Expenses itemised as not being insured under a business interruption policy. They vary directly with turnover and are not at risk when a fire curtails business. For example, packing expenses cease when a business is not producing goods and should not therefore be insured as a part of the gross profit.

UK: A risk where the outcome may range from loss to gain. The prospect of gain induces businesses to take risks. Businesses control speculative risks by means of sound business practices such as hedging, market research, internal controls, etc., and forming limited liability companies. Insurance is not available to protect firms against insolvency. See HOLISTIC RISK MANAGEMENT; ENTERPRISE RISK MANAGEMENT.
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A type of risk not typically insurable, as it is not possible to predict whether it will succeed or fail.
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Risk that entails a chance of gain as well as a chance of loss. Contrast with Pure risk.
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The uncertainty of an event that could produce either a profit or a loss, such as a business venture or a gambling transaction.
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Uncertainty as to whether a gain or loss will occur. For example, in a business enterprise, there is a chance that the business will make or lose money. Speculative risks are not normally insurable.