What is the primary goal of a loss control program?

The primary goal of a loss control program is to identify and mitigate risks. Such a program focuses on recognizing potential hazards and implementing strategies to reduce the likelihood of losses or damage occurring. This process is essential in risk management, as it not only helps in avoiding incidents that could lead to financial losses but also protects employees, assets, and the overall operational integrity of a business.

By concentrating on identifying risks, a loss control program seeks to proactively manage and lessen the impact of potential adverse events. This can include various activities, such as conducting regular safety audits, training employees on best practices, and establishing emergency response plans. Ultimately, effective loss control not only promotes a safer working environment but also contributes to the long-term sustainability of the organization, which can lead to increased profitability as well, but this is a secondary benefit rather than the primary goal.