Loss Control from Wyoming Financial Insurance

A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Also known as risk control or safety. Driver training programs are loss control programs that seek to reduce the likelihood of accidents occurring. Sprinkler systems are loss control devices that reduce the severity of loss by fire.

The loss control consultant will typically work for an insurance company, a private consultant firm or as an independent consultant. The LCC will survey businesses for property or casualty (general liability, automobile, workers compensation) exposures, identifying exposures to loss and how a business can control these loss exposures. If deficient in protecting for a loss exposure, recommendations for improvement will be offered. Underwriting information concerning an account's operation, size, area served and cooperation with the loss control consultant is developed and submitted in a report to the requesting party.