Sending parcels through the mail is a high-stakes gamble. Inventory could be lost, damaged, stolen, or pilfered during the shipping process. Packages that never arrive can cost businesses time and money. And that's just scratching the surface.
Bottom line: if your organization regularly ships items, you should be mitigating risks as much as possible.
In today's guide, you'll learn that if your company ships anything that has inherent value, you need parcel shipping insurance to protect your inventory and discover five ways Cabrella simplifies the process.
Assessing Your Shipping Risks
Shipping insurance is essential to retain complete peace of mind from the moment a package is shipped until the moment it is has been put in the hands of the receiver.
Companies often will insure using their carrier’s Declared Value Coverage for goods valued at over $100. This coverage is often very expensive. Though these carriers are providing you with the service of shipping insurance, it can be done much cheaper through a third-party insurance company who will be more specialized in this area.
Ship with the shipping experts and leave protection to the insurance professionals.
Does Your Company Need Shipping Insurance?
Even if the carrier is liable, there's no guarantee you'll recoup your losses. Parcels will only be covered up to $100, unless you are willing to pay very high premiums for more coverage. But there are affordable options that offer significantly higher coverage limits, like Cabrella, who can cover up to $150,000 per shipment.
If the products and packages you are shipping are less than $100 in value, the simplest option is to insure with your carrier as you will be covered for the first $100. If your shipment value is over that amount, a carrier will have a hefty minimum, as high as $3.00. To serve as an example, a $150 shipment (which is only buying $50 in additional insurance after what is included) that carrier will charge $3.00 as opposed to Cabrella who may charge as low of $0.08.
How Cabrella Simplifies Parcel Shipping Insurance
1. Cabrella Offers Real Savings Over the Competition.
Cabrella is an insurance brokerage firm and software company who has been in the business for 25 years. They provide alternative, third-party shipping solutions to both large organizations and small businesses. The company uses globally renowned insurance companies that are pioneers in their fields and experts in insuring and underwriting all types of cargo and transit risks.
Providing substantial insurance discounts allows Cabrella to beat major delivery services like UPS, FedEx, USPS and DHL when comparing to the carriers own programs. Their clients have saved up to 90 percent in parcel shipping insurance costs and have also gained added flexibility in terms of insurable destinations, limits, commodities and policy wording.
Rather than resell rates, Cabrella offers:
- Custom insurance plans. We'll tailor insurance policies to fit your business needs. As an example, Cabrella accepts insurance on packages without signature confirmation for some clients, saving them up to $3 per package.
- Design package insurance. These special plans cover parcels not covered by your current policy or any other carriers; Cabrella customizes plans for you.
Cabrella’s licensed insurance veterans have long-term shipping industry experience to provide a best fit, customized policy per specified company. This means adjusting the limits and conditions to meet your needs. You will always find the most efficient way to ship and insure your products.
Take this hypothetical situation for example:
A $600 USPS Package will cost $9.15 for insurance alone. If they shipped 50 packages ($9.15 x 50), they'd spend $457.00. A Cabrella insurance policy could be $1.15 per package or sometimes even lower depending on volume. If the company sends 50 packages ($1.15 x 50), they'll only spend $57.50. It's a savings of almost $400.
2. Easily Perform Automated Risk Analysis and Loss Ratio Calculation.
Cabrella's Shipping Insurance has developed a customized and proprietary application.
The software provides risk analysis, loss ratio calculation, and allows you to carry out insurance-related tasks simply and intuitively. The API seamlessly integrates with your preferred shipping platform so that you can benefit from lower rates and added flexibility – all without any significant changes to your logistics process.
The integrated program helps you:
- Assess current risks for your packages. We'll send automated notifications about hazards in regional areas or associated with particular carriers and services.
- Log your transactions and invoices in one place. Employees won't have to switch between different programs to purchase insurance or file claims. Cabrella's multi carrier shipping software streamlines the process.
- Receive the latest import details about your packages. Cabrella automatically notifies you when the data has been transferred from carrier’s account to your Cabrella shipping dashboard.
- Keep track of the loss ratios in your account. Cabrella calculates loss ratios to see how your delivery carrier is performing.
- Save time by auto-populating your claims form. Our app fills in 90 percent of all information required to file.
- Provide details of deliveries, failures, hazards, and other issues. Notifications about your parcels are available on your dashboard and via email at your option.
3. We Provide Automated, Paperless, Quick-Claim Filing.
The shipping insurance claims process can be frustrating.
Some online insurers require policyholders to complete long, paper-based forms. Processing information and receiving payment can take a long time too - exasperating an already convoluted process.
Luckily, however, filing shipping insurance claims through Cabrella is fast and easy.
All you need to do is visit your Cabrella dashboard, then select "File a Claim." Our software will populate the form with 90 percent of the required information.
From there, Cabrella provides technical advice. Customer support is readily available to answer any questions you may have.
Adjustments of shipping claims under $1,000 is handled internally by junior adjusters. An executive adjuster manages claims between $1,000 and $20,000, while items over $20,000 are referred to independent adjusters who work in conjunction with the client and Cabrella’s Executive Adjuster. Claims are processed within 15 to 60 days depending on the claim amount.
4. Cabrella's Policies Eliminate Restrictions.
Businesses choose Cabrella as their insurance brokerage firm of choice to insure high-value goods. The company provides higher coverage up to $150,000 per package.
Unlike other shipping insurance providers, we cover items like, but not limited to:
- Coin collections
- Medical/pharmaceutical items
- Tech equipment
- Sports memorabilia
- Industrial/automotive equipment
- Musical instruments
- Anything that is valuable and/or fragile by nature
Cabrella's company policies have very few international restrictions. You'll be able to expand your market reach and ship packages to more places. You'll also be able to increase your company's profits by insuring foreign and domestic shipments.
5. Our Software Solutions Integrate With Multiple Carrier Systems.
The seamless API integration allows you to easily monitor and manage multi-carrier systems. The application easily integrates across multi-carrier systems including FedEx, USPS, UPS, DHL, and other platforms.
To get a more in-depth look at Cabrella's software, schedule a demo with us below: