What is the term for measures taken to minimize loss or damage?

The term for measures taken to minimize loss or damage is "mitigation." This concept is widely used across various fields, including insurance, disaster management, and risk assessment. Mitigation involves implementing strategies designed to reduce the severity or impact of an event, such as natural disasters, accidents, or financial losses.

In the context of insurance and personal lines, mitigation may include preventive actions like reinforcing a home against natural disasters, securing valuables to prevent theft, or adopting safety measures to reduce the likelihood of accidents. By focusing on mitigation, individuals and organizations can effectively lower the risks associated with potential hazards and minimize their financial exposure in the event of a loss.

Compensation refers to monetary payment for loss or injury, while assessment relates to evaluating the extent of loss or damage rather than minimizing it. Liability refers to legal responsibility for harm or loss, which is distinct from taking proactive measures to prevent such harm. Thus, "mitigation" stands out as the most appropriate term for describing efforts aimed at reducing the likelihood or severity of losses.