Insurance Risk Management Consulting Tip #11

Insurance Risk Management Tip #11 – Loss Control

Pay more attention to loss control.

Risk management is all about reducing and mitigating the exposure to risk which in turn reduces costs. Unfortunately we see many companies are not as focused on loss control measures until it is too late. An employee is injured, a fire occurs, an invitee trips and falls. Most of the time with smaller to medium sized companies it is the insurance carrier loss control representatives who point out potential hazards.

Bottom Line:

Over time, by becoming more proactive in your approach to loss control it will serve to help reduce the overall cost of your organization’s insurance and risk management program. By taking a proactive approach to loss control you also place your company in a strong position when it is time to renew your coverage. Insurance company underwriters will look favorably on this and will be better able to justify rate reductions on your account.