Call Us Today:

Loss Runs – Let’s Stay Prepared

Tractor trailer on the highway with other cars.

Loss runs are reports generated by an insurance provider that are written records of the claims filed on each policy. The overall goal when looking at a loss run, of course, is to have as few claims as possible, so that your insurance policy’s premium doesn’t go up. Here at the IC/ISP Network, we like to educate our clients and customers to help them stay prepared.Let’s take a moment to talk about the most common losses and some of the most expensive losses we come across, to help you stay full prepared.

Common Losses

First, let’s talk about some of the most common losses, or claims, that we see with our clients.  Taking a look at some of our recent reports, we can put some of these losses into a few categories, and give an average pay-out range for each type:

  • Driving errors (such as failing to turn, yield, stop, etc.) – upwards of $9,000 paid out on average
  • External hazards (sinkholes, potholes, weather conditions, deer, etc.) –  upwards of $7,500 paid out on average
  • Unknown damage to vehicle/truck (left unattended) – upwards of $4,500 paid out on average
  • Slips/falls – upwards of $70,000 paid out on average
  • Improper package handling – upwards of $240,000 paid out on average

These metrics are taken from an average of our loss runs on some of our bigger clients in the last few months, and you can clearly see that the damage can add up.

The Cost of a Loss

Now that you’ve gotten a chance to look at the cost of some of our more frequent losses, let’s talk about how losses like these can impact you.  When your insurance provider pays out a huge sum of money, like how some of these losses have stacked up, the claim that caused that loss will sit on your policy for three years, increasing the price of your premium that you’re paying annually. Three years is a long time when you’re talking finances and budgets.  The larger the loss, the more it could affect your premium too. We’ve even seen losses as high as $690,000 paid out for claims involving a package handlers tailbone getting damaged, and we recently had two losses involving back strain that were roughly $250,000 and $360,000 paid out respectively. It is absolutely crucial that you avoid these types of claims, because losses like these can seriously hurt you in the long run.

Stay Prepared

We want you to be prepared  for claims like these by having a proper insurance policy in place. Keeping in mind all of the risks that we’ve mentioned, you need to take the extra steps to stay protected as well. We have other blogs you can follow-up with from here, that discuss preventing claims, proper package handling, safety tips for delivery drivers, fleet safety, health and wellness tips, and how to avoid common claims. We want our clients to stay educated, because knowledge is power. If you have any additional questions you’d like to discuss, feel free to call our trusted licensed Insurance Agent, Brian O’Connor, who specializes in IC/ISP Insurance.

 

Brian P. O’Connor
Licensed Insurance Agent
(860) 805-7001

Leave a Reply

Latest Posts