What is the purpose of a ‘loss control survey’?

The purpose of a ‘loss control survey’ is centered around identifying risks and recommending measures to reduce potential losses. This survey is a proactive tool used by insurers to assess the risks associated with a business or property. During the survey, various factors that could lead to financial losses are evaluated, such as safety procedures, operational processes, and physical conditions of the premises. By identifying these risks, the insurer can provide tailored recommendations for loss prevention and risk mitigation, which not only helps protect the insured's assets but also aids in minimizing future claims. This approach ultimately enhances the overall safety and security of the insured's operations.

In contrast, evaluating premium costs for new clients focuses on determining pricing structures and does not involve an in-depth risk assessment. Analyzing customer satisfaction pertains to understanding how policyholders perceive their coverage and service rather than identifying potential losses or risks. Projecting future loss trends based on claims history relies on past data to forecast outcomes, which does not involve the immediate assessment and mitigation of current risks as seen in a loss control survey.