Loss Control
Practices and procedures implemented to reduce the frequency and severity of losses, accidents, and insurance claims
Detailed Explanation
Loss control combines risk assessment, preventive measures, safety programs, and employee training to minimize potential losses, often resulting in lower insurance premiums and fewer business disruptions.
Practical Example
A manufacturing company implements a comprehensive loss control program including regular safety inspections, employee training, proper maintenance schedules, and emergency response procedures, which reduces workplace accidents by 40% and lowers their workers' compensation premiums.
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