When it comes to insurance, we want to ensure that our customers have a clear understanding of their coverage and how receivables can affect their premiums. This is the reason why what in the insurance world is called "Loss Runs". Loss runs are reports generated by an insurance provider that are written records of the claims submitted on each insurance.
The overall goal when looking at loss-making runs is of course to have as little damage as possible, this is the best way to keep your insurance premium or your liability insurance premium low. Let's take a moment to cover the most common losses and some of the most expensive losses we've heard of when a claim is handled incorrectly. and experience the same types of claims in relation to the parcel delivery industry. When it comes to claims settlement, it is very important for your success to choose the right insurance agency with the best FedEx Ground or Amazon DSP insurance programs.
Here are some examples of payouts we have seen when loss prevention is ignored and / or claims are handled incorrectly:
- Drive errors (such as not turning, giving in, stopping, etc.) ̵
- External hazards (sinkholes, potholes, weather conditions, deer, etc.) over $ 7,500 paid on receivables
- Unknown damage to vehicle / truck (left unattended) – over $ 4,500 paid on receivables
- Slip & Falls – up to $ 70,000 paid on receivables
- Improper package handling – upwards of $ 200,000 paid in damages
Again, it is important to choose the right agency and insurance company with a strong focus on claims handling to protect your insurance premiums.
The Cost of a Loss
Now that you've seen some examples where claims have been misused, let's talk about how losses like these can affect you and your business. When your insurance provider pays out a huge amount, the claim that caused the loss will sit on your insurance for three years, which increases the price of your premium that you pay annually. Three years is a long time when you talk about finances and budgets.
The greater the loss, the more it can also affect your premium. It is absolutely crucial that you work with an agency and an insurance company that specializes in claims handling. Abused claims like these can seriously hurt you financially in the long run.
At Paradiso Insurance, we want you to be prepared for damages like these and be sure that our dedicated team is here for you 24/7. We will provide you with all the knowledge and tools to try to prevent the most common claims we experience. We at Paradiso Insurance have the same goals as you, keep employees safe and insurance premiums low. If you have further questions or want more information, call us at 860-453-0116 and one of our parcel delivery experts will be happy to help you!