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Insurance and Risk Retention

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1. How could loss control approaches be used to reduce the risk of injury to construction company employees and a medical transporter by car?

2. What can be done when the cost of insurance is too high?

3. What are some disadvantages of increased risk retention?

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Solution Summary

The expert examines insurance and risk retention. The disadvantages of increased risk retention are given.

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1. How could loss control approaches be used to reduce the risk of injury to construction company employees and a medical transporter by car?

Loss control approaches can be used to reduce the risk of injury to construction company employees by safety prevention. The majority of loss with a construction company likely comes from injuries resulting from the tools, machines, and materials that are used. Construction workers often have to climb on ladders, walk on roofs, and work with heavy power equipment. By implementing training programs and making sure that safety practices are followed, construction companies can lower their risk. Actually, when a construction company has had more than two worker's compensation claims filed within a one year period, management at the construction company now must undergo mandatory safety training on reducing injuries. ...

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