Loss Control Insurance
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Loss Control Insurance Information
A necessary part of operating any business is implementing plans to limit losses related to workplace incidents. Even events that are beyond your control can have significant financial ramifications. A robust and diverse insurance portfolio is a critical element of any business’s loss control practices; however, it may also be possible to optimize the cost-effectiveness of your coverage through insurance loss control practices.
Loss control refers to risk management processes recommended by insurance companies to reduce the chance that you may need to file a claim against your policy. By implementing loss control practices, your business will reduce the likelihood of sustaining a loss and, therefore, may be able to save on premiums.
What Is a Loss Control Inspection?
The loss control process begins with an insurance company loss control representative deployed to assess your workplace and its various risks, hazards and exposures. After inspecting your workplace, the representative may make recommendations that will improve safety and reduce risks in areas such as the following:
There are many suggestions that loss control inspectors may recommend, such as installing sprinklers or security systems. By checking items off this list, your business will reduce the likelihood of sustaining a significant loss and may earn discounted coverage rates.
What Is Required for Insurance Loss Control?
In most cases, all policyholders should be eligible to request a loss control inspection. By acquiring and maintaining coverage from an insurance company, the services of safety and risk management professionals will be available to assess your workplace and determine potential improvements.
The requirements and recommendations proposed by insurance loss control inspectors may vary significantly. Your location, the type of business you operate, specific employee tasks, the size of your workforce and what policies you are seeking discounts for may all play a role as loss control representatives determine their recommendations.
Insurance loss control can be a complicated subject, but one worth in-depth exploration due to the potential financial incentives. By allowing an inspector to visit your workplace and taking their recommendations to heart, your business may be able to reallocate funds previously needed for your insurance portfolio.
With nearly a century of service to individuals, families and businesses in the Rochester, New York City, and Jericho areas, the agents at Paris-Kirwan Insurance are well-equipped to help you understand your insurance needs and provide optimal coverage solutions. Contact us today to learn more.
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