Task: Kingston Williams is the owner and operator of Bob's Diner, a popular restaurant in downtown...

 

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Task: Kingston Williams is the owner and operator of Bob's Diner, a popular restaurant in downtown Chicago. Last month, Bob's meat supplier recalled some hamburger for fear of E. coli contamination. One of Bob's cooks was recently injured in a kitchen fire and a waitress is complaining about pain in her elbow from carrying serving trays. Del noticed two weeks ago that there was $60 missing from the cash register, and this week another $80 is missing. Bob's has an excellent take- out business, and the diner is considering providing delivery to a limited area using a vehicle owned by the diner. Bob's bookkeeper suggested that Delbert should establish a risk management program to address the many loss exposures faced by the business. Risk management is a process that identifies and analyzes loss exposures, and uses a variety of techniques, including insurance, to treat these loss exposures. Delbert hopes that by implementing a risk management program, losses will decline and the business will be better prepared when losses occur. Requirment: Identify the major loss exposure faced by Bob's Diner. For each of the loss exposures, identify a risk management technique or combination of techniques that could be used to handle the exposure. Describe several sources of funds for paying losses if retention is used is used in the risk management program Task: Kingston Williams is the owner and operator of Bob's Diner, a popular restaurant in downtown Chicago. Last month, Bob's meat supplier recalled some hamburger for fear of E. coli contamination. One of Bob's cooks was recently injured in a kitchen fire and a waitress is complaining about pain in her elbow from carrying serving trays. Del noticed two weeks ago that there was $60 missing from the cash register, and this week another $80 is missing. Bob's has an excellent take- out business, and the diner is considering providing delivery to a limited area using a vehicle owned by the diner. Bob's bookkeeper suggested that Delbert should establish a risk management program to address the many loss exposures faced by the business. Risk management is a process that identifies and analyzes loss exposures, and uses a variety of techniques, including insurance, to treat these loss exposures. Delbert hopes that by implementing a risk management program, losses will decline and the business will be better prepared when losses occur. Requirment: Identify the major loss exposure faced by Bob's Diner. For each of the loss exposures, identify a risk management technique or combination of techniques that could be used to handle the exposure. Describe several sources of funds for paying losses if retention is used is used in the risk management program

Answer rating: 100% (QA)

1 The major loss exposures faced by Bobs Diner include product liability property damage business interruption employee injury theft and malpractice 2 ... View the full answer