The Complete Guide To Insurance Loss Runs

If you’re applying for business insurance, you may be asked for a loss run report.

Here’s what that means, why it matters, and how to get one.

What Are Loss Runs?

An insurance loss run is a report that details your business’s past insurance claims. Insurers use these reports to evaluate risk and help determine coverage and pricing.

What Is A Loss Runs Report?

A loss run report gives insurers insight into your claims history and overall risk. It can also help you compare quotes or negotiate premiums when shopping for coverage.

You can think of a loss run report as similar to a credit history for your business—it shows insurers how risky it may be to provide coverage.

What’s Included On A Loss Run Report?

A loss run report typically includes:

• Your business name, policy number, and insurance provider
• Claim dates, claim numbers, and status (open or closed)
• Brief descriptions of each claim and reported losses
• Total costs or payouts for past claims

When Do You Need Loss Run Reports?

There are a few common situations where you may need a loss run report:

Shopping For New Insurance

Loss run reports are often required when applying for a new policy. Insurers use them to evaluate your claims history and assess risk before offering coverage or pricing.

Lowering Your Premiums

If your business has few or no past claims, a loss run report can help you negotiate better rates. A strong claims history signals lower risk to insurers.

Evaluating Business Risk

Loss run reports can help you identify patterns in claims, such as frequent incidents or higher-risk areas of your business. This information can be useful for improving safety practices and reducing future claims.

How Long Does It Take To Get A Loss Run Report?

In many states, insurers are required to provide loss run reports within a set timeframe — usually within 10 business days after a request.

If you don’t receive your report within that period, you can follow up with your insurer or contact your state’s insurance department for guidance.

How To Get A Loss Run Report

Getting a loss run report is usually a straightforward process. If you’ve worked with multiple insurers, you’ll need to request a report from each one.

Contact Your Insurer

Reach out to your insurance provider, broker, or agent by phone or email to request your loss run report.

Provide Key Details

Be prepared to share:

• The policies you need reports for
• The time period the report should cover
• Your requested delivery timeframe

Receive Your Report

In many cases, insurers are required to respond within about 10 business days, though timing can vary by provider.

The Bottom Line On Insurance Loss Runs

Loss run reports give you a clear view of your business’s claims history and overall risk.

They can help you identify problem areas, improve safety practices, and potentially secure better insurance rates. A strong claims history may work in your favor when comparing quotes, while a higher number of claims can lead to increased premiums.

Reviewing your loss runs regularly can help you spot patterns, reduce future risks, and make more informed decisions about your coverage.