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You know that every business faces a variety of risks. For example, there may be injury to
employees in job related accidents, goods may be lost in transit; there may be fire in the
godown, and so on. In all these situations the entire loss is to be borne by the businessman
or the owner. But, now-a-days, the risk of loss or damage is not entirely borne by the
owner. The insurance provides protection against losses form such risk of the business for
a nominal charge called premium. In other words, it helps the business in recovering losses
which may arise due to various happening in the course of business, partly or fully from the
insurance company. Before discussing in detail about insurance, let us first have a brief
idea about the ‘business risks’, their nature and insurability.
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Risk is the possibility of loss or damage due to factors over which we have little or no
control. Similarly business risk refers to the possibility of loss or damage on the happening
of certain events which are beyond one’s control. For example, while goods are transported
from one place to another, there may be an accident causing damage or loss of goods.
Similarly, there is a possibility that the trains may be derailed, bridge may collapse, aeroplane
may crash due to an engine trouble, truck may be looted on its way to another city, or
damage may be caused to goods sent by ship at the time of loading or unloading at sea
ports. Again, a business may suffer loss or its profit may fall due to reduction in demand of
its product because of change in the taste and fashion of the customers. The innovations of
science and technology also bring about changes in the demand of a particular product in the market as happened in the case of demand for fixed line telephone which has declined
due to the advent of mobile phones. The change in government policy, tax rates, interest
rate etc. may also affect the earnings of a business. These are also the types of risks a
business might face during its life-time.
Now the question arises as to whether all these risks are covered by insurance. The
answer is ‘no’. All types of business risks are not covered by insurance. Some of the risks
discussed above are insurable while others are non-insurable. To be specific, the risk of
loss due to fire, theft, earthquake, flood, etc. can be insured on payment of a nominal
amount. These are called insurable risks. But, risk of loss on account of decline in demand
of a product due to change in fashions, introduction of new products in the market or
change of policy of the government cannot be insured. These are called non-insurable
risks. The non-insurable risks are to be fully borne by the businessman.
Global Teachers Academy formally name as UGC NET D is an India’s Premier Institute in Delhi for UGC (JRF-NET-SLET) & Other University Entrance Examination. Established in 1978, was conceived with vision for quality education by eminent who are for long committed to excellence in education.
GLOBAL TEACHERS ACADEMY
49-B, Arjun Nagar Safdarjung Enclave, New Delhi
Near Green Park Metro Station
Ph 078-380-243-65 078-380-239-56
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