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Understanding Risk Management, Insurance and Legal Issues

Understanding Risk Management, Insurance and Legal Issues. Chapter 14. Rewards. Intrinsic rewards Extrinsic rewards. Risk Management. Identifying potential hazards and creating a safety and health program to prevent their occurrence 5 elements of effective safety & health program:

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Understanding Risk Management, Insurance and Legal Issues

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  1. Understanding Risk Management, Insurance and Legal Issues Chapter 14

  2. Rewards • Intrinsic rewards • Extrinsic rewards

  3. Risk Management • Identifying potential hazards and creating a safety and health program to prevent their occurrence • 5 elements of effective safety & health program: • Management leadership and employee participation • Workplace analysis • Hazard prevention and control • Safety and health training and education • Program evaluation

  4. Hazards • Sharp objects • Machinery and equipment • Slips, trips and falls • Hot surfaces and liquids • Chemicals • Overexertion • Muscular skeletal hazards • Electrical hazards • Motor vehicle accidents • Infectious diseases • Workplace violence • Unpredictable work environments

  5. Safety Committees • Responsible for: • Hazard identification and inspections • Hazard control • Training • Accident investigations • Considerations: • Group must receive clear guidance. • Group cannot be dominated by management.

  6. Insurance Program • Identify and analyze the exposures or potential causes of loss. • Know the options to address the exposures, and choose the best alternative for the group. • Monitor the insurance program and make incremental adjustments to the package.

  7. Addressing Risk • Avoid • Reduce • Transfer

  8. Informed Consumer • Property insurance • Liability insurance • Personal and advertising injury liability • Fire damage liability • Medical expense coverage • Automobile insurance • Employment practice liability

  9. Selection of Insurance • A caterer must have the right coverage to fit the business needs at a competitive rate. • To keep costs down: • Higher deductibles • Higher coinsurance clauses • Low losses • Competitive quotes

  10. Contracts • Binding agreements between two or more parties that create an obligation • Caterer is obliged to provide food and service. • Client is obligated to pay for food and service. • Must cover a standard set of basic stipulations • Before entering into a contract, an attorney should review its specific contents.

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