Loss Control Benefits for Business Owners

How does a small to medium sized company actually benefit from Loss Control activities?

Too often “We can’t afford to spend money on that sort of thing” or “We really don’t need it anyway, we’ve never had an accident like that” is heard from business owners.  These statements come from a basic misconception about Loss Control and what it can do for an employer, regardless of the size or nature of the operations.  

Accidents and the conditions which cause accidents represent waste and in most cases, unnecessary waste.  Waste of people, waste of material, waste of monies to patch up and repair damage, and perhaps most importantly, waste of productive capacity.  Productive capacity generates the monies the business needs to be a going concern. Time and capacity lost can never be replaced and the financial loss or set back can be substantial, sometimes enough to cause the business to fail.

Business owners set goals for sales, production, quality and profit. Without planning, the goals likely will not be achieved. The same is true for Loss Control objectives in that there is a need to plan and set up measurements to achieve results.  

Yes, even small and medium sized businesses can benefit from Loss Control.  Essential elements a business owner should support include an active premises inspection process, providing instruction and/or policies and procedures to create a safe environment for all, and an accident or loss investigation process to follow up and correct any deficiencies.  Loss control activities can expand as needed by the size and complexity of the business.  

Programs to prevent losses and their consequences need not be complicated or time consuming.  A thorough Loss Control Risk Assessment is a valuable tool for business owners to identify key items that may need attention. By supporting the inspection process, business owners are demonstrating that safety and loss prevention are important. And finding out what may be a hazard and correcting it, business owners will keep their operations under control and preventing future losses.  

The result of supporting Loss Control activities is the safe and efficient operation of the business enterprise.  This will improve overall business success.

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