Understanding Loss Prevention

As a business owner, you put in countless hours and cash to ensure your company's success. Taking actions to reduce loss is critical for protecting your investments. You can protect your business by understanding the various causes of losses and how to address them. To help you with that, Trinity compiled the following information from different reliable sources for you to better understand the importance of loss prevention:

LOSS PREVENTION DEFINED

Loss control refers to the proactive measures taken to prevent or reduce loss resulting from an accident, injury, illness, or property damage.

BENEFITS OF LOSS PREVENTION

Loss control provides the following benefits:

• Minimizes losses of equipment and property while protecting assets
• Minimize frequency and severity of accidents
• Reduces expenditures of insurance claims
• Minimizes interruptions of services provided to the public
• Provides a safe environment for employees
• Provides a resistance against claims of negligence

LOSS PREVENTION PROCESS

Understanding the process is just as important as understanding its essence. The following are the steps that you can take in implementing your loss prevention activity:

1. Site visit and interview. This includes the following activities: (a) Opening meeting with site management, (b) Physical inspection of the site facilities including testing of pertinent firefighting equipment, and (c) Identification of plant hazards and deficiencies Exit meeting to review issues arising from the inspection
2. Presentation of risk assessment and corresponding risk improvement recommendations.
3. Progress monitoring of risk improvement recommendations. Review of status reports to be followed with inspection for verification of progress status. Frequency of monitoring depends in the priority level stated in the loss prevention program.

References:

• https://www.safeopedia.com/definition/409/loss-control-health-safety-and-environment
• https://birdseyesecurity.com/5-loss-prevention-business-strategies-that-work/
• https://www.forafinancial.com/blog/small-business/loss-prevention/
• https://www.brown.edu/about/administration/insurance/property-insurance/loss-prevention
• Trinity’s Presentation