What is Loss Control?

In safety philosophy the word 'loss' has many meanings.Loss includes injury, illness, disease or death to a person.Loss includes damage to property, equipment, material, cost of replacement or damage to environment.Loss also occurs in terms of time, money, material, production, sales etc.Loss of time occurs in filling of accident forms and their reporting, record keeping,investigation of causes, searching for controls, traveling for medical and legal help,hospitalization, Govt. offices, rehabilitation and restoration of public image.Accident may cause any type of loss. Such losses are considered in-counting the costs of accident.

Loss control is defined as a management system designed to reduce or eliminate all aspects of accidental losses that lead to wastage of company assets. In this context the company assets involved are manpower, materials, machinery, methods,manufactured goods and money. Thus a system of loss control is designed to improve the overall profitability of a company by reducing both the economic and social costs associated with loss producing activities. Legal, humanitarian (social) and economic aspects are included herein

Happy New Year!

It's the New Year, time to check your Commercial Insurance Policies and make sure you are properly insured. Please feel free to contact TJM Insurance Services with any questions or if you need someone to review your current coverages.