How to Get a Loss Run Report for Your Business

A loss run report serves as a comprehensive record of your business’s insurance claims history. It details all claims filed under your commercial insurance policies over a specified period, typically the past three to five years. It provides insights into the frequency and severity of losses experienced by your business.

Insurance carriers use these reports as a critical tool to evaluate your company’s risk profile when you apply for new coverage or renew existing policies. Just as a credit score offers a financial snapshot, a loss run report gives insurers a clear picture of your operational risks and claims management. Businesses can also leverage this information to identify patterns in claims, which helps in refining risk management strategies and potentially negotiating more favorable insurance terms.

Information for Your Request

Before initiating a request for your loss run report, it is important to gather specific details to ensure a smooth process. This preparation prevents delays and ensures you receive the accurate report you need.

You will need the full legal name of your business as it appears on your insurance policies, along with all relevant policy numbers. It is also crucial to specify the exact dates of coverage for which you require the report, as loss runs typically cover a period of three to five years. Additionally, identify the specific type of insurance policies for which you need the report, such as general liability, workers’ compensation, or commercial property. Accuracy in these details is paramount, as discrepancies can lead to delays or incorrect reports.

Steps to Obtain Your Report

Once you have compiled all the necessary information, you can request your loss run report from your current insurance provider or through your insurance agent. Common methods involve direct communication with the insurance company or working with an insurance broker. Many insurers offer multiple channels for submission.

To request directly from your insurer, you can typically call their customer service line and ask for the policy services or claims department. Some insurance companies also provide online portals where you can submit a request. Alternatively, contacting your insurance agent or broker is often the simplest approach, as they can facilitate the request on your behalf. When making the request, be prepared to provide the specific policy numbers, your business’s legal name, and the desired timeframe for the report.

After You Submit Your Request

After submitting your request, the processing time for a loss run report can vary. You can generally expect to receive your report within 10 business days or less. The report is typically delivered via email, mail, or through a secure online portal, depending on your insurer’s practices.

Upon receiving your loss run report, review it thoroughly for accuracy. The report will detail information such as the date of each claim, the type of incident, the amount paid out by the insurer, and the current status of each claim (open or closed). If you identify any inaccuracies or discrepancies, such as incorrect dates or amounts, contact your insurance provider immediately for correction. This careful review ensures your business’s claims record accurately reflects its history, which can impact future insurance costs and coverage.