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Why Do I Need a Loss Prevention Program for My Business?

female construction workerThe goal of loss prevention is to reduce the costs associated with running a business including workers’ compensation claims, equipment and contractual losses, employee and customer mistreatment, or other problems. Any loss prevention program can be tailored to reduce loss in the way affecting the company. Therefore, it’s important to take steps to start a loss prevention program in your organization.

A well-managed loss prevention program can help to reduce the frequency and severity of workers’ compensation claims. In 2010 alone, the most recent U.S. Bureau of Labor Statistics report estimated that there were some 4,690 fatalities caused by workplace injuries. This costs businesses millions of dollars in workers’ compensation claims, increased premiums, and loss of personnel.

So, what are some ways to put a loss prevention program into place? One way is through company-wide meetings that raise employee awareness. Another method is by conducting injury prevention audits to identify specific concerns and improvement of employee reporting of incidents.

Additionally, some methods involve the involvement of policy and procedure development to reduce risks within the workplace. In situations where theft is a concern, the program will focus on those specific areas of concern.

An audit may include creating a checklist of policies and procedures necessary for achieving reduced loss by the company. It may look at developing new procedures to minimize loss, but audits done by third parties often point out what the company cannot see for itself. The Centers for Disease Control website provides some guidelines on loss prevention to help get you started.

This article has been provided by Patriot Software, Inc., developer of online small business software for U.S. employers, including online payroll software, time and attendance software, hiring software, human resources software, and an employee portal. Patriot Software also offers a payroll tax filing service for payroll customers. For more information, visit www.PatriotSoftware.com.

 

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