Hospitality Insurance and Risk Management

Hospitality businesses are exposed to ever changing legal, financial, strategic, and hazard risks. All risks, regardless of the type, must be effectively managed to protect both the assets of the business and the health and safety of their guests and their employees. Risk management ensures that an organization identifies and understands the risks to which it is exposed. Risk management also guarantees that the organization creates and implements an effective plan to prevent losses or reduce the impact if a loss occurs. A risk management plan includes strategies and techniques for recognizing and confronting these threats. Risk management provides a clear and structured approach to identifying risks. Having a clear understanding of all risks allows an organization to measure and prioritize them and take the appropriate actions to reduce losses. Insurance is a valuable risk-financing tool. Few organizations have the reserves or funds necessary to take on the risk themselves and pay the total costs following a loss. This book places this subject in its most modern context as the foundation of this subject It is an authoritative resource of the subject that will benefit researchers, students, and teachers alike.