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| Preserving Assets and Minimizing Losses |
by Richard D. Hunter
In this column, we will focus on the definition of risk management and why it is important to you as a coach. While this may not be the most exciting topic, I hope the information provided will be worthwhile and helpful in your coaching endeavors.
Risk management is defined as "the identification, analysis and evaluation of risk and the selection of the most advantageous methods of treating it." Generally, risk is defined as a "chance of loss that can be measured by a probability statement." For a person or an entity, risk comes about when an asset or the ability to earn income (individually or as an entity) is exposed to the possibility of a peril (hazard) that might reduce value or impair the capacity to earn.
For you as a coach, it is important to be aware of the risks inherent in coaching an active sport such as soccer and perhaps those of the organization you represent, whether it be a school, college club or league. The objective as your own risk manager is to:
Preserve assets, which could be yours personally and/or those of the organization you represent. This could include property, income streams and outgoing expense streams. § Minimize losses at the least possible cost. § Fund losses that do occur at the least possible cost.
Why is this important for you as a coach? There are at least two reasons. First, by being conscious of these issues and planning for them, the coach preserves the ability to continue coaching without a major hardship. If not properly planned for, a soccer-related incident could eliminate your ability to coach or the organization's ability to be involved in the administration of the sport.
Secondly, it is the financially responsible thing to do. Preserving one's assets or those of an organization is a sound management practice and arguably one of the most important responsibilities you have. If you plan appropriately, these unforeseen incidents that occur will not eliminate your ability to coach and teach the game of soccer.
From a personal protection standpoint, every coach should be aware of the liability insurance coverage(s) he or she has as it relates to their coaching activities. Are you covered by the school, club, camp, state association or through the NSCAA program for bodily injuries to participants under the coaches supervision? How does your personal umbrella liability policy apply to your coaching activities? Ask questions and find out if you and your assets are protected from a loss due to an unforeseen incident. Take charge and be your own risk manager.
If you have a question about your specific insurance or risk management situation, please feel free to write our office at 5001 College Blvd., Leawood, KS 66211 or call 800-955-1991.
Editor's note: Summit America Insurance Services provides comprehensive insurance coverage for the NSCAA and its members. For further information, contact Janice Briggs at 1-800-955-1991, ext. 14. |
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