What is Loss Prevention?
Loss prevention aims to prevent loss of assets or revenue by using strategies and best practices.
How does Loss Prevention differ from Loss Control Inspection?
Yes. A loss control inspection, also referred to as a loss control survey, is an evaluationof a client's workplace, facilities, equipment, and procedures conducted by an insurance company representative. The purpose of this assessment is to pinpoint ways in which the insurance company can assist the client in reducing hazards for workers and assets.
Thereby saving them money by lowering insurance costs and preventing asset failure that can result in lost productivity.
​
Why is Loss Prevention Important?
​
Loss prevention is a risk management strategy seeking t increase profits by minimizing avoidable losses.
In the retail industry, preventable losses, known as retail shrink, cost businesses $46.8 billion due to theft, shoplifting, errors, and fraudulent activities.
Loss prevention involves implementing best practices and proactive strategies to address these issues and reduce losses.