Loss Control and Risk Management

A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Also known as risk control or safety. Driver training programs are loss control programs that seek to reduce the likelihood of accidents occurring. Sprinkler systems are loss control devices that reduce the severity of loss by fire.

No one wants to experience loss to the bottom line, especially in today’s economy where every penny counts. Many insurance carriers and consulting firms hire premium auditors who are the loss control “eyes” for the financial side of the business; especially analyzing workers compensation and payrolls.

Loss prevention programs help you anticipate accidents. That sort of risk awareness keeps your business sailing smoothly.

Making safety a priority is the first step to a safer workplace. The next steps might be to:

• Pick a safety officer or committee
• Hold safety meetings to share information, even the common sense topics
• Develop safety policies and facility inspection checklists
• Plan exactly what to do in an emergency
• Lead by example – owners and managers who follow the rules demonstrate a big commitment to safety

Here are a few resources: