Question

In: Economics

Your company owns a bus to transport workers to field work. The brakes fail on a...

Your company owns a bus to transport workers to field work. The brakes fail on a journey and the bus runs into a shop front injuring two of your employees travelling on the bus as well as a customer in the shop.

a) What are your company's potential direct and indirect losses from the incident?

b)Which of the potential losses are related to ergonomics? How can your prevent them?

Solutions

Expert Solution

a) Complete retention is a risk management technique in which a company facing a risk are risks decides to observe any potential loss rather than transfer that was too and ensure your mother party.

retention reference to the assumption of risk of loss or damages this expresses how a party usually a business and as or manages its risk when a business retains risk they observe it himself as opposed to transfer it to an insurance business or individual may as you this risk bro deductibles OR self insurance or by having no insurance.

deciding whether to use an insurance to cover potential losses are two fund losses itself requires a business or organisation to estimate the extent of love is that it may face a company mein seek out a third party such as an insurance to cover claim that maybe substantial are unpredictable purchase for damages caused by words while so returning from other types of risks for self coverage

example of a company may be willing to retain could be damage to and outdoor metal roof over a shared that company me instead decide to set a shed fonts for the eventual replacement of the sheds roof rather than purchase and insurance policy to pay for its replacement.

a company may also accidently Asume complete retention if it does not identify that hit faces a risk and this does not know to pursue a risk transfer strategy.

b) an injury can occur when there is ongoing exposure to air economics risk factor in economic injuries may be referred to as the respective stress injuries repetitive motion injuries Musuculoskeletal disorders cumulative truama cumulative truama injuries

to prevent potential losses reduce expenses increase the sale of the business get advice from an accountant or business advisor

Rahul Sunny answered 2 years ago
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