3. Pankaj and Ajay are two friends. Both of them are doing different business. Pankaj business is facing change in fashion
and change in prices and he is also very upset because of tough competition. On the other hand, there is a great hurdle in
Ajay's business because of dishonesty of employees and strikes.
Identify and explain in brief the type of business risks the two friends are undergoing from
(ii) Can they cover these risks by insurance?
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