and theft.

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 help. Though a simple idea this is the format for a
lot of current policies, protect business inventory and reduce risks.



Some of 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 more complicated and underwriters specialize in underwriting. Selling of
policies had to be done by other individuals hence agents.



After the great fire of London the first insurance company was opened in 1667.
Later in America Benjamin Franklin opened the first insurance company in 1752.
Benjamin Franklin a very shrewd business man because of fire risk would not
insure structures built completely out of wood.



So even in early time insurance was pretty straight forward things happen fire,
flood, and thefts so individuals and business would need to insure themselves
against these disasters. Over time business became more complicated and
insurance had to follow. 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 actually
protect the business from lose from fire, flood, and theft.



In 1897 the Workmen's Compensation Act was passed in Great Britain. This made
it mandatory for corporations to insure their employees. This was laid the
ground work for the present Corporate Liability insurance.



Doing business exposes us to risks so insurance is necessary. Just like a fire
can consume a home without insurance a lawsuit can bankrupt a corporation.