What is one of the primary objectives of loss control?

One of the primary objectives of loss control is to reduce or eliminate policyholder losses. This objective is crucial for insurance companies as it helps minimize the frequency and severity of claims. By implementing effective loss control measures, insurers can encourage safer practices and risk management strategies among their policyholders. This not only benefits the policyholders by safeguarding their assets and reducing potential financial losses, but it also helps insurers maintain lower claim costs, ultimately ensuring better financial stability and pricing of insurance products.

In contrast, increasing premium costs would typically be a reaction to higher losses rather than a proactive objective of loss control. Limiting employee training could lead to more errors and unawareness of safe practices, which runs counter to loss control objectives. Lastly, extending claim processing times would create inefficiencies and might frustrate policyholders, rather than contributing to loss control efforts. The focus of loss control is firmly on proactive prevention strategies aimed at reducing loss events.