Learning about Business Insurance Coverage

Learning about Business Insurance Coverage

Insurance for business owners is well known today, but if you have never owned a company, you would not have given it much thought. Whether you own a organization, are planning to or do not have any company relations, you may be curious about the history of corporation policy. When was this type of policy thought of? Why was it created? Insurance for businesses was invented so that corporations might be protected for risk and loss.

Companies needed to have a special policy to cover existing buildings in case of fire, vandalism, theft or acts of God. Companies that offered services to clients needed to have some style of liability and so forth. The first existence of coverage was back in 2100 B.C. That policy was called the Code of Hammurabi. The coverage was used by traders to secure the products in case of loss or damages.

Later in time, there was more of a call for other types of insurance policies, like overseas commercial deliveries of things and burial plans. During that era was the time of the Phoenicians and Greek population. By the time the year 1347 came about, coverage was trendy. In that year, the Genoa was signed. This policy was the first official contractual agreement made in history. Eventually, many businesses populated and were in need of coverage for their buildings, office equipment, liability for services offered and rendered and the shipment of goods. In all actuality, company coverage became more popular in the 17th century and has grown a lot since that time.

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