For any business, an effective Loss Control program is a must. It helps you minimize losses or puts you on a path that greatly reduces the chance of one happening. Some may feel the effort put toward safety management or, in this case, loss control prevention is a waste of time and will not add dollars to the bottom line. Many business owners, however, have found this to be just the opposite.
Having a well-established loss control program shows committment to employees, the community, and your customers. For a customer, knowing the odds of getting the product on time or having customer service available when they need it is a comforting feeling. For the company, it can point out those areas that need to be addressed upfront, and the steps to address them, to reduce the chances of that not happening with their customers.
Here’s four approaches to get started on developing a solid Loss Control Program.
- Think about those things that can cause business interruption and ways to diminish or eliminate them so your customer isn’t affected if something would happen.
- Brainstorm with your employees or business partners. Everyone has a different perspective on how to build a loss control program.
- Ask yourself, “What would cause me the most grief if it happened to my business and how would I address it?”
- Talk to your insurance carrier’s Loss Control Consultant. They are experts in identifying the risks seen most frequently across the industry and ways other insureds have dealt with them.
Have you taken one of these approaches? Was it helpful in developing a successful loss control program? What have you done that’s significantly reduced a potential loss? Tell me about it and share your ideas!