Unfortunate incidents at work can happen anytime, so any smart business owner must work on preparing for it. Insurance provider The Harford even reported that 40% of small businesses would experience a property or liability loss within the next ten years. If you want to prevent that from happening, you need to have a loss control insurance strategy.
Most people think that having an insurance policy is enough to protect a company against workplace incidents. But, if you think about it, everyone would be better off if there were no claims in the first place. This is why it is important to apply loss control strategies and policies for the company's benefit.
Nationwide has a Loss Control Services team linked to safety and risk management professionals all over the United States. Their service involves reviewing existing operations, procedures, and programs to suggest the appropriate risk management technique for your business.
Their loss control program includes cost-reduction and loss-reduction strategies insurance products like commercial auto, property, workers' compensation, and general liability insurance. All of their existing clients have access to their website, My Loss Control Services, with thousands of loss control and risk management resources.
Columbia Insurance also offers free Loss Control Services to all their existing clients for any of their insurance policies. They offer an array of resources for their policyholders, including Toolbox Topics on Safety. Additionally, they do consultations on risk management information and risk control to minimize the exposure to loss.
Columbia Insurance clients get linked to a Loss Control representative to improve the risks in relation to their current insurance coverage. The scope includes property, workers' compensation, fleet, and general liability.
Providing insurance policies since 1928, insurance company Farmers has always been passionate about giving first-rate services to their customers. For everyone who purchases their insurance, loss control services are also available to them for free.
From their loss control team, you can expect help in identifying workplace hazards and recommendations on safety and loss control techniques that you can apply to your business. The employees will be provided with safety training materials to help maintain a safe work environment.
Every policyholder from Farmers, whether its life insurance or business insurance, will gain access to their free resource called My Safety Point. It is a library filled with safety training videos and other digital products your company can use to implement better safety programs.
No matter how prepared you are, losses are bound to happen in a business. It may be an injury to a person, damage to property, loss of time, or legal liability that can negatively affect your business. With a loss control policy, you will address and mitigate these hazards that may lead to a loss. Here are some of the benefits you can enjoy with a loss control services policy.
A good loss control program will provide risk assessments and use the results to develop workplace safety strategies, especially for emergencies. Employees will be oriented on emergency response procedures to help them create quick decisions for the company's benefit and help them avoid losses.
The best thing about risk control programs is that employees are made aware of the hazards surrounding them. They receive the proper training to promote safety in their work environment and eliminate potential hazards. By applying the best practices, the employees will feel empowered, at the same time, motivated to produce their best work.
When you reduce the frequency of losses, you save your insurance company some money, so you will have to power a lower premium. Without a loss control program, you face the threat of settling lots of claims month after month. In the worst-case scenario, you might even lose the chance of renewing your insurance policy.
Loss Control Management (LCM) is the process of safety and risk management within the workplace. The overall goal is to help reduce the possibility of losses and decrease the severity of any losses that occur in the company.
Insurance companies or private consulting firms provide, most of the time, loss control services. Acquiring this program can be through a loss control consultant, but it can also be done through a company's risk management team that is often comprised of trained managers and supervisors.
Loss control can be affected in two distinct ways: loss prevention and loss reduction.
Loss prevention involves identifying the factors that increase the likelihood of a loss occurrence. In this type, the overall goal is to reduce the possibility of risk ever occurring by addressing the factors that pose risks.
On the other hand, loss reduction is dealing with existing risks and working on minimizing them. It can be described as salvage solutions to help reduce the possible costs related to a loss.
For instance, look at car accidents. If you are drunk and you decided not to drive, that is a loss prevention move because you eliminate the possibility of any risks occurring. However, if you opted to drive slower and more carefully, this is a loss reduction. Your action seeks to lessen the magnitude of a loss if it does happen, but the risk is still there.
OSHA is an agency of the Department of Labor that assures safe and healthy work environments by providing training, education, outreach, and assistance.
The National Institute for Occupational Safety and Health is a federal agency responsible for conducting research and making recommendations to prevent work-related injury and illness.
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