Loss control is a key area of focus for any business that wants to protect its physical and monetary assets as well as its employees. Developing an effective loss control plan will support the financial stability of an organization and the long-term continuation of its operations.
For example, a plan should address the following:
Protection of your business property assets
Whether your business properties are owned or leased, they should be adequately insured to reduce exposure from financial losses related to property damage or destruction. Hazards common to all buildings should be evaluated such as the integrity of the electrical wiring, heating conduits, and plumbing. Hazards that are unique to the activities taking place on each property must also be reviewed. Proper building maintenance and housekeeping procedures should also be part of the loss control plan.
Liabilities related to legal responsibilities and operational negligence
Reviewing your company’s exposure related to its legal responsibilities, negligent situations, and the safety of its products and services is a critical component of loss control. Ensuring that the appropriate documentation processes are in place is also important should a liability claim occur.
Limitation of business income losses
Property damage exposures that result in an interruption of operations can also have a significant impact on business income in both the short and long term. A loss control plan should include a program that outlines how you can continue operations in various scenarios that would have negative consequences for your business.
Our insurance professionals can help you create an effective loss control plan
The right insurance coverage is an important part of any effective loss control program. Our business insurance team can help you evaluate your company’s risk profile and determine how to protect your business from potential losses, including the mitigation of both direct and indirect costs.
As an independent agency, we work with top insurance companies to find the right loss control protection for the unique needs of the businesses we serve. Many of the insurers we work with offer complimentary loss control materials including brochures, safety posters, training videos, and mobile apps which can help you implement a comprehensive loss control plan for your company.
Contact us today to learn more about protecting your business from property, liability, business income, and other losses.
Specializing in asset protection and risk management for our personal lines customers, Account Executive, Jill Villemure, has been with Kemner Iott Benz in Ann Arbor since Spring of 2014. Jill enjoys running 5K’s in an effort to help raise funds for various causes, survived being the oldest sibling of five, is Mom to an adorable cat, and recently married the love of her life, Randy.
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