What is the main goal of implementing loss control strategies?

The main goal of implementing loss control strategies is to minimize both the frequency and severity of losses. Loss control involves proactive measures aimed at reducing the potential for incidents that may lead to financial losses or liabilities. By focusing on risk reduction, organizations can enhance their operational safety, reduce insurance costs, and improve their overall financial stability.

This approach includes a variety of techniques such as safety training, regular maintenance, and risk assessment procedures. The ultimate aim is to create a safer environment for employees and customers while protecting assets and ensuring business continuity. While complying with legal standards and some risk transfer to insurance may play a role in a broader risk management strategy, the fundamental purpose of loss control is centered on loss minimization, making it the most applicable goal.