What is loss control?

Loss control is the ability to identify the potential for loss to occur at a particular property or business. It starts with common sense and then uses information developed through past losses to enable an insurer to predict or foresee potential claims against the policy and encompasses every line of insurance written today. Loss control is a very specialized business utilizing many technical references as a guide. Once knowledgeable, the field person can be a highly effective tool to reduce the severity or eliminate losses or meet regulatory requirements and this ultimately improves the profitability of the insurance company.

Why learn Loss Control?

Each year, several million commercial insurance policies are issued nationwide. Many Insurance companies, Agents and Brokers require that a loss control survey be performed to evaluate the insurability of the property or business that they underwrite. These same companies have limited loss control field staff and geographic distribution and they outsource a significant number of their field surveys throughout the country. It has been nearly a decade since the insurance industry has placed full emphasis on training entry-level field staff and there are very few ways to actually learn loss control. Only a handful of colleges and universities offer degrees that are relevant in fire protection engineering or safety management but these courses are very time-consuming and expensive. This translates into a shortage of knowledgeable and dependable field staff within the industry.

Check out the Commercial Insurance Loss Control training materials at www.sofistore.com.