Risk Tip: Pay more attention to loss control

Being proactive means savings in the long run.

Comment: Risk management is all about reducing and mitigating the exposure to risk which in turn reduces costs. Unfortunately we see many companies who do not focus on loss control measures until it is too late. An employee is injured, a fire occurs, an invitee trips and falls. Most of the time with smaller to medium-sized companies it is the insurance carrier loss control representatives who point out potential hazards.

Bottom Line: Over time, by becoming more proactive in your approach to loss control it will serve to help reduce the overall cost of your organization’s insurance and risk management program. By taking a proactive approach to loss control you also place your company in a strong position when it is time to renew your coverage. Insurance company underwriters will look favorably on this and will be better able to justify rate reductions on your account. This is an area of focus where it cannot be “business as usual.” Risk and exposures change constantly and must be addressed in the same fashion.