Define loss control. How losses are categorized? Describe the various elements of loss control.

Loss control is a systematic approach to identifying, analyzing, and mitigating risks to prevent accidents, injuries, and financial losses within an organization. It is a crucial aspect of safety philosophy and accident prevention, aiming to minimize the occurrence of incidents that could lead to property damage, personal harm, or operational disruptions. The goal of loss control is to enhance workplace safety by implementing proactive measures that address hazards before they result in negative consequences.  

Losses can be categorized into different types based on their nature and impact. The primary categories include:  

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