Insurance isn’t new in the business world.
British merchants began ‘underwriting’ their cargo and spreading the risk and reward over several shrewd business people. By financing these ventures as a group, a loss would not cripple the investors where it could a sole investor.
The first insurance company was formed in England in 1667. Benjamin Franklin is certainly a well-recognized name in American history. What most people don’t know is that Franklin opened the first insurance company in the United States in 1752. It was known as “The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire”. Interestingly, as a firefighter himself, Franklin refused to insure homes made just of wood.
As time went on and the industrial revolution grew, so did the need for business insurance. In the development of the automobile and then the truck, the need to protect these investments grew. Much like industry and our economy, the insurance industry grew to meet the needs of business and industry to what we have today.
Today, property insurance, general liability, and workers compensation insurance are the pillars of business insurance as we know it. Certainly a very quick overview of the development of business insurance, it is important not to overlook your present situation.
Have you as a business owner sat down and reviewed the growth of your company? Has your business insurance kept up with the growth and evolution of your company? Are the risks today the same as when your started your business? Chances are pretty good it’s time to make that call and update your business insurance package.