Loss Control Jobs: How to Get One?
What is loss control in the insurance sector?
It includes different initiatives taken to minimize frequency and severity of the loss incurred to the customers, employees, products and equipments. In simple words loss control is to minimize risks. It includes a variety of techniques used to control risk. If you want to know about loss control jobs then have a look at this article.
For which category of people is the job of loss control suitable?
If you are someone who loves to meet new people everyday then this job will suit you the best. For in this job you need to spend hours conducting surveys and collecting information. Since early 2000, many people are opting for this category of job as they find it challenging.
What is the job profile of a loss control specialist?
A loss control specialist is responsible for the inspection of the business of the insurance companies and advices how to prevent losses especially in the manufacturing and commercial units. Their job responsibilities are as follows:
- Identifying the probable areas where loss can occur due to accidents, crime, liability or fire.
- Inspecting the risk factors.
- Advising what has to be done to minimize the severity and frequency of losses.
- Helping insurance companies to decide the premium amount and reduce the probable losses.
Examples of some of the roles are specialist in loss prevention, risk consultant, engineer of loss prevention and safety consultant.
How can you become a specialist of loss control?
- You have to be highly qualified in any of the fields like engineering, applied science or technical program.
- You have to acquire hands on experience on risk management, auditing, loss prevention etc.
Pay scale for a loss control specialist:
At the entry level a loss control specialist can earn around $35,000 to $50,000. At an intermediate level you can earn around $50,000 to $70,000 whereas at a senior level you have the potential to earn around $100,000 a year.
A lot of factors like experience, education and geographic location determine your earning potential as a loss control specialist. There are many opportunities which will help you to move ahead in this field. Eventually you can hold a position of an underwriter, insurance manager or even an insurance broker.
The overall aim of loss control is to minimize the insurance claims. And if you are a self-motivated individual who loves to accept challenges then loss control jobs are just ideal for you.