Loss Control Offered By Insurance Brokers Explained
Loss Control def: 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. Loss control is 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 and loss control offered by insurance brokers differs significantly by the organization.
ALIGNED Insurance Silver, Gold, and Platinum service levels also include various loss control services.
More About ALIGNED Insurance
ALIGNED is a premiere insurance brokerage that was exclusively and uniquely built to create, negotiate and deliver the best business insurance and risk management strategies/solutions to small, medium, and large organizations across all industries. ALIGNED’s primary mission is to protect the cash flow, profitability, and balance sheets of their clients from the chance of unforeseeable losses.
ALIGNED specializes in delivering insurance and risk management solutions exclusively to Canadian businesses. Through our 18 points of differentiation and expertise, we deliver unmatched value to our growing portfolio of clients from all industries ranging from small to large organizations.
What is loss control insurance?
Lost control insurance helps your business mitigate your business’s operational risks. It’s a risk management technique that aims to reduce the possibility of a loss for your business and minimize the damage of loss should something bad happen.
The goal of loss control strategies and measures is to help policyholders reduce the number of claims they need to file in the event of an insured peril. It also helps insurance companies take on less risk and reduce the number of losses they have.
What are the two types of loss in insurance?
The goal of insurance is to help you reduce the amount of loss you have in the event of a claim. There are two types of loss in insurance that a policyholder might face:
- The loss of assets from damages that are listed under the terms of an insurance policy
- The loss of assets from a pure risk
In the event of an insured peril or pure risk, policyholders might face property loss, legal liability loss, and financial loss.
What are loss control procedures?
There are six loss control procedures to reduce the chance or severity of risks
- Avoidance is to prevent the loss by avoiding the risk completely.
- Prevention is a series of measures implemented to reduce the chance of a loss.
- Reduction measures are applied to reduce the severity of loss from a risk.
- Separation measures isolate loss exposures to reduce the impact of loss from a single event.
- Duplication means keeping backups and extra copies of important information and assets in case they are needed.
- Diversification refers to the spread of loss exposure over a variety of products, markets, and services.
These strategies can help you reduce the exposure you have to various risks, reduce the severity of loss arising from these risks, and help you prepare to respond to loss.
What is the difference between loss control and loss prevention?
They have the same meaning essentially. Loss control refers to measures implemented to control the damage of a risk from creating a lot of loss or spreading to other areas of the business. Loss prevention refers to measures implemented to reduce the severity of a loss.
We offer all of the following products:
Board Insurance / Directors and Officers (D&O) Insurance
Employment Practices Liability (EPL) Insurance
Fiduciary Liability Insurance
Property Insurance- Including Business Interruption & Extra Expense
Machinery Breakdown/Boiler & Machinery Insurance
Course of Construction(COC)
Wrap-up Liability Insurance
Commercial General Liability / CGL Insurance
Pollution Liability Insurance
Commercial Automobile & Fleet Insurance
Umbrella Liability Insurance
Cyber, Hacking & Privacy Liability Insurance
Crime/Fidelity/Employee Theft Insurance
Professional Liability/Errors & Omissions (E&O) Insurance
Kidnap & Ransom Insurance
Representations & Warranty Insurance
ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary, and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.