Your loss run report is a snapshot of claims filed against your DSP business which can affect your bottom line. As a DSP owner, it is important to know all financial exposure for your profit/loss statement. Review below 5 tips to consider when reading your Loss Run report.
1. Double check involved in loss.
Are the employees listed on your staff? Do you recognize the incidents? Are the claims correctly assigned? Review filed claims to be sure that the employee and vehicle involved were operating for your business at the time of accident.
2. Identify potential for third party recovery.
Are incidents that result from third party action identified for subrogation investigation? Do you have information to provide your claims administrator with to assist in recovery?
3. Look for trends.
Are there persistent delays in claim reporting? Are there certain hours of the day where mishaps are occurring more than others? Have certain employees been involved in more accidents recently who may need more training?
4. Examine profits vs. loss
Are the loss run report revealing things about your bottom line? What kind of financial exposure have you seen on your business? Are there things you can change to improve overall profitability?
5. Re-evaluate safety concerns.
Are certain mishaps repeatedly occurring? Are there changes in the environment where you do business that are causing more incidents?