Loss Control Survey

Today, we’re going to be talking about Loss Control Survey. If your phone rings and someone on the other line asks to come inspect your business, you might be a little leery, right? Well, if they say they're a representative of your insurance carrier and they'd like to schedule a loss control survey, the best idea would be to swing your doors wide open and invite them in!

A loss control survey is an individual assessment of a place of business to evaluate possible hazards such as fires, water leaks, or any other accidents and catastrophes that might negatively affect your business or harm your employees. It's sometimes referred to as loss prevention, accident prevention or risk management. The overall goal is to create a safe working environment and prevent future losses from occurring.

The process is actually very simple for you. Your insurance carrier will call to set up an appointment that's convenient for you so they can tour the facility, take pictures and collect measurements, as well as discuss any concerns they might have. Your consultant may ask a variety of questions.

What type of business is this?

What's your sales volume?

What is the square footage of the building?

What's the construction class and building value?

They may ask to inspect your fleet of vehicles, how you handle cash flow, or even analyze your hiring process. Your loss control consultant will look to make sure you are implementing safety standards such as N.F.P.A. Fire Codes, OSHA regulations and Consumer Product Safety Commission Guidelines. 

They look at factors such as building construction, roof age, fire suppression systems like sprinklers, flammable liquid storage and handling, your heating systems, security methods, and many others. As soon as your survey is complete, your consultant will discuss their findings with you so there are no surprises when you receive a formal letter with recommended improvements. 

The best part of this meeting is that it's a perfect opportunity for you to ask questions too! You may even want to brainstorm with your partners and employees before your consultant arrives. Everyone has a different idea on how to build a successful loss control program and your consultant can help you implement those great ideas.

Finally, the information collected during the survey, along with any recommendations for improvements, is passed along to your insurance company's underwriter who reviews it to make sure your policy reflects your needs! All businesses possess potential hazards, regardless of size, industry or location. So the next time you get a phone call from your insurance carrier asking to perform a loss control survey, be sure to take advantage of the help they are offering. Remember, your consultant is an expert in identifying hazards in the work place, and has experience in how to deal with them. I hope you enjoyed this session on everything you need to know about Loss Control Survey. So always be sure to contact a professional before making any financial decisions.