Risk Analysis in the Automobile Industry
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Risk Analysis in the Automobile Industry

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Automobile Industry Risk. Workers\' CompensationEmployee RiskBenefits for Employees. Workers\' Compensation. DefinitionNeedMethods. Definition. Basic Philosophy No-fault insurance programJob Related Injury or illness . Need. EmployeeRecovery of financial lossesRecovery of physical harm EmployerSafety net for lawsuitsEmployee Satisfaction.
Risk Analysis in the Automobile Industry

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1. Risk Analysis in the Automobile Industry By Don Sylvester Jeongho Yoo

2. Automobile Industry Risk Workers? Compensation Employee Risk Benefits for Employees In automobile industry, there are a lot of people involved. Therefore, Don and I will focus on the worker?s compensation issue and the involvement of the workers and employer. I will talk about worker?s compensation and Don will talk about risks that involved in automobile industry which can lead to worker?s comp. And later, Don and I will talk about benefits for employees when auto industry have worker?s compensation.In automobile industry, there are a lot of people involved. Therefore, Don and I will focus on the worker?s compensation issue and the involvement of the workers and employer. I will talk about worker?s compensation and Don will talk about risks that involved in automobile industry which can lead to worker?s comp. And later, Don and I will talk about benefits for employees when auto industry have worker?s compensation.

3. Workers? Compensation Definition Need Methods In worker?s compensation, I will talk about three main parts.In worker?s compensation, I will talk about three main parts.

4. Definition Basic Philosophy No-fault insurance program Job Related Injury or illness The basic philosophy behind Workers' Compensation Program is to treat injured employees with dignity and respect. Worker?s compensation is no-fault insurance program that pays benefits for employees who sustain injuries or illnesses. No-fault by means that employee did not intend to get hurt or got illness. Generally, for an injury or illness to be covered by workers' compensation, the condition must be caused, or accelerated by work activities or the work environment. The basic philosophy behind Workers' Compensation Program is to treat injured employees with dignity and respect. Worker?s compensation is no-fault insurance program that pays benefits for employees who sustain injuries or illnesses. No-fault by means that employee did not intend to get hurt or got illness. Generally, for an injury or illness to be covered by workers' compensation, the condition must be caused, or accelerated by work activities or the work environment.

5. Need Employee Recovery of financial losses Recovery of physical harm Employer Safety net for lawsuits Employee Satisfaction There are great need for this worker?s compensation for both side of work force in auto industry. For employee?s side, worker?s compensation is a way of recover loss wages and recovery of physical harm done in work related accident. Depends on the person?s salary, the average recovery of payment is about 2/3 of actual pay the person received before he/she got hurt. Plus all the medical treatments are paid by this worker?s compensation so this person can get back to his/her same job or related field. For the employer having worker?s compensation means no lawsuit when the accidents cover by this worker?s compensation. Any employee receiving worker?s compensation has no right to sue agreement. And many employees return to their There are great need for this worker?s compensation for both side of work force in auto industry. For employee?s side, worker?s compensation is a way of recover loss wages and recovery of physical harm done in work related accident. Depends on the person?s salary, the average recovery of payment is about 2/3 of actual pay the person received before he/she got hurt. Plus all the medical treatments are paid by this worker?s compensation so this person can get back to his/her same job or related field. For the employer having worker?s compensation means no lawsuit when the accidents cover by this worker?s compensation. Any employee receiving worker?s compensation has no right to sue agreement. And many employees return to their

6. Methods State Fund or Federal Agency Self Insure Private Insurance Companies Automobile Industry There are different ways to cover the workers? compensation. They are by state fund of federal agencies, self insure, and private insurance companies. State fund is monopolistic agency that insures state?s workers? compensation program. Self insure is a method that employer is permitted to self insure the workers? compensation coverage. In self insure case, there is a large concerns about company?s diversification of risks and financial resources that the company is qualifying under the law. Private insurance companies are the by far the largest in the insuring for workers? compensation for automobile industry. There are different ways to cover the workers? compensation. They are by state fund of federal agencies, self insure, and private insurance companies. State fund is monopolistic agency that insures state?s workers? compensation program. Self insure is a method that employer is permitted to self insure the workers? compensation coverage. In self insure case, there is a large concerns about company?s diversification of risks and financial resources that the company is qualifying under the law. Private insurance companies are the by far the largest in the insuring for workers? compensation for automobile industry.

7. Employee Risk Death / Injury Physical Impairment Rehabilitation / Training There are many different types of risk involved in any kind of manufacturing. There could be death or injury, physical impairment and events that may even lead to rehabilitation and new trainingThere are many different types of risk involved in any kind of manufacturing. There could be death or injury, physical impairment and events that may even lead to rehabilitation and new training

8. Death / Injury Hydraulic Press High Voltage Equipment Toxic Fumes Heavy Machinery Fatal Injuries are also present in the Automobile industry. Safety is a measure that cannot be overlooked by anyone. Death can occur from any of the following from Hydraulic Presses, High Voltage Equipment, Toxic Fumes, and Heavy Machinery Fatal Injuries are also present in the Automobile industry. Safety is a measure that cannot be overlooked by anyone. Death can occur from any of the following from Hydraulic Presses, High Voltage Equipment, Toxic Fumes, and Heavy Machinery

9. Physical Impairment Loss of limbs Loss of vision Loss of hearing Back Pains Broken Bones Physical Impairment is also a risk that employees must pay attention to. There were over 446,000 injuries or illnesses in the manufacturing sector according to The bureau of Labor Statistics 24,000 to the eyes 153,000 to the back and shoulders 137,000 to the upper extremities (56,000 for just fingers) 76,000 to the lower extremities The Causes of these were from many different occurrences the most being from Worker motion and position(80,000),parts and materials(80,000)Machinery (51,000),Floors Walkways and ground surfaces(45,000),Tools Instruments and Equipment(39,000),Chemicals (10,200) Physical Impairment is also a risk that employees must pay attention to. There were over 446,000 injuries or illnesses in the manufacturing sector according to The bureau of Labor Statistics 24,000 to the eyes 153,000 to the back and shoulders 137,000 to the upper extremities (56,000 for just fingers) 76,000 to the lower extremities The Causes of these were from many different occurrences the most being from Worker motion and position(80,000),parts and materials(80,000)Machinery (51,000),Floors Walkways and ground surfaces(45,000),Tools Instruments and Equipment(39,000),Chemicals (10,200)

10. Rehabilitation / Training Back Pains Broken Arm/Legs New Machinery New Tasks Rehabilitation and Training have become a larger part of Employee risk. An employee that is injured due to an event that occurred in the work place may need to to be rehabilitated or trained into a different field. Such injuries as back pains and Broken Arms or legs are a reason for rehabilitation Proper training is necessary for all employees when safety is a concern if an employee does not know how to properly operate a piece of equipment an injury or loss is eminent. However Training is necessary if an employee is not able to perform their past task and there is a need to find a new job or different means to perform the old task.Rehabilitation and Training have become a larger part of Employee risk. An employee that is injured due to an event that occurred in the work place may need to to be rehabilitated or trained into a different field. Such injuries as back pains and Broken Arms or legs are a reason for rehabilitation Proper training is necessary for all employees when safety is a concern if an employee does not know how to properly operate a piece of equipment an injury or loss is eminent. However Training is necessary if an employee is not able to perform their past task and there is a need to find a new job or different means to perform the old task.

11. Benefits for Employees Death Medical / Rehabilitation Income There are many different ways to pay benefits to injured deceased employee. We break this down into three categories. Death, medical and rehabilitation, and income benefits. There are many different ways to pay benefits to injured deceased employee. We break this down into three categories. Death, medical and rehabilitation, and income benefits.

12. Death Funeral Expense Income for Survivors In the case of death of an employee, the workers spouse receives funeral expense up to $3000 in rump sum money. And additional income benefit pays to spouse and children to different limitation. This income benefit for survivor alone is less than income benefit for disabled worker?s benefit. If the survivor has children the income benefit will be comparable to the workers disabled payment. In the case of death of an employee, the workers spouse receives funeral expense up to $3000 in rump sum money. And additional income benefit pays to spouse and children to different limitation. This income benefit for survivor alone is less than income benefit for disabled worker?s benefit. If the survivor has children the income benefit will be comparable to the workers disabled payment.

13. Medical / Rehabilitation All Medical Expense Paid Different Job Training Paid Physical Therapy It is the employer responsibility to pay for all of the Medical Expenses that are incurred due to work related activities. If an employee is injured and is no longer able to perform his or her job then it is the responsibility of the employer to provide different job training for their employee. Physical therapy is also a sector that cannot be over looked there are more then 446,000 injury cases of which 170,000 are due to sprains or strains, These type of injuries are resolved by physical therapy. It is the employer responsibility to pay for all of the Medical Expenses that are incurred due to work related activities. If an employee is injured and is no longer able to perform his or her job then it is the responsibility of the employer to provide different job training for their employee. Physical therapy is also a sector that cannot be over looked there are more then 446,000 injury cases of which 170,000 are due to sprains or strains, These type of injuries are resolved by physical therapy.

14. Income Limited Income while on W.C. For Permanent injury - pay lifetime For Temporary injury - duration of disability Maximum and minimum per week specified by state law Typically 2/3 regular weekly wage Maximum length of benefits payments Adjusted for inflation, family responsibilities Lump sum for permanent impairment For Temporary injury lasts as long as the disability is still presentMaximum and minimum per week specified by state law Typically 2/3 regular weekly wage Maximum length of benefits payments Adjusted for inflation, family responsibilities Lump sum for permanent impairment For Temporary injury lasts as long as the disability is still present

15. Automobile Industry Risk Workers? Compensation Employee Risk Benefits for Employees


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