Loss of income refers to the reduction or complete cessation of earnings that an individual or business experiences. This can occur due to various reasons, such as job loss, illness, or economic downturns. For businesses, loss of income may result from decreased sales or operational disruptions, impacting their financial stability. Individuals may face loss of income when they are unable to work due to factors like injury, illness, or layoffs. This situation can lead to financial strain, making it challenging to cover essential expenses such as housing, utilities, and food. Understanding loss of income is crucial for effective financial planning and risk management.