A Hazard is anything that has the potential to injure or harm people, property and equipment. Example: identifying faulty electrical equipment with the potential to cause electric shock.
An Incident is an event that has occured. Example: team member used electrical equipment and suffered an electric shock resulting in injury.
Note: Incidents include a near miss when an event occured but resulted in no injury. Example: team member used electrical equipment, saw a bright spark and smoke, but was not injured.