Analyzing Business Risks Vs Insurable Risks for Projects
The term business risks refer to the possibility of a commercial business making inadequate profits (or even losses) due to uncertainties – for example, changes in tastes, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc.
Every business organization faces various risk elements while doing business. Business risks imply uncertainty in profits or danger of loss and the events that could pose a risk due to some unforeseen events in future, which causes a business to fail.
An insurable risk is a risk that has only the potential for loss and no potential for profit or gain. An insurable risk is one for which insurance, may be purchased to reduce or offset potential losses.
Take for example, for a retail store owner, the outlay of money to purchase inventory without a guarantee that it will sell is a business risk. A loss of inventory due to fire is also an insurable risk.
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