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Loss Prevention

Definition - What does Loss Prevention mean?

Loss prevention refers to the measures used to prevent loss of life, health, and property arising from an incident or accident. The aim of loss prevention is to prevent any accident and reduce the risks of hazards in the workplace. It helps by saving lives and physical properties, prevents workers from pain and suffering, and avoids unnecessary expenditure through safety departments.

Safeopedia explains Loss Prevention

The goal of loss prevention in any organization is to reduce accidents to as close to zero as possible. It helps to develop safe work environments through employee habits, safety culture and improved employee attitudes. It facilitates a reliable and fast communication channel between employees and management. It also highlights on the use of safe machinery, observation of safety procedures and practices, safety training and monitoring.

Loss prevention helps by minimizing the following:

  • Loss of equipment and property while protecting assets

  • Accident rate and severity

  • Insurance claims

  • Interruptions of production and services

It improves the following in an organization:

  • Safe work environment

  • Worker efficiency through uninterrupted production and services

  • Worker’s job satisfaction

  • Profitability

  • Business goodwill

This definition was written in the context of Health, Safety and Environment

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