What is a Loss? Loss[los]noun1.A Loss is an injury or damage that is covered by an insurance Policy. Losses can be partial, like when wind damages part of a roof, or total, as when an automobile is “totaled” in a collision. Share | Have A Question About This Topic? Address Thank you! Oops! Related Contents Forecast Life is as unpredictable as the weather. We’d love to help you prepare. Errors and Omissions Insurance E&O insurance is specifically designed to protect you, or your company, from the risk of a client’s dissatisfaction. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.