What do you mean by natural risk in a business
Answers
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Natural risk are those risks in business by which a business entity gets less profit or even loss due to natural calamities. Eg→ earthquake, flood etc.
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HERE IS YOUR ANSWER,
> Risks which arise due to the actions of Nature (and hence uncontrollable) are called natural risks.
> For example, risk of rainfall not occurring on time or excessive rainfall causing flood is a serious risk for farmers.
> Again, there may be risk of hail storm destroying crops in the field.
> Natural disasters can happen anytime, anywhere.
> Sometimes they can be predicted, while other times they come out of nowhere, so it is essential to have a disaster emergency plan in place.
> Also, 1 in 3 small business owners say they have been affected by a natural disaster in some way, and the global economy suffers losses of billions of dollars each year as a result.
> By considering these risks, one can also consider how to overcome them.
> Having a backup plan in place, such as an alternate work site, proper insurance and disaster savings, can make a big difference in how the business weathers the disaster.
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