Loss Control for Business
Loss control, sometimes referred to as risk management, is an important program for lowering the overall risk profile of your organization. Glenwood Insurance provides a strategic approach to reduce the likelihood of a claim being made against your business’s insurance policy.
What is loss control?
Why should an organization make loss control a priority?
How do we support your loss control program?
How do we work with Insurance Carriers?
Sometimes, an insurance carrier will send a loss control consultant to conduct a survey of your property or your organization’s operations. These surveys may be done in person or virtually. The loss control consultant will identify risks and determine what controls, if any, are in place to help reduce the probability or severity of a loss. If there are no controls in place, or the controls are deemed inadequate, the loss control advisor will make recommendations for improvement.
Glenwood Insurance is unique in having a risk management specialist on staff who manages carrier visits and accompanies the carrier’s loss control consultant during surveys.
What happens after a survey?
Implementing the recommendations may be a condition of the insurance carrier writing the policy or offering a renewal policy. Glenwood Insurance Agency’s risk management consultant can help you understand and implement the recommended controls and prepare a response to the carrier.
Ultimately, loss control benefits both the insurance carrier and the policy holder. The policy holder may see reduced premiums, as well as reducing or eliminating the disruptions that arise after a loss. The insurance company benefits from paying fewer or smaller claims.
SPECIFIC INDUSTRY EXAMPLES
A client in the hospitality industry was experiencing a high frequency of strains among their employees. Glenwood Insurance conducted a walk-through of the property and observed employees in each department performing their routine tasks. These observations allowed us to identify several opportunities to reduce the risks their employees face. We made recommendations that included making changes to their work practices, acquiring simple tools that offered better ergonomics, and training employees on proper body mechanics. We then led training sessions with the departments that were experiencing high rates of strains, customizing the training to the needs of each department.
While conducting the observations of their workplace, we also identified several other safety concerns that put employees at risk or constituted OSHA violations. We provided feedback on these risks, helping the client prioritize these risks and put a plan in place to address them.
After an employee experienced a serious injury, Glenwood Insurance was asked to help a contractor review their entire safety program. We found that they were missing a couple of OSHA mandated safety programs, and then provided them with templates to build programs that fit their company’s needs. During the program assessment, we found gaps in their OSHA injury and illness recordkeeping program. We helped them understand OSHA’s recordkeeping requirements and bring their records into compliance.
We also learned that the contractor was unsure of how the Federal Motor Carrier Safety Regulations applied to their operations. We provided resources to help them understand the regulatory requirements, and showed them how to track their performance on the Department of Transportation’s online Safety Management System.