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. Protecting Your Business from the Loss of a Key Person Business owners may be able to protect themselves from the financial consequences of losing a key employee. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.