Perils refer to serious risks or dangers that can cause harm or loss. They can occur in various contexts, such as natural disasters, financial investments, or personal safety. Understanding perils helps individuals and organizations prepare for and mitigate potential negative outcomes. In insurance, perils are specific events that can lead to a claim, such as fire, theft, or flood. Insurance policies often list covered perils, allowing policyholders to know what risks are protected. Identifying and managing perils is essential for effective risk management and ensuring safety in daily life.