Where do I find workers compensation loss runs or loss history for my business? A common question we are often asked.
It always surprises me how many employers never review their workers compensation loss runs. Why? I guess they just leave it up to the insurance company to take care of things, right? Well there’s just something inherently wrong about that! I have a simple rule when it comes to this topic…every employer, yes, EVERY EMPLOYER should ask for and review their workers comp loss runs at a minimum of once a year!
Loss runs are an important tool that every employer should know about and know how to use. Unfortunately most employers only ask for loss runs when they’re requested by a competing agent quoting on their insurance program.
You might ask “why loss runs are so important?” Well, loss runs are the window into the health of a workers compensation program. Here’s a few things you can learn from looking at an employers loss history:
- Most typical type of injuries being incurred by employees;
- Most typical recurring type of injuries;
- Lost time injuries as compared to medical only injuries;
- Effectiveness of in place safety programs;
- Effectiveness of in place RTW or Return to Work programs;
- Trending direction of claims;
- Open claims;
- Open claim reserves;
- Claim dollars paid;
- Closed claims;
Armed with currently valued loss history a skilled reviewer will also be able to note the future impact current claims will have on the employers experience modification rate or EMR. An important look into the future for an employer based on past history!
Loss runs or loss history come from an employers insurance company. So if you need copies of your loss history, make a request to either your insurance agent or directly to your insurance company. When asking for loss runs an employer should be sure to contact each insurance company where they had workers compensation coverage for at least the last three years, five years would be better. This request should always be made in written form for documentation purposes.
Hope this helps you out! Thanks!
