A loss control program is a coordinated set of actions or practices that help locate and address potential risks for a business. The program could evaluate losses from employee theft, financial difficulties from claims or lawsuits, and other risks. A tailored loss control program reduces risk and mitigates the extent of economic losses when unexpected incidents occur.
How Do I Know If I Need a Loss Control Program?
Most businesses can benefit from a loss control program. The first step is to review your business’s risks. You have risks unique to your enterprise, along with a range of standard risks. Some common potential losses that many companies share include:
- Product theft
- Damaged inventory
- Workplace injuries
- Property damage
- Online security threats
- Client claims
Developing a Plan
Set clear targets to reduce the risk of potential loss in each area. Speaking to a business insurance agent at our firm can help. We can help walk you through your business insurance options and what policies offer. Your loss control program should list the actions to take, deadlines for completion, and the individual responsible. Vague or unclear targets rarely get completed—be specific.
Most businesses find that having a safety manual for employees is a practical part of a loss prevention program. Educating your staff makes them more likely to respond to emergencies correctly and confidently.
Getting Your Plan into Action
Take the targets from your planning papers to the physical universe. Have the assigned executives complete their tasks such as:
- Employee safety manual: Have the safety manual written, printed, distributed, and read by all employees.
- Security cameras: Get cameras installed if needed, and place clear signage about video surveillance as a deterrent.
- Anti-theft tags: If you work in retail, implement RFID tags.
- Inventory monitoring: Perform regular inventory reviews to ensure your products are safe from employee theft.
- First aid stations: Be prepared in case of an accident. Purchase a quality first aid kit, or several if you have larger premises. Place first aid kits in easily accessible locations. Ensure your employees are informed where first aid supplies are available should an unexpected injury accident occur.
Monitoring Your Results
Without feedback, ensuring your efforts are working is challenging. Close the loop by asking staff and customers to share their thoughts. Do they feel more secure? Do they understand what actions to take to help avoid unnecessary risks? Regular safety training ensures your employees know what to do in case of fire, an injury, or any incident requiring immediate intervention.
Improve Your Loss Control Program
A loss control program will be outdated over time. As your business expands and changes, so do its needs. Business insurance covers many aspects of your business and can act as a safety net, ensuring your business can flourish. Some insurance providers may reward company owners who have implemented a loss control program by offering lower premiums.
Business Insurance Gives Peace of Mind
Loss control programs can go a long way to keeping your products, clients, and personnel safe from harm, but they can also protect your enterprise from unexpected financial losses. Speak with one of our business insurance agents today to have your current policy reviewed and learn if new options on the market could better serve your operation. You have worked hard to build your business; your business insurance policy safeguards against losses you can’t afford.