Have you ever received a phone call from someone who represents your insurance company asking if they can stop for a loss of control of investigation? Loss of control of investigation? What does it mean? The fact is, for most insurance companies, this is a very valuable tool that complements the subscription process on your policy.
Think about when you sought insurance coverage. You went to your agent and they will have found a commercial insurance policy. With this policy, the insurance company has promised to pay for your covered losses when they occur. You went through the laborious process of collecting loss slopes, construction updates, product information, and any other information the underwriter needs almost give up your first born to get the policy. Then, finally, you receive your policy from your agent (or online for those who went green). OK fine. Glad that's over, I'm covered! Well ... you can not be finished yet.
Depending on the type of business you operate, the size of the property values you have, or the amount of vehicles in your fleet, your insurance company may want to see things for himself. Whether you like it or not, there's some verbiage, buried deep in one of your policy forms, which says that your insurance company has the right to inspect your operations.
But do not worry! This is not a bad thing! Loss control is a collaborative effort to not only help the company to find out what they cover, but also for you, the policyholder to help with security measures, training topics, and analysis loss, among other things. Nobody wants to suffer a loss of any kind, but that is exactly what your policy is for - to pay for covered losses resulting from accidents or disasters. Although you can not control when an accident or disaster occurs, you can help to prevent or limit the damage somehow.
So if you receive a phone call from someone saying they represent your insurance company and you want to stop for a visit, how should you handle it? First, it is common to be a little wary in this day and age of a person who calls and wants to enter your home or business. If you do not feel the consultant properly identified themselves, call your agent or the insurance company to verify their identity. Your agent may also be able to give you an overview of why the insurance company feels an inspection is necessary. More often than not, it is just standard operating procedure. And remember, this is your business, then I encourage you to make you a part of this process. If you are not available, use one of your leaders. The loss control representative may have questions that must be answered, or see things that need explanation.
You should also take the opportunity to ask questions you may have about safety issues or training for your employees. loss control consultants (sometimes called engineers loss control) are formed in the life safety codes. They also know the methods of prevention and loss reduction. They may have suggestions for your operation and make formal recommendations.
Remember, loss control representatives are not to fear! Their goal is to help you manage your business as efficiently as possible either by preventing losses from occurring or reduce the severity of those that do. And from my point of view as underwriter, loss of control of the people are my eyes. They allow me to see what could be submitted on a paper application that not only allows us to identify potential risks and help prevent or reduce the risk, but also help us to charge an adequate premium for your coverage. And that translates into savings for you and the insurance company. This is not a loss but a win-win!
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