Definition - What does Loss Control mean?
Loss control is the proactive measures taken to prevent or reduce loss evolving from accident, injury, illness and property damage. The aim of the loss control is to reduce the frequency and severity of losses.
Loss control is directly related to human resource management, engineering and risk management practices.
Safeopedia explains Loss Control
Loss control in any organization is achieved through commitments of all personnel in the organization. It emphasizes safety procedures and practices, training and monitoring.
Loss control systems include the following:
- Implementation of loss control policy
- Assignment of duties and responsibilities
- Review of claims data
- Audits and inspections
- Accident reporting and investigation
- Communications Development and review of emergency and contingency plans
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