An employee is injured … A fire occurs … An invitee trips and falls …

Unfortunately many companies are not focused on loss control measures until -

It’s too late. It’s probably accurate to say, beyond the “human” considerations, insurance often foots a big piece of the bill. But often at a cost that, in the longer term, doesn’t serve the financials as well as an upfront investment in loss control would have.

Risk management is all about reducing and mitigating the exposure to risk which in turn reduces costs.

Basically there are three loss control approaches -

Avoidance, Prevention and Reduction.

Each of these can be employed in a pro-active or a re-active fashion. In addition there are a few other loss control tools that can be utilized to reduce risk – separation, duplication or redundancy, contractual transfer and salvage.

Becoming more proactive in your C-Level approach to loss control 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.

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.