Shipping coverage tailored to your business—there’s an app for that

As more merchants make the move to online selling and e-commerce, the need to guard against risk is becoming more prevalent.

E-commerce offers the promise of expanding your company’s footprint beyond the confines of brick and mortar to a global audience. By 2022, e-retail revenue is projected to grow to $6.54 trillion, up from $3.53 trillion in 2019.¹

The jump in digital activity means more goods are in transit, prompting shippers to look for a shipping insurance solution tailor-made for the digital marketplace.

InsureShield™ shipping insurance is the solution that fits the demand. It’s all-risk coverage powered by UPS Capital Insurance Agency, Inc. and available to Shopify^® users, where over a million businesses sell goods online worldwide². Because InsureShield is not carrier liability but actual shipping insurance, it offers merchants the assurance that they can recover from shipping losses with reimbursement for the full value of the goods, plus transportation fees. It also has a porch piracy provision that covers goods in the event of mysterious disappearance from a porch after delivery—a problem that has frustrated many e-tailers shipping to residential addresses.

Other benefits InsureShield offers Shopify merchants include:

1. Ultimate flexibility on what to insure based on amount, product or location
2. Quickly processed claims with most claims paid
3. Comprehensive coverage that eases shipping anxiety
4. All-risk protection regardless of carrier or transportation mode
5. Coverage for expedited reshipment up to 20% of the value of the goods
6. 90 days to discover concealed damage
7. Can help enhance post-purchase experience in the wake of a loss

While all of that is of great value to most businesses, one the biggest benefits is InsureShield’s simplicity.

“For a small and medium sized business (SMB), time is one of their most valuable assets,” said UPS Capital Senior Product Manager Boyd Marler. “Small business owners are wearing a lot of hats, and they may not have the time to think about insurance even though they know they need it to protect their goods. InsureShield automates shipping insurance and gives those SMBs their time back. They just set it up once, and they don’t have to think about it again.”

InsureShield coverage is based on the value of the goods, meaning Shopify merchants can cover all goods at whatever values they decide based on their risk tolerance.

“It’s one of the most versatile and comprehensive shipping insurance coverage on the market”, Marler said.

Upon set up, merchants simply indicate which values they want to cover. They can set rules based on SKU, order value or location (domestic or international). For example, you might want to insure goods based on customer order values of $50 or higher to protect your exposure if a package is lost or damaged. Setting this business rule is easy and can be changed as needed.

A digital explosion

A consequence of the COVID-19 pandemic is accelerated ecommerce and digital adoption. Experts assert that this activity has fueled the growth of ecommerce platforms like Shopify, which reported a stunning 97% rise in its Q2 2020 revenues to $714 million.^2-3

“SMBs are using these platforms more than ever to transact with customers,” said Marler. “Our core business is insurance. In shipping, risk is always there, especially as e-commerce picks up and shippers send goods into networks that are already strained for capacity. Savvy businesses want to be prepared.”

Get InsureShield and start protecting your business by contacting UPS Capital today or call 877-263-8772.

Sources:

1. Statistica.com “Global Retail E-commerce Sales 2014-2023,” August 27, 2020. https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/
2. Shopify.com http://bit.ly/sourceshopify
3. The Street. “Shopify Growth Rate Stuns Again,” July 30, 2020. https://www.thestreet.com/tech/news/shopify073020

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