Whether you have a home, a business or a farm, hazards can occur anywhere on these types of properties. One way to assess these possible issues is to have a Loss Control survey conducted from your insurer.

Loss Control is a risk management measure created to minimize the possibility of a claim being made against an insurance policy. But is it necessary to have a survey like this conducted on your property? Take a look below to find out what this process is and how it could help protect you and your property.

Who performs a Loss Control survey?

Many major insurers have a department dedicated to Loss Control or Loss Prevention. Usually, with a new or renewal policy, the underwriter may request the Loss Control team to conduct a survey. Their job is to evaluate any possible hazards on your property or reduce the risk of them.

The process of a Loss Control survey

When an onsite survey is requested by the underwriter, the Loss Control team speak with your broker first to decide whether the broker should be onsite as well. The Loss Control team uses both onsite and virtual surveys to fully assess a property. The team will then ask property owners questions to learn important details and give risk-related advice to help reduce or prevent loss.

When onsite, notes and measurements of your property, as well as photos (with permission) will be taken to further assess the property. Factors such as building construction features, to fire, liability and crime hazards are looked at. These areas highlight safe aspects of a property as well as conditions that may lead to a loss.

Once the Loss Control team has completed their survey, they provide their findings to your broker and the underwriter. One important piece of documentation included in this report is a recommendation with photos that display areas for risk improvement for the property.

How a Loss Control survey can benefit you?

A Loss Control survey gives a policyholder and their broker help in learning about the possible hazards around their property. Many policyholders do not have or store photo documentation of their building and contents. Being provided with a report about the condition of a property may be useful in the event of a significant loss or claim for a policyholder.

The team is also able to consult about their findings after a survey has been conducted. This includes clarification on recommendations or advice on future building renovations or expansion.

The underwriter is also able to better understand the property being insured under the policy. The details from a Loss Control survey will help them better assess your insurance needs and provide you with the best coverage for your policy.

Finally, your broker can review this letter with you to go over any questions you may have or how to address any hazards found.

Do you have more questions about Loss Control surveys and how they can benefit you? Contact your broker to learn more about how to prevent losses around your property!

Links

https://www.investopedia.com/terms/i/insurance-loss-control.asp
https://blog.otcinsurance.ca/blog/small-business-week-are-you-covered