What is a loss run and why do I need one?
In the course of a typical week our Colorado based insurance agency frequently request a “loss run” from Colorado businesses that are asking us to quote their insurance. We would say 50% of the time the contact at the business does not know what we are requesting. If you are planning on moving your business from one insurance company to another the loss run is a key piece of information that will be needed to bind coverage.
Loss runs are documents produced by your insurance provider that show the amount of losses or proof of no losses for a period of time. Depending on the type of insurance three to five years of loss runs will be requested any time you switch insurance providers. Loss runs are necessary for general liability, workers comp, property coverage, commercial auto coverage, inland marine, umbrella, and numerous other types of coverage.
You will most likely have an insurance agent or agency that has relationships with numerous insurance companies that provide the insurance for your company. The agent connects the client and the insurance company that is insuring your business.
Typically if you call the agent whom you purchased the insurance through it should not take more than 24 to 48 hours for them to produce. This can sometimes be a tricky situation because you are potentially leaving that insurance agent for another. If the agent does not respond or if it is taking too long you can also contact your insurance company directly.
Please contact us so we can help your Colorado business with any of your insurance needs.
Thank you for your consideration.
The Orcutt Group Team