The Infinilytics Team and Charlee™, the first Insurance Insights Engine, have been very busy this year working with several insurance companies on commercial general liability claims and risk management issues. Our Innovation Team has noted several consistent problems in processing and negotiating slip-and-fall claims and wanted to share some thought leadership considerations for claim examiners, managers, and executives.
The most common type of claim in commercial general liability insurance is the slip-and-fall. Of course, accidents happen, but the adage in risk management, “If it’s predictable, it’s preventable,” must be followed by the business owner and the insurance carrier writing the policy for indemnity coverage. Loss prevention recommendations by Risk Management must be taken seriously by your customers to reduce the frequency, severity, and litigation related to slip-and-fall and trip-and-fall claims. Here are some quick facts on the common types of injuries sustained in these claims :
• More than one million people go to the emergency room every year for a slip and fall accident, which equals 2,000 people a day in the United States alone.
• Slip and fall claims cost general liability insurers an average of $30,000 per settlement.
• Commercial insurer CNA reported that between 2007 and 2012, the average cost of a traumatic brain injury in a liability claim was $269,643.00
More statistics :
• According to the Centers for Disease Control and Prevention, the average hospital cost of a slip and fall is more than $30,000.00
• High-end commercial properties are a particular risk because of the focus on heritage properties, original design materials, and glossy floor finishes.
Risk management strategies are usually in place to prevent falls, but accidents do happen. The right A.I. solution for your claims and underwriting team is the first step in crafting a severity and litigation strategy.