Loss Runs Requests & Insurance

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As a business owner, you know insurance is a crucial part of protecting your assets and business venture. You also buy it hoping never to experience a devastating event that forces you to use it. Making sure you have the right business insurance in place isn’t a one-time process. It’s important to compare your existing policy with others to ensure you always have the right business insurance in place.

If you’re currently shopping for insurance, chances are you have already been asked or will be asked for a copy of your business loss runs.

What are loss runs?

Loss runs are reports provided by your existing insurance company. These reports provide details about claims reported to your company during your policy period. Insurance companies use these to analyze how many claims you make, what types of claims, and the financial impact of each.

More than likely, when you first purchased insurance, even as a startup, your insurance agent requested loss runs or a signed letter stating you were unaware of any losses to date.

What information is included on the loss runs?

Every policyholder has a loss runs report, even if you have never filed a claim. If there are no losses, the report will simply state “no losses reported.” If there is a history of losses, here’s the information to expect in the report:

  • Business name.
  • Policy number.
  • Policy term.
  • The date claim occurred.
  • The date you reported the claim.
  • A description of the incident. For example, a customer fell walking into your location and broke their leg, or a fire destroyed your building.
  • The type of claim it is. For example, general liability, professional liability, or commercial property.
  • The amount the insurance company paid to date for legal or defense fees.
  • The amount the insurance company paid for medical expenses, property damage, or settlement costs.
  • The amount the insurance company set aside to pay future costs associated with the claim. (Referred to as the reserve funds).
  • Whether your claim is open (there is still potential for the claim costs to increase) or closed (the expenses paid are final).

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Where do you get loss runs?

Getting a copy of your business loss runs is simple. Today, many insurance companies have online portals where you can download the report on your own. If your insurance company doesn’t offer that, you can contact your current insurance agent or carrier with the following information:

  • Business name as listed on the policy.
  • Your policy number.
  • The number of years you need. Most insurance companies require three to five years of loss history.

Don’t let your insurance agent make it difficult for you. Most states have a mandated law that insurance companies must comply with your request in a certain time period.