Insuring Your Valuable Shipment

Most companies, regardless of industry, will have some type of insurance policy that will cover them in the event of loss, damage, or theft

. Both your goods and your employees will have coverage that will protect them and you from financial ruin. Naturally, business employees who handle insurance premiums will be concerned about the safety of goods and materials that the company must transport.

If you use a Chicago courier service, for example, you may wonder when it is prudent to insure your shipment. Firstly, you should call your courier and speak to a representative. Ask what insurance policies they currently carry that will protect your shipment in the event of loss or damage. Most companies will insure their drivers and vehicles, but will also have specialized courier insurance to cover the value of their cargo. This will cover the cost of shipping materials that are damaged in an accident or by inclement weather, vandalized, broken by handlers, or outright stolen.

However, knowing this may not ease your worries, particularly if you are shipping very valuable or rare goods. Their insurance may cover your shipment up to a certain value, but may not be enough to fully reimburse you in the event of a loss. If you are concerned, call your courier representative and ask about any additional insurance policies that are available to add on to your shipment. Often, this additional insurance is charged at a lower premium for the courier than it would be for your business, so the fee will probably be nominal compared to the ease of mind you will get in return in knowing that you are covered in a worst case scenario.

The cost of the extra coverage is entirely based on the value of the item or items you are shipping. Extremely expensive or rare items should be insured for their entire value, or more. Regular day-to-day materials, however, may already be covered quite adequately by your Chicago courier service. If you are on a tight shipping budget, it is wise to take a close look at your courier's insurance, and decide if it is worth the risk to avoid the extra expenditure. This will probably not be a blanket decision, and will probably want to be considered on a case-by-case basis. You may want to under-insure some shipments, to free up money in the budget for more valuable, non-commodity shipments that you are the most concerned about replacing.

by: Norman Packwell

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