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Verisk general liability underwriting report helps prevent oversights

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Verisk Analytics Inc.’s Verisk Insurance Solutions said Monday that it has launched general liability advantage report, which provides insurers a single-source point-of-sale report for underwriting general liability policies.

General Liability Advantage Report is a part of Verisk’s underwriter insight suite of data and analytics.

The report provides information through the ProMetrix ordering platform. The report provides information that might be missing from a policy application and validates existing application fields. This includes type of business, number of employees, estimated annual sales, Occupational Safety and Health Administration and health department inspections and violations, business registration and licenses, credit history metrics, observed hazards, property details, and the risk potential of neighboring businesses, Verisk said in a statement.

“Misclassifications often cause errors in selecting and pricing risks, which can negatively affect profitability,” Anil Vasagiri, senior vice president, product management and strategy, Verisk Insurance Solutions said in the statement. “This report solves the problem by providing a reliable, in-depth risk evaluation. Underwriters won’t have to guess at a business’s classification, exposure, or management efficiency because the report gives a comprehensive picture of the risk.”