MONDAY, JANUARY 24, 2022
Implementing loss control strategies can provide numerous benefits. Not only can they improve the overall safety environment, but they may protect your physical assets and reduce the probability of needing to file an insurance claim.
The Insurance Station’s agents can answer questions on how loss control strategies work in conjunction with insurance. Contact us today for more information. 
What Is Loss Control?
Loss control may also be known as safety or risk control. It employs risk management strategies to reduce the overall chances of accidents and reduce the severity of those that occur. While it is not a form of insurance, utilizing a loss control program could help reduce the cost of premiums and make your company more attractive to insurance companies.
Loss control consists of various practices to lower, mitigate, transfer or eliminate risks. These steps typically include identifying and assessing potential hazards and determining which loss prevention methods to put in place to address them. Since loss prevention is an ongoing process, these steps may be repeated. Doing so helps promote a commitment to safety and helps ensure the plan is meeting your needs.
Having a loss control system in place may also provide financial benefits for you and the insurance company. They can potentially lower your insurance premiums, and the insurance carrier may reduce the amount that it needs to pay out in claims.
Risk Assessment
Insurers companies will often conduct a risk assessment, sometimes referred to as a survey, before writing a policy. This process may use various methods to analyze potential sources losses. After an assessment, they may recommend or require certain actions to reduce risks. For instance, they may discuss installing security systems or additional fire alarms.
There are several ways you can help the insurance provider with these risk assessments. For example, you can review your risk control systems currently in place and discuss the methods you are using. You can also compile any documentation you have regarding loss prevention. By presenting this information to the insurance company, they can analyze what is already being done and provide suggestions on how to improve your system. They might also be able to offer step-by-step plans to mitigate potential risks.
Contact Us for More Information
Loss control can improve safety and be beneficial for both you and the insurance provider. By utilizing risk management strategies, you can identify risks and implement ways to lower, mitigate, transfer or eliminate them. The professionals at The Insurance Station are ready to work with you. Contact us today at 800-845-0489 to get started.
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