Title: Explain risk management and its relationship to the sports and entertainment industries.
Course: Sports and Entertainment Management (12163-II) > Section: Exploring the Legal Aspects of Sports and Entertainment

Explanation should include definitions of the terms risk, liability, loss, insurance, and disclaimers, and an interpretation of how these factors shape a risk-management plan for the sports and entertainment business.

Process/Skill Questions:

- Why should sports and entertainment businesses be concerned about risks?
- What is the purpose of liability insurance? Who needs it?
- How do kinds of weather and natural disasters affect sports and entertainment businesses?
- What is the Occupational Safety and Health Administration (OSHA) and why is it important in the sports and entertainment industries?
- How often should a business modify its risk management plan?
- When is a disclaimer appropriate?
- What types of risk and precautions should a company consider when introducing new products and services?