What is the primary purpose of "loss control" in risk management?

The primary purpose of "loss control" in risk management is to implement strategies that reduce the likelihood or severity of claims. This proactive approach involves identifying potential risks and taking measures to mitigate them before they lead to a loss. By effectively managing risks, organizations can avoid accidents, minimize damage, and ultimately protect their assets and resources.

Loss control can include various practices such as safety training for employees, regular maintenance of equipment, and the establishment of safety protocols. These initiatives are aimed at creating a safer environment, which not only reduces the frequency of claims but also lessens the financial impact when losses do occur. This contributes to overall risk management by promoting a culture of safety and awareness within the organization.