How a Loss Control Inspection Benefits Companies
Essentially, a loss control inspection is the careful scrutiny of a company’s operations. The prospect of being carefully observed by their insurance company is understandably intimidating, and maybe even stressful for business owners. In reality, however, this assessment aims to help business owners save on insurance expenses by improving their safety and maintenance practices.
Here are some of the benefits companies gain from loss control inspections:
It Provides Coverage Clarification
At its heart, a loss control inspection or loss control survey is a collaboration between a client and an insurance company. When the insurance company’s loss control consultant visits a client’s place of business, they help by clarifying which facilities, equipment, and assets are covered under their plan, as well as the situations and instances in which they will be covered.
It Helps Refine Safety and Preventive Maintenance Practices
Loss control consultants are trained in hazard recognition and prevention. After performing a walkthrough inspection of your facility, they can give you useful safety tips and practices in order to minimize the risk of accidents from occurring—helping you save on health expenses. They can also help businesses maintain their assets by giving preventive maintenance tips to maximize longevity and prevent asset breakdown, which protects them from unscheduled downtimes that result in losses. In-house personnel can perform internal inspections using a loss control inspection software in preparation for the official survey conducted by professional consultants.
It Enhances Operational Efficiency
With the help of a loss control consultant and the diligent implementation of risk management practices against health hazards and asset breakdown, companies are able to keep their workers and machine assets healthy and functional which naturally leads to greater operational efficiency.
It Improves Asset Reliability
Achieving operational efficiency is an accomplishment in itself, but maintaining it is ideal. Though the main function of insurance companies is to shoulder the financial burden caused by worker injuries and asset breakdowns, it is still better to prevent these hindrances from happening in the first place. Improving your asset reliability through good safety and maintenance practices ensures that you meet your productivity goals on a consistent basis.
Upgrade Your Loss Control Inspection Process With iAuditor
Traditional loss control surveys are done using pen-and-paper templates, making inspection data susceptible to damage, loss, and unauthorized access. iAuditor’s loss control inspection software eliminates all of these problems, and provides an array of useful features to help you upgrade your inspection process.
iAuditor by SafetyCulture has helped companies across different industries improve their safety and quality standards. Through easy customization via our drag-and-drop smart form builder, automatic and unlimited data storage with cloud technology, and data visualization with advanced web analytics, iAuditor’s loss control inspection software helps you collect the information you need to prevent losses, worker injury, and asset breakdown; maximizing savings and minimizing downtime.
