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 The Best of Both Worlds Here are a few reasons we’ve chosen to be independent. Side-by-Side: Insured vs. Uninsured Here's what happens if your small business has an accident and you're not insured. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.