TUESDAY, APRIL 19, 2022
Loss control is a combination of risk management practices that may help reduce the chances your business will have to make a claim against an insurance policy. A loss control plan may help reduce the frequency and severity of accidents, which can aid in keeping insurance costs low for a business.
Your insurer may ask to conduct a risk assessment before they underwrite your company’s insurance policy. Contact the agents at Saunders Insurance Agency in Gallipolis, Ohio, when you have questions about loss control. Our experts are ready to help your business reduce the likelihood that you’ll have to file an insurance claim.
What Does a Loss Control Team Do?
An insurance company’s loss control team learns about the inner workings of your company to help you implement safety protocols that may reduce the statistical likelihood you’ll file a claim. Depending on the insurance company, this proactive approach to loss control and safety issues may also help reduce the amount of money you pay for business insurance.
In general, a loss control team may:
- Assist a company with federal regulation compliance.
- Perform health and safety audits.
- Provide an ergonomic review of your company’s operations.
- Help discover hazards and develop strategies to increase workplace safety.
- Conduct health and safety training for your employees.
How Does Loss Control Help Improve a Company’s Profitability?
Loss control insurance services may help your company retain more control over expenses related to accidents and illness in the workplace by helping you understand potential hazards. Establishing best practices to help decrease the chances you’ll have to make an insurance claim can help you keep your insurance costs lower over time.
Your insurer may provide additional loss control services, including training for employees. Since loss control also benefits your insurance company, they may provide these services at no charge.
What Happens in a Loss Control Meeting?
Your insurer may request a loss control meeting through your agent. A loss control representative from your insurance company will evaluate the exposures and risks your company faces during the session.
They want to understand your business so they can make suggestions about how you can avoid common risks specific to your company. Many insurance companies consider loss control a collaborative process, so there’s no need to be anxious if your insurer requests a loss control meeting.
Contact Us Today for Help Navigating Loss Control Issues
Your insurance company wants to understand the risks your company faces during day-to-day business so they can make relevant suggestions about how you can potentially reduce the risk of filing a claim. If you have questions about the process, contact Saunders Insurance Agency today to learn how loss control can help your company save money.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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