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Security Guard Insurance

This is blog was created to help the security guard professional better understand their insurance options.

Loss Run Reports: What Is It & How Does It Affect My Business

Craig Mount Craig Mount , 4/25/2016
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A Loss Run Report is a necessary item in the world of insurance when it comes to obtaining quotes. I am often asked why they are required, even if the company has not experienced any losses. Think of a Loss Run Report similar to a Credit Score. If you have experienced losses, this will show on the report and will most likely effect your premium in a negative way. On the other hand, if you have showed no losses, for an extended period of time, this will ensure you get the best premium pricing available.

When obtaining quote for new clients, I always ask for 4 years of currently valued loss runs. Now, if you’ve only been in business carrying insurance for two years, I would only need those two. These loss run reports can be obtained through your current broker and requested over the phone or via email. It is important to note the loss runs need to be Currently Valued, meaning the report was generated in the last 30 days, giving the most accurate information.

If your business is experiencing a high volume of losses and causing an increase in premium, contact one of our agents so we can discuss our Loss Control programs the help prevent future incidents and repair current losses.