Loss control can be one of the most important aspects of your day-to-day business operations. It refers to a type of risk management method that aims to do two important things: one, it tries to keep the amount of loss to as close to zero as possible, and two, it tries to minimize the effects of any losses that do happen to occur. Many business owners are familiar with and carry this kind of insurance as part of their overall business insurance package, but don’t have any type of plan to control losses implemented internally. This means they are not taking full advantage of their insurance, in addition to leaving themselves vulnerable to accidents, theft, fines, and lawsuits.
Steps You Can Take
Some better insurance companies employ loss control consultants, who are safety experts. Most consultants have a college degree in risk management or loss control management; in some states, state certification is required. After doing a survey of your company, the consultant will offer a customized analysis of your business to help isolate any workplace hazards or other higher-risk areas. From there, a series of steps can be implemented to help increase overall safety and loss prevention. This can include background checks, employee training, and customized safety-related bulletins and posters.