Loss Reports. What are they and how do I get one? Below we dive into common questions about reports of insurance losses and what role they play when they shop for corporate insurance.
An insurance loss is a document that records the history of claims made against a business insurance, much like an incident report. The report is a document that you can give to potential insurers when you shop for new business insurance. Loss runs make it possible for insurers to determine how risky your business will be to insure.
What does an insurance loss run include?
Your insurance number
Amount paid
Description of the event
The dates you notified the insurer of each loss (or event)
A description of the cause of the damage
How much the insurer paid to redeem (or close) claim
If the claim is still unresolved (or open), how much has the insurer set aside in reserves
What do insurers pay special attention to when assessing risk? [1
9659015] Type of claim you have submitted previously
Financial impact and settlement costs for your claims
Frequency of previous claims
Placement of receivables (to determine exposure footprint)
Your risk level helps determine your premium rate or if you are rejected for business in
Any type of business, regardless of size, can request a loss report for almost any type of commercial insurance. Corporate insurance providers can provide loss reports for different types of coverage including but not limited to:
How to get a loss report
You can get a loss report by contacting your corporate insurance agent. Be sure to indicate how many years of claim you need and how soon you will need the information. In many states, corporate insurance companies are required by law to send loss information in ten days or less.
The Importance of Insurance Loss Reports
When shopping for business insurance, you undoubtedly want the best premium out there. One way to do this is by having proof of a clean history and a loss report will help you prove it – saving money in the long run.
We care about what's best for your business
Your business is your livelihood, and we do everything we can to help you protect it. Our business insurance program is tailored to your unique needs. Contact your local insurance agent to discuss your insurance options.
Additional Resources
Your risk level helps determine your premium rate or if you are rejected for business in
Any type of business, regardless of size, can request a loss report for almost any type of commercial insurance. Corporate insurance providers can provide loss reports for different types of coverage including but not limited to:
How to get a loss report
You can get a loss report by contacting your corporate insurance agent. Be sure to indicate how many years of claim you need and how soon you will need the information. In many states, corporate insurance companies are required by law to send loss information in ten days or less.
The Importance of Insurance Loss Reports
When shopping for business insurance, you undoubtedly want the best premium out there. One way to do this is by having proof of a clean history and a loss report will help you prove it – saving money in the long run.
We care about what's best for your business
Your business is your livelihood, and we do everything we can to help you protect it. Our business insurance program is tailored to your unique needs. Contact your local insurance agent to discuss your insurance options.
Additional Resources
