What is a loss run?
A loss run is a report from your insurer that shows your claim history and compares your company to the industry average. Imagine it like a business medical report.
We ask for the current year’s plus the previous three years’ loss runs when getting you a quote. If you haven’t been in business for three years, let us know and we can still help you. *We can only accept loss runs if they are dated within 90 days of your renewal date. This is to make sure they’re as up to date as possible.
To get these loss runs, contact each insurer you’ve had over the last 3 years, as well as your current insurer. An insurer may take up to 10 days to get a loss run to you.
This first step is the hardest. If you need help getting your loss runs, let us know!
What is an Ex-Mod?
An experience modifier, or Ex-Mod, is a rating based on your claim history and compares your company to your industry’s average. Think of it like a credit score.
Let’s say there are two businesses, both do tiling for residential patios. The business that has more accidents typically has a higher exmod.
What is a payroll report?
A payroll report is any written proof showing how much you pay each of your employees. It doesn’t have to be complicated, we just need more than a ballpark estimate.