multi-page claim form, whereas EasyPost consolidates this process into one simple form for ease and efficiency. Our approach hones in on time savings to ensure our customers maintain operational capital when it comes to their insurance needs.
Shipping Insurance isn’t on the radar of many eCommerce businesses because they may not have an expert in the industry to help them navigate the claims process as quickly and efficiently as possible. With EasyPost, those days are over. Following this article’s information on our Shipping Insurance API, you may have questions about your current insurance setup or how we can help improve the current claims process facing your company. If so, please contact our Shipping Insurance Team so we can provide you with a tech-focused solution to your shipping and logistics needs today!