History of Business Insurance
Business insurance in the simplest form dates back to early civilization, if a ship was struck by pirates and lost its cargo other ship owners would pitch in to assist. Though a simple assumed this is the format for lots of current policies, defend business inventory and reduce risks.
A few in the first formal insurance policies where British merchants who would underwrite dangerous voyages overseas. It was the underwriters who perfected the art of writing policies and selling policies as time went by insurance became a lot additional complex and underwriters specialize in underwriting. Selling of policies had to be performed by other people hence agents.
Following the great fire of London the 1st insurance corporation was opened in 1667. Later in America Benjamin Franklin opened the 1st insurance corporation in 1752. Benjamin Franklin a incredibly shrewd business man because of fire risk would not insure structures built completely out of wood.
So even in early time insurance was very straight forward issues occur fire, flood, and thefts so individuals and business would must insure themselves against these disasters. Around time business became far far far more complex and insurance had to comply with. This meant that most business needed a Liability Policy and Business Owner's Policy. Liability would protect business from any lawsuits brought about by individuals. Business Owner's Policy would basically shield the business from lose from fire, flood, and theft.
In 1897 the Workmen's Compensation Act was passed in Wonderful Britain. This made it obligatory for corporations to insure their staff. This was laid the ground operate for the current Corporate Liability insurance.
Doing business exposes us to risks so insurance is necessary. Just like a fire can consume a home without having insurance a lawsuit can bankrupt a corporation.Gain RG 146 compliance quickly through finance courses from IIT.