Loss Prevention is the elimination or reduction of hazardous conditions with the programme of preventing losses that is achieved through inspection and engineering efforts by internal and/or outside organisations including the insurer. The Loss Prevention is based on the concept of establishing policies, procedures, and business practices to promote loss reduction opportunities identifying where losses can occur and specifically work to prevent losses rather than take remedial actions. The aim of Loss Prevention is to prevent any accident and reduce the risks of hazards in the workplace. It helps by saving lives preventing workers from operational risk exposure and avoiding unnecessary expenditure.
Related Definitions in the Project: The Risk Management; HSE Management
