What Are Insurance Loss Runs?
Your insurance loss run report shows your business’ claims history. This means that each time you file a claim under your business insurance, it’s recorded in your loss runs report. This report can be useful if you’re looking for new small business insurance. Potential insurers can use the report to evaluate risk in offering you insurance coverage.
For instance, loss run reports showing no claims history may help yousave money on business insurance by reducing your insurance cost and premiums. Your loss run report is similar in that it allows insurance carriers to evaluate your claim activity and risk. These reports also have a section with a reserve fund if you have open claims. This is the amount of money set aside by your insurer to cover the claim. However, the final amount a claim costs can be higher or lower than the amount set aside.
Why Is a Loss Run Report Important for a Small Business?
Your loss run report is an important tool for small business owners. Not only can you use it to review your own business’ risk and create arisk avoidance strategy, but it can help you negotiate your premiums with insurance companies.
What Is Included in a Loss Run Report?
Your loss run report includes information like:
- Your name and policy number
- The date of each claim you’ve filed and if they’re open or closed
- A description of each claim and losses reported
- Settlement costs for past claims
How Do I Get a Loss Run Report?
To request a loss run report, you’ll need to contact your insurance carrier or agent directly. The best approach for this is to email or call them. It’s also important to keep in mind thatall states business insurance requirements are different. Generally, states require insurance agents and companies to get you your loss run report in 10 days. However, if you don’t receive your loss run report in a timely manner, you can contact your state’s insurance commissioner.
What Types of Business Insurance Can a Loss Run Report Be Generated For?
You can request a loss run report for business insurance coverages like:
- Professional liability insurance
- Workers’ compensation insurance
- General liability insurance
- Commercial property insurance
- Business Owner’s Policy (BOP)
Get a Quote From The Hartford
To learn more about business insurance,get a quote today. We’re an insurance company that’s helped small business owners get the coverage they need for over 200 years. Our specialists can also help you analyze your loss run report and find a premium that’s right for you.
