Final answer:
To manage moral hazards, the college manager could conduct insurance fraud investigations and encourage the installation of security and fire sprinkler systems with annual inspections for reduced insurance rates. For physical hazards like electricity, regular safety inspections, protocols, and training are key.
Step-by-step explanation:
To address insurance protection regarding moral hazards, the manager of your college could implement regular investigations to prevent insurance fraud. This technique reduces the likelihood of exaggerated claims and encourages responsible behavior. Moreover, the college could promote the installation of advanced security and fire sprinkler systems and arrange for their yearly inspection to secure lower insurance rates while minimizing the risk of damage from theft or fire.
Regarding physical hazards such as electricity, the college manager could adopt a risk management strategy which includes regular electrical inspections, implementing strict electrical safety protocols, and providing training for staff and students on how to handle electrical appliances and equipment safely. This ensures a proactive approach in minimizing the risk of electrical accidents and related liabilities.