How to Audit Your Shipping Insurance as Inventory Expands: A Strategic Approach for Growing Jewelers

If your jewelry business has grown in recent years, congratulations! The global jewelry market is on a growth trajectory thanks to increased disposable income and rapidly changing trends. Whether you've expanded your inventory, added new sales channels, or increased your average order value, growth is always a sign of success. But as your business scales, your shipping insurance coverage should evolve too.

In this post, we’ll walk you through how to perform a smart jewelry shipping insurance audit to make sure your coverage keeps pace with your business and that your most valuable assets are adequately protected.

Why Should You Perform a Jewelry Shipping Insurance Audit?

Many jewelers, coin dealers, and other businesses that deal in high-value merchandise purchase a basic shipping insurance policy early on and never revisit it. That’s a mistake. As inventory grows and shipping volume increases, your risk profile changes. Ask yourself these questions:

• Am I now shipping higher-value items?

• Am I using different carriers or fulfillment centers?

• Am I shipping internationally?

• Has my average shipment value increased?

If you answered yes to any of these, it’s time to reassess your insurance strategy.

Step 1: Review Your Current Shipping Insurance Policy

Start by pulling your current policy and answering these questions:

• What is the maximum coverage per shipment?

• Are there any exclusions for jewelry, coins, or precious metals?

• Are returns and international shipments covered?

• What documentation is required in the event of a claim?

Compare this to your current shipping operations. If your policy covers up to $5,000 per package but your average shipment is now $8,000, you’ve got a gap.

Step 2: Evaluate Carrier Liability vs. Third-Party Insurance

Remember, declaring value with a carrier is not real insurance. Carrier liability is limited and often insufficient for high-value items. Third-party jewelry shipping insurance offers:

• Full-value coverage

• Protection against theft, mysterious disappearance, and damage

• Greater flexibility with shipping methods and destinations

Step 3: Analyze Your Shipping Patterns

Look at the last 3-6 months of shipments:

• What’s the average value per shipment?

• How many shipments exceed $5,000? $10,000?

• What carriers are you using most?

• Are you sending packages internationally?

Use this data to determine whether your current policy structure makes sense. If you’re scaling up in value and volume, your limits should increase accordingly to make sure you’re fully protected should the unexpected happen.

Step 4: Assess Packaging and Shipping Procedures

Proper packaging is critical—not just for protection but for claims approval. Make sure you’re:

• Using tamper-proof packaging

• Requiring signatures upon delivery

• Documenting the shipment with photos or packing videos

• Training staff on compliant shipping practices

Step 5: Work with a Jewelry Shipping Insurance Specialist

Generic business insurance providers often don’t understand the unique needs of jewelry or numismatic shippers. Work with a shipping insurance provider that specializes in high-value items, so you can get:

• Customizable per-shipment or blanket coverage

• Automated coverage tied to your shipping platform

• Support with packaging standards and claim processes

Final Thoughts

As your jewelry or luxury goods business grows, protecting your shipments becomes more complex—and more important. A shipping insurance audit is a proactive way to ensure you’re not underinsured or exposed to avoidable risks.

If it’s been more than a year since you reviewed your shipping insurance, now is the time. A strategic approach today can prevent costly losses tomorrow.

Need help auditing your coverage? Contact our team of experts for a risk assessment and learn how our jewelry shipping insurance can scale with your business.

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