A History of Business Insurance Coverage

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

Companies needed to have a unique insurance 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 insurance was used by traders to secure the items 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 stuff and burial plans. During that era was the time of the Phoenicians and Greek population. By the time the year 1347 came about, policy was trendy. In that year, the Genoa was signed. This policy was the first official contractual agreement made in history.   Eventually, many companies populated and were in need of coverage for their buildings, office equipment, liability for services offered and rendered and the shipment of pieces. In all actuality, business insurance became more popular in the 17th century and has grown a lot since that time.