A hazard is a situation that poses a level of threat to life, health, property, or environment.Most hazards are dormant or potential, with only a theoretical risk of harm; however, once a hazard becomes active, it can create an emergency situation.A hazardous situation that has come to pass is called an incident.y its nature, a hazard involves something that could potentially be harmful to a person's life, health, property, or the environment. One key concept in identifying a hazard is the presence of stored energy that, when released, can cause damage.