“Loss runs” are reports provided by your insurance company that document the claim activity on each of your policies. Even if no claims have been reported on a policy, a loss run report should be generated reflecting no losses. These are available free of charge from your insurer.
To get the most competitive quote on your business insurance, loss runs or a statement of losses for the last three (and sometimes five) policy terms are required. Some customers want to know why these are necessary, which we understand because there is some extra effort involved in obtaining loss runs.
An insurance company is more likely to offer the best pricing on accounts where they can verify what the prior claims history has been. Without this information, they aren’t in the same position to pull out all the stops on pricing.
A few tips on requesting loss runs:
- With today’s automation, many times it’s easiest to obtain loss runs directly from the insurance company. If you would like BTC Insurance to contact insurance companies on your behalf to obtain this information, we can work with you in doing so.
- Wherever possible, send your request using email versus mail or fax. Our experience shows that you’ll see a quicker turnaround time with email requests. Email also makes follow-up easier for you if you don’t receive a prompt response.
