The exact steps taken will vary some from company to company, but the basic requirements are as follows:
Power is Disconnected
Lock Out the Power
Filling Out the Tag
Holding the Key
Creating a LOTO Program
Any company that has potentially dangerous machinery will need to have a LOTO program developed. The steps listed above will give general guidance on how the program should be developed. The specifics regarding things like what is written on a tag, what situations the program is used, and other factors can be determined by the safety manage of the facility.
Source: MaintainX (Community Member)