The narrow s-wave Feshbach resonance of a $^6$Li Fermi gas shows strong three-body loss, which is proposed to be used to measure the minute change of a magnetic field around the resonance. However, the eddy current will cause ultracold atom experiencing a magnetic field delayed to the desired magnetic field from the current of the magnetic coils. The elimination of the eddy current effect will play a key role in any experiments that motivated to measure the magnetic field to the precision of a part per million stability. Here, we apply a method to correct the eddy current effect for precision measurement of the magnetic field. We first record the three-body loss influenced by the effect of induced eddy current, then use a certain model to obtain the time constant of the actual magnetic field by fitting the atom loss. This precisely determines the actual magnetic field according to the time response of the three-body loss. After that, we implement the desired magnetic field to the atoms so that we can analyze the three-body loss across the whole narrow Feshbach resonance. The results show that the three-body recombination is the dominated loss mechanism near the resonance. We expect this practical method of correcting the eddy current error of the magnetic field can be further applied to the future studies of quantum few- and many-body physics near a narrow Feshbach resonance.