Risk Management
Overview
A risk is the possibility of suffering harm or loss. Risk management is the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce or eliminate the risks.
- In order to minimize risk, university employees are covered for documented work related injuries or illnesses through the Commonwealth of Virginia’s Workman’s Compensation Program. This program provides coverage that fully conforms to statutory requirements.
- All injuries should be reported immediately to the department head (faculty members) or supervisor (staff). An Employer’s Accident Report should be completed and filed with Human Resources.
- For general liability, coverage provided through the Commonwealth of Virginia applies to documented individuals representing Virginia Tech. This includes full-time, part time, paid or volunteer representatives.
- For automotive liability, coverage provided through the Commonwealth of Virginia applies to state-owned vehicles and rented vehicles being used for university business purposes.
- For property coverage, the Commonwealth of Virginia provides full replacement-cost coverage, less a $1,000 deductible, for loss of university property due to theft, vandalism, destruction by wind, water, freeze, etc. This coverage also applies to any Virginia Tech property in transit.
- Protecting the safety and well-being of employees, students and visitors through good planning, appropriate training and preparedness.
- Protecting university assets through proper training, maintenance and stewardship.
- Identification and/or mitigation of threats to persons or property.
- Report of employee injuries to Human Resources
- Report of losses or claims to Risk Management.