Most of our clients at Texas Associates ask the question of whether to report each and every claim incurred by their firm or family. The hesitation of course is that the number of claims will eventually lead to higher premiums at renewal or even worse, the dreaded non-renewal notice sent from an insurance carrier because of a claim or series of claims.
As the Trusted Advisor to thousands of business owners, we encourage each of our clients to do their best to put controls in place to mitigate claims. As part of the services we offer, we work with clients to determine their interest and ability to sustain a loss and a comfortable deductible or retention figure for the claims that are most certainly on the horizon.
The advice we give on reporting claims closely mirrors the net result of the evaluation described above. However, in the following situations always report a claim regardless of your level of retention:
- A workers compensation claim involving soft tissue injuries
- An automobile accident where the automobile is not driveable or injuries are alleged or incurred by a participating party.
- Property damage as a result of a catastrophe.
If you are uncertain about what level of retention your firm or family should retain, feel free to contact our office. At Texas Associates, we strive to help firms manage their risk today, and help them prepare for the catastrophe event that may be around the corner.
Don’t worry about how the insurance carrier will react to a claim filed. Count on your agent or broker to help you thru that process.